Badtorres7
Registered User
- Messages
- 1
Hi there,
I have 2 queries, and would really appreciate some input from AAM.
After more than 10 years of recession, injuries, college, being a stay at home dad and raising a family I am at last in a position to finally accelerate payments on old business and personal debts.
I have chipped away at an old BOI bank debt which was sold onto Cabot , reducing it from over €25K to over €15K. My wife was approved for a personal loan which will cover the settling amount of requested by Cabot and possibly to clear the van debt as described below. I understand these debts will, however, remain on my CCR record for five years after settling for lower amounts.
I have recently downloaded my CCR report, there is also an old debt from a company van, in which I was joint and several co-guarantor for in 2006, the van was repossessed and sold in 2009, and there is €7,000. I have received no contact from any institution regarding this loan in over 10 years. Should I not have received written statements on this account over the years? I find this incredibly frustrating as I could have been been reducing this debt, even by €5 per week, I still don't know who is collecting the debt. The CCR report says First Citizen Finance, but I believe they sold this debt in or about 2011. I understand this debt is my responsibility, but when you are living week to week, chasing up someone you owe money to is not at the forefront of your mind.
My aim is ultimately I want to switch my mortgage from Start (soon to be Mars capital) in the next 3 years, am I therefore better off paying the full €15,000 + €7,000 van debt, but over a longer term- say 5 years? Which option would a mainstream lender reflect more favourably to in 2027? My wife and I earn about €110,000 between us in secure state/semi state jobs, our present mortgage balance is €120,000 and the house is valued at €320,000, so affordability would not be the issue.
Thank you in advance for any replies.
I have 2 queries, and would really appreciate some input from AAM.
After more than 10 years of recession, injuries, college, being a stay at home dad and raising a family I am at last in a position to finally accelerate payments on old business and personal debts.
I have chipped away at an old BOI bank debt which was sold onto Cabot , reducing it from over €25K to over €15K. My wife was approved for a personal loan which will cover the settling amount of requested by Cabot and possibly to clear the van debt as described below. I understand these debts will, however, remain on my CCR record for five years after settling for lower amounts.
I have recently downloaded my CCR report, there is also an old debt from a company van, in which I was joint and several co-guarantor for in 2006, the van was repossessed and sold in 2009, and there is €7,000. I have received no contact from any institution regarding this loan in over 10 years. Should I not have received written statements on this account over the years? I find this incredibly frustrating as I could have been been reducing this debt, even by €5 per week, I still don't know who is collecting the debt. The CCR report says First Citizen Finance, but I believe they sold this debt in or about 2011. I understand this debt is my responsibility, but when you are living week to week, chasing up someone you owe money to is not at the forefront of your mind.
My aim is ultimately I want to switch my mortgage from Start (soon to be Mars capital) in the next 3 years, am I therefore better off paying the full €15,000 + €7,000 van debt, but over a longer term- say 5 years? Which option would a mainstream lender reflect more favourably to in 2027? My wife and I earn about €110,000 between us in secure state/semi state jobs, our present mortgage balance is €120,000 and the house is valued at €320,000, so affordability would not be the issue.
Thank you in advance for any replies.