Credit card problem-owe €2000 from 8 years ago.

C

corkmanb

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I had an mbna credit card account that i opened nearly 10 years ago. everything was going ok up to about 8 years ago, when i lost my job and i disputed with them over the so called insurance cover. There was about 1,500 pounds over drawn on the card then. i have sinced moved houses and jobs and kind of forgot about the whole thing until recently. i have now bought my own house, applied for small loans ( Home improvements etc) all with the Permanent TSB. I have never heard from MBNA within the last 6.5 years, so at this stage i do not know what to do. I would like to clear the debt, if it is still alive, but with interest and everything i could run into thousands, money i do not really have.
Any body out there with a bit of advise, or had a similar thing happen to them?
 
Re: Anybody know

Welcome to AAM, corkmanb, but see posting guideline , if you want to elicit helpful answers. You can do this by using the 'Edit' button to the bottom right of your post.
 
Re: credit card problem

First off, I would advise you to contact the ICB to get details of your credit record and how this may have been affected.

However, if you got a mortgage, I don't know that it is causing a problem?

Next, get in touch with MBNA and see what they have to say.

A judgment may have been registered against you in the meantime-this would strike me as something that should be addressed as soon as possible.

You don't really have much option but to pay your debts (if they exist). Avoiding the issue only makes the problem worse.
 
P.S. I re-edited your title-credit card problem is still too vague unfortunately!
 
Thanks CCovich

i do not really have a problem with loans etc, as i said i have got a mortgage about 3 years ago, also a small home improvement loan about 2 years ago, both from the TSB. do not nedd another one fortunately, just want to claer up the past. but i was informed by a friend that after 5 years there is no reason for me to do it. but i want too anyway, just worried about 2.000 at 20% interest over 8 years.
 
If you have managed to get all this credit in the meantime, it would seem to me that MBNA have dropped the matter. I would certainly contact the ICB to see if there is anything on your record.

I'm not sure about the 5 year rule-I don't know if there is a time limit on debt recovery-it was discussed here before-I will post a link if I can find it.
 
Ok-this is the thread that appears to dispel the myth of the 5 year rule. Have a read, especially the posts made by Vanilla, who is a solicitor, and who seems to have a good grasp of legal matters!
 
Re: Credit card problem-owe €2000 from 8 years ago.

The 5 year rule means 5 years after the account was closed (i.e. paid off or written off).
So if the bank continue to pursue you for 2 years (as they well may) its 5 years plus the 2 they spent in pursuing you.

I'm not sure exactly how long banks will take to chase somebody before they give up. Perhaps some of the financial services people here would have an idea of how long they will spend. I believe that legally they can leave the account open for several years so theoretically it could be a long time. In practice I think most institutions will close off the account but pass to a debt collector - who can still pursue you for some time.
 
Re: Credit card problem-owe €2000 from 8 years ago.

I seem to recall that Legal options are open for up to 6 or 7 years after the date they stopped adding interest on the debt and 'froze' it . That clock starts up to 2 years after the last payment was received and before the dispute started. The debt is pursuable for up to 9 years at that rate .

Be warned that MBNA will have sold the debt to an agency who own it now. The 6 or 7 years legal option may start from the date that agency bought the debt. They would have paid about €400-500 for the debt.

That agency will normally chase yo ass if they EVER hear from you and have a nice line in threats because as they see it its their job to be nasty . The agency could have sold to another agency and they to yet another for increasingly small amounts each time . The clock sort of starts anew with each one but the 7 years starts from when the 1st agency bought the debt off MBNA .

Paying an agency off will not 'repair' anything in MBNA who disposed of you years ago.

and a salutary tale from elsewhere

http://www.usatoday.com/money/perfi/columnist/lamb/0009.htm
 
Re: Credit card problem-owe €2000 from 8 years ago.

2Pack said:
Be warned that MBNA will have sold the debt to an agency who own it now. The 6 or 7 years legal option may start from the date that agency bought the debt. They would have paid about €400-500 for the debt.

That agency will normally chase yo ass if they EVER hear from you and have a nice line in threats because as they see it its their job to be nasty . The agency could have sold to another agency and they to yet another for increasingly small amounts each time . The clock sort of starts anew with each one but the 7 years starts from when the 1st agency bought the debt off MBNA .

Paying an agency off will not 'repair' anything in MBNA who disposed of you years ago.
Click to expand...

If that is the case and MBNA no longer own the debt, then if the poster pays it off to the Debt collector then there should be no "new" entries by MBNA onto ICB. Last time I checked there were no debt collections comapnies in ICB list of Members.
 
thanks guys, suppose the best thing to do is contact icb first and see from there. but being honest i am more confused now. the mistakes of youth.
 
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