Advice Please - Debt with Ulster Bank

J

jjmax

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Hi,

I've read through this post /showthread.php?t=177438 which has given me some valuable info.

I just had a few questions as my situation is a little different than what is being dealt with here.

Background -
I ran a sole trader business until 2010, when I left Ireland and moved to Thailand. At that time I owed Ulster Bank 10,000euro. Since then they've sent a debt collection agency from the States(GAR) after me, through phone and email. This agency also threatened to take action against me in Thailand, they knew my address and workplace.
I tried to deal with them several times but they'd cease contact for a year or more each time and then come back with more threats, etc....

Recently I got MABs involved and I'm trying to work out a payment plan. But this has kind of hit the skids now as the monthly interest on the loan would be three times higher than any payment I could afford to make.

My last payment was December 2009 and I now owe them 15K.

Has the 6-year clock been reset on my debt due to contacting them through MABs?
If I choose not to pay now what are the consequences? Can they sell the debt to an agency here or in the States and I get pursued that way?
I plan on returning to Ireland in about four years or at least freely travel there regularly, if they get a court judgement against me how will that affect my status there and elsewhere?

I'd appreciate any advice. I just want to get on with my life and not have the hassle of this any longer but I'm at a stage now where I have to make a decision to start paying or to ignore it and take whatever comes with that.

Thanks for your time
 
15k for someone employed isn't the most insurmountable challenge - can you post up your income/expenses etc to give us a fairer idea of your circumstances.

Or are you looking for an easy way out?
 
Or are you looking for an easy way out?
Click to expand...

Probably is - but I wouldn't fault anyone for that! Realistically I think for 10K the potential for action in Thailand is virtually nil. banks are selling on a portion of their "uncollectable" debt book on a no foal no fee basis. The debt collection agencies will send out threatening mails, but generally will not progress beyond that as the cost/return of taking action abroad would not warrant the exercise. Its' up to you, but I'd just ignore the letters unless you are intending to return home in the short term. Question re statute of limitations is an interesting one and you would need a Legal opinion on wheter contact by MABS could be considered as a reset of the clock!
 
Technically I understood that if no payment is made on a debt for 6 years means that the debt becomes unenforceable against the individual.
However any security that is properly registered can be sold etc.

Now I hear that any communication twix borrower and lender can stymie the 6 year rule ?

Would someone please educate me?

jjmax. As per Brendan suggest ignore .
 
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Technically I understood that if no payment is made on a debt for 6 years means that the debt becomes unenforceable against the individual.
Click to expand...
Yep your'e right on the communication issue which means that the debt is acknowledged by the borrower. However, communication by a 3rd party may not be considered an acknowledgement. This is why I suggested a Legal opinion may be required. However if the OP has settled abroad the whole issue is likely to be irrelevant.
 
Hi,

Thanks for the replies.

@JobseekGgrrs
Employed, separated, paying child support, earning less than 2k/month. I'll spare you the gory details. Cheaper living here but not that much.
As for looking for the easy way out, I suppose you could accuse me of that. Then again paying a debt off at 31euro/month with interest accruing at 100euro/month doesn't really add up.
I also said I'd worked through this with MABs and had gotten to the stage of reaching an agreement with the bank on repayments but now the interest thing has popped up.
I was probably naive to believe that it would be stopped but it kind of made sense, particularly as I am willing to deal with them.
Forgive me for saying this, and I hope you understand where the emotion is coming from, but you can stick your pithy comments up your a*se.

Thanks to everyone else for giving some constructive feedback.

The plan was to get back on my feet, freelancing and starting a business here, start a payment plan with the bank and then pay it all off in a lump when I could. My daughter reaches secondary school age in 4 years so I want her to do that in Ireland. If I ignore things now what will it mean for me at that stage when I return? I'll probably be in a better financial situation. Is there any deal I can broker with the banks now?

Thanks again
 
My recommendation remains to ignore it. Read my previous posts!! In order to take any proceedings against you in Thailand (unlikely!!) the debt will need to be legally proved in the initial jurisdiction (Ireland). Is there a judgement against you for this debt in Ireland? If you don't know get a judgement search completed. If there isn't then forget the possibility of any legal proceedings in an external jurisdiction. based on your current financial position you are not a good mark for any debt company so just forget it. When you come back in a few years time it will all be well forgotten anyway. I work in this area and would never even half consider pursuing a case such as yours as there would be no cost./benefit to it.
 
Hi Brendan,

Thanks for replying.

The blood was up last night but it was in response to an earlier post that i was directing my frustration, not yours.

I really appreciate the advice. I'll follow it I think, starting payments now with the interest running away seems futile.

Thanks again.
 
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