Loan with a debt collection agency

spring2020

Registered User
Messages
15
Am I allowed to give the name of the agency / banks on this?

The collection agency said that they are managing the debt and receive instructions from the bank. They have got back to me today to advise the minimum settlement they are willing to accept is €1800.

It seems they allowed interest to continue to accrue on the debt over the years.
 

spring2020

Registered User
Messages
15
Intrum are the collection agency and AIB is the bank.
Intrum tell me they are dealing with the debt and to go to AIB for any queries and that AIB will only accept settlement of €1800 Euro on a 4K loan which I have paid over €3400 already.
Can it really accrue that much interest over the years? It has been going on years as I was a broke student and don’t know how to manage my finances.
 

vandriver

Frequent Poster
Messages
1,789
'.... After a while they will offer you a deal involving partial debt write-off. If you ignore that they will eventually just go away....'

I don't know about Intrum,but one of the main distressed debt players Cabot,religiously reports the outstanding balance on debts it has bought to the CCR even years after it is statute barred .
Good luck getting a loan while that hangs around like a bad smell.
 

spring2020

Registered User
Messages
15
The way I am looking at it is my credit history is already impacted anyway. I can’t understand the amount of interest that has accursed on this balance. It’s a crazy amount of interest.

I asked who has my debt:


Please be advised that your debt is still with Intrum.

Unfortunately the minimum settlement amount that our client will be able to accept is € 1800.00
 

elcato

Moderator
Messages
3,453
If your credit rating is shot then assuming your figures are correct tell them you are offering 500 in final payment or you will stop engaging. Then don't engage further.
 

tomdublin

Frequent Poster
Messages
78
There are two issues here you should keep separate.

1) Do you actually owe the amount the agency claims you owe or are they trying to defraud you? Their refusal to give you a breakdown of the money they claim you owe seems fishy but the only way to be sure is to contact AIB. You are entitled to a precise breakdown of the money you allegedly owe.

2) Assuming you genuinely do owe the amount claimed, should you pay? This depends on (a) how much your credit rating is already damaged, (b) on how much further it would be damaged by not paying and (c) on how much this actually matters to you (e.g are you planning to take out a loan or a mortgage?).

If I was you I would proceed by obtaining clarity on the first issue and then, if relevant, taking professional advice on the second question. MABS should be able to help you with questions surrounding credit rating.
 

spring2020

Registered User
Messages
15
Thanks, really helpful response to break it down. I will do that. It just does not make sense.

Who could I go to for professional help, are there such thing as advisors that can explain my credit report to me?
I’m no expert but €2291.84 of interest seems extremely high on an original loan of €4000?

Thanks,
Laura
 
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