Hi there, just looking for a little clarification.
I recently was taken to court by a finance company for a car repossession. After the repossesion of the vehicle and the todate legal costs they billed me for a total just over €10,000.
The court awarded them the payout with annual inerest of 8% and I filled out a form to state that I was unemployed and had limited means. The accepted by offer of €30 per month of my amount owed.
However I am unsure as to what happens next. I have met my repayments since the date of the court order but have just realised I will never pay this money back.
The Interest on the debt is around €800 per year, however I am only paying € 360 per year which means my debt grows by around €440 per year!
As I understand it I can escape this lifetime of debt by using the 10 yr statuate barred rule? But if I am correct in this it seems a pointless exercise paying €30 per month for a debt that grows every year!
Is there any easy way out of this? It seems pointless and silly paying €30 per year for a debt that will never get repaid and continues to grow for the next 10 years!
Is ther some kind of arrangement I can meet with the finance company where they will reduce the debt to something more realistic without interest being added on?
I have considered declaring bankruptcy but I see Irish law is so outdated that even this isnt an option here, and I cant see the economy picking up over the next 10 years offering me good paid employment again enabling me to meet my obligations.
Thanks for any help and advice.
Any Advice would be appreciated.
I recently was taken to court by a finance company for a car repossession. After the repossesion of the vehicle and the todate legal costs they billed me for a total just over €10,000.
The court awarded them the payout with annual inerest of 8% and I filled out a form to state that I was unemployed and had limited means. The accepted by offer of €30 per month of my amount owed.
However I am unsure as to what happens next. I have met my repayments since the date of the court order but have just realised I will never pay this money back.
The Interest on the debt is around €800 per year, however I am only paying € 360 per year which means my debt grows by around €440 per year!
As I understand it I can escape this lifetime of debt by using the 10 yr statuate barred rule? But if I am correct in this it seems a pointless exercise paying €30 per month for a debt that grows every year!
Is there any easy way out of this? It seems pointless and silly paying €30 per year for a debt that will never get repaid and continues to grow for the next 10 years!
Is ther some kind of arrangement I can meet with the finance company where they will reduce the debt to something more realistic without interest being added on?
I have considered declaring bankruptcy but I see Irish law is so outdated that even this isnt an option here, and I cant see the economy picking up over the next 10 years offering me good paid employment again enabling me to meet my obligations.
Thanks for any help and advice.
Any Advice would be appreciated.