Unpaid Credit Cards - Living abroad

[Easeler]

I blame the clowns that handed you over the 2 unsecured credit cards with a credit limit of 15000 and the same clowns are now back at it again. Don't loose any sleep over it because there not.

 

[Blackrock1]

Anyway, does any one have better advice then bankruptcy? At least this is what one law firm suggest as a way out.

speak to them, get a repayment plan, get a job and start paying it back.

 

[dereko1969]

Not sure how my bankruptcy would affect your pocket?

Because the cost of people not bothering to pay their debts is added to the cost of borrowing for everyone else, those who do actually pay their debts.

 

[NoRegretsCoyote]

If we take the OP at face value, he has:

1. No income, no prospect of a job, nor assets
2. A medical history
3. A €30k debt

Regardless of how he got here, this is exactly the kind of situation for which personal insolvency exists.

 

[Marco35]

speak to them, get a repayment plan, get a job and start paying it back.

I tried, but there minimum monthly payment is 1000€, they dont want to talk about less then that.

 

[so-crates]

I tried, but there minimum monthly payment is 1000€, they dont want to talk about less then that.

They don't want to but they are going to have to. They are trying to force you to meet their repayment. You can't. They think you can but you can't so you need to start planning what you can do.

You need to keep a record (written) of every call you have with them. Who you talk to, what time and when, what they say and what you say. You are engaging with them and you are trying to find an equitable solution instead of just bankruptcy so that needs to be recorded.

The question goes back to what can you do? What amount can you afford to repay? Have you offered a repayment plan to them based on that amount? There are two different credit cards, are they with different providers? I assume you would prefer to pay what you can 50/50? I am guessing you have something to offer if you are talking to them, something more than zero.

 

[demoivre]

I tried, but there minimum monthly payment is 1000€, they dont want to talk about less then that.

As mentioned above by No RegretsCoyote, taking you at face value you are insolvent. Insolvency is not a choice. I'd do nothing until/if I received legal proceedings to recover the debt.

 

[Marco35]

Thanks guys for advice. I will have to wait as the lawyer said to get the enforcement, only after they can help me.

 

[RedOnion]

Marco,
For clarification, you spoke to a Lawyer in Italy rather than here in Ireland?

 

[tomdublin]

Just out of curiosity, how does one get a credit limit of 15,000? Unless you once were a massive earner this seems quite reckless on the part of the credit card issuer. If a normal salary earner "needs" that high a credit limit they almost by definition can't pay it back.

 

[Marco35]

Marco,
For clarification, you spoke to a Lawyer in Italy rather than here in Ireland?

No one in Ireland want to talk to me as my address is in Italy. I know stupid.

 

[Marco35]

Just out of curiosity, how does one get a credit limit of 15,000? Unless you once were a massive earner this seems quite reckless on the part of the credit card issuer. If a normal salary earner "needs" that high a credit limit they almost by definition can't pay it back.

I had a car loan of 7000€ and they offered me credit card after I was late on one payment, so the card could cover the payment if I would be late again. After that they raised the limit automatically when I was late or paid extra interest on it as of minimum payment that month.

 

[24601]

I had a car loan of 7000€ and they offered me credit card after I was late on one payment, so the card could cover the payment if I would be late again. After that they raised the limit automatically when I was late or paid extra interest on it as of minimum payment that month.

This makes no sense. You’re saying your lender gave you a credit card to pay them back what you owe them with their own money because you started missing repayments?

 

[RedOnion]

No one in Ireland want to talk to me as my address is in Italy. I know stupid.

Nothing stupid about it. Your qualification for certain insolvency options in Ireland are only available if you're in Ireland (or recently living here). Being abroad complicates things.

 

[tomdublin]

I had a car loan of 7000€ and they offered me credit card after I was late on one payment, so the card could cover the payment if I would be late again. After that they raised the limit automatically when I was late or paid extra interest on it as of minimum payment that month.

Automatically raising the credit limit after a missed payment seems so reckless, irresponsible and bizarre that you might have a legal case against the bank which, if successful, would result in your debt being (partially) cancelled. You may want to consider bringing this to the attention of the financial regulator but you should take expert advice before doing so.

 

[RedOnion]

Automatically raising the credit limit after a missed payment seems to reckless, irresponsible and bizarre

To the extent that I'd be skeptical we're getting the full story...

 

[NoRegretsCoyote]

This makes no sense. You’re saying your lender gave you a credit card to pay them back what you owe them with their own money because you started missing repayments?

Likewise the interest rate seems about 30%.

I'd never heard of a rate that high.

 

[eisfspike]

Can't say I agree here. Everyone has responsibility for their own finances and their financial well being.

At OP pay your debt, you incurred it. Simple.

 

[Sconeandjam]

Did you work in finance?
I have heard of banking staff having overdraft as a buffer as staff cannot go into debt for non payment of loans.

Op so you initially had car loan paid with a credit card. Sell the car and pay the amount towards the debt. If the car was written off as a result of your car accident then the insurance would have paid out for it. If you got it repaired if so just sell it.
How did you get a second card?
Person must have done cash withdrawals in Italy on the card and non payment and transaction fees might bring it up to 30%interest.