Credit card bad debt

[BrokeGuy]

Hi there,

I owe AIB over 7k in CC debt and haven't made a payment in months. I wrote to them and said I have no money, I am barely paying my mortgage (in MARP at the moment) and they said they will send me a form to complete to mark it down as a bad debt.

Does anyone know what happens next and should I sign this form? The benefits are that the interest stops clocking I believe but I think I my credit rating will be shot (doesn't bother me anymore).

 

[44brendan]

Your credit rating is likely to be impaired anyway. There would appear to be no downside in signing such a form, as you already owe the debt and the bank seem to be accepting that they are unlikely to get any return from you. Obviously read the form first and be satisfied that it is what it purports to be.