L
Lookingahead
Guest
I'm looking for advice on how to proceed with my debts.
I am 25 and my debts currently stand at €5,800 divided into:
-€2,300 student loan (Ulster Bank - was due to be repaid in full by September 2010)
-€1,600 overdraft (Ulster Bank - no payments have been made in 8 months)
-€1,800 credit card (Bank of Ireland - no payments have been made in 8 months)
I was on job seekers allowance and could not afford to make any repayments.
At least one of the banks sold my debt to a debt collection agency (Cabot Financial).
I stuck my head in the sand and didn't contact the bank, return either their calls or Cabot Financials calls and moved house and didn't update my bank account details and my Ulster Bank current account has been suspended (found out through ATM).
I am now in a position to pay off the debt in a lump sum.
Obviously my credit rating is in the toilet and I have to start rebuilding it. If I start building savings and have money going through the banks how long before my credit rating is in good standing? Do the banks and building societies share this information with eachother?
Regarding the debt that has been sold to Cabot Financial - I understand that they buy the debt at a large discount and can settle for less than the full amount. What is a good guideline for what they will settle for?
If I were to go into the bank and pay them the full amount would this have much bearing on my future risk profile for a loan/mortgage application or will they pass the full amount onto Cabot Financial?
After basically not responding to the banks for a long time and having them selling on my debt will they write me off as a potential loanee in the future?
After getting my accounts in the black what are the tricks to get becoming more reliable in the eyes of the bank?
Regarding credit cards just to clarify, in general, at the start of the month my balance is €0. I make €500 worth of purchases during the month. If I settle the €500 before the end of the calendar month I don't accrue any charges?
I am 25 and my debts currently stand at €5,800 divided into:
-€2,300 student loan (Ulster Bank - was due to be repaid in full by September 2010)
-€1,600 overdraft (Ulster Bank - no payments have been made in 8 months)
-€1,800 credit card (Bank of Ireland - no payments have been made in 8 months)
I was on job seekers allowance and could not afford to make any repayments.
At least one of the banks sold my debt to a debt collection agency (Cabot Financial).
I stuck my head in the sand and didn't contact the bank, return either their calls or Cabot Financials calls and moved house and didn't update my bank account details and my Ulster Bank current account has been suspended (found out through ATM).
I am now in a position to pay off the debt in a lump sum.
Obviously my credit rating is in the toilet and I have to start rebuilding it. If I start building savings and have money going through the banks how long before my credit rating is in good standing? Do the banks and building societies share this information with eachother?
Regarding the debt that has been sold to Cabot Financial - I understand that they buy the debt at a large discount and can settle for less than the full amount. What is a good guideline for what they will settle for?
If I were to go into the bank and pay them the full amount would this have much bearing on my future risk profile for a loan/mortgage application or will they pass the full amount onto Cabot Financial?
After basically not responding to the banks for a long time and having them selling on my debt will they write me off as a potential loanee in the future?
After getting my accounts in the black what are the tricks to get becoming more reliable in the eyes of the bank?
Regarding credit cards just to clarify, in general, at the start of the month my balance is €0. I make €500 worth of purchases during the month. If I settle the €500 before the end of the calendar month I don't accrue any charges?