Discharge is bank speak for offloading the loan from their books to a provision of bad debt. And yes they sure do mark your cards with the credit people.
I was told that if I meet the minimum payments it would just roll along until the end of time or the end of this country. Making minimum payments increases the debt with the time your are paying over.
To answer our new guest to the topic 'Don't mean to be negative, but hey, how did you all run up all these credit card debts??? ', they were ran up from a combined effort of trying to keep my business afloat, which has had it's capital wiped out from bad debts and trying to keep food on the table for my family.
And to answer this gem, 'Would be interesting to know how many properties you bought during the "good times" ...?'
Not every person in this country bought second or multiple homes. If you look at the numbers of vacant properties in the care of NAMA, that is one example.
I cannot speak for the other members that have posted, but I can assure you that I own one house, bought just when things were balancing on the rim of the toilet bowl. As for the good times, despite being in business since the last recession, the good times were good to me in the capacity that I had steady work, bills paid and some money left over to save. I never roasted customers which proved very prudent. No holiday home was bought, new cars, fancy crap for the house and all that stuff that the general population got swept away with. No, I just got plain ole' shafted left right and centre by people who owed me cash and about an 80% drop in sales from the domino effect that steamrolled the country from Christmas 2007 onwards.
Ahh sure I remember it well, the evening news about the Iceland banks that went t*ts up. And then I turned to herself, she looking back at me expecting kind words only to hear 'here we go, we are f**cked'. And me being no economist, sure wasn't I a little bit right? If I only was more right I would have just gone to the airport and buggered off.
So do us a favour love, don't come onto a forum and point the finger at others. You will probably find some of them are not clueless morons, but mere mortals who are trying to get out of the hole they are in, by ducking and diving and not getting involved with astronomical loan rates.
187% APR indeed. Had to said.