Need advice regarding debt I have in another country??(IRELAND)

michelle100881

Hi there,
Just wondering if anyone would be able to advise me?

I used to live in Dublin Ireland and whilst I was there I got a loan for 10,000 euro with the bank of ireland, I was young and travelling at the time and was very silly, I spent the money backpacking etc and then left the country (this was in 2006) In 2007 I was living in New Zealand and my mum contacted me to say there had a been a debt collecting agency sending letters to her house in the UK looking for the money (obviously when i opened my bank account I gave my mums address as previous address) so anyhow Ive always had a excellent credit rating in the Uk and I didnt want to ruin it, so I called the bank of ireland and made arrangements to pay them back £50 pounds a month via cheque as I was living in New Zealand so they took the debt back from the UK and I started paying them, they now have my address as new zealand but I have not been living there since 2007, its now 2011 and Ive been paying 50 pound a month for 5 years and recently I called them to see how much I still have to pay and they said its still something like 11 thousand euro, this debt is just not ever going to be paid off until im 60 odd as £50 a month is all i can afford. Im now 30 and have 2 kids and I was just wondering what would happen if I just stopped paying it? would it affect my credit in the UK? any advice would be great

Fishingtime

£50 a month is not even the minimum payment so it will take forever at that rate

bthere79

i hope you're not one of those who blame the "greedy bankers" for the recession, why cant people pay back what they borrow, apologies for the rant

jonesMUFCforever

Can you not take out a £10k sterling loan in the UK over say 7 years and pay the Irish debt off?

If you default of course it will affect your credit rating in the UK - they will eventually get a CCJ against you - bang -there goes any chance of you getting any new credit for 6 years after that.

Pocoyo-J

My stepdad is from Ireland, when he was 20 he took out a 3500 Euro loan, he paid about 2000 off of it. He moved to England and met my mother, I remember him telling me it had been years and he still hasn't paid it back, never any come backs or anything. They has since then recently split up and he's gone back, still without any problems. This was a good 15 years ago he took it out though, although obviously 1500 is a lot less than 11,000.

So I'm not sure if the same applies, but just thought I share a same experience I've heard of, also to be honest if your living in New Zealand. I wouldn't of thought the bank would go through to much effort to fly over to New Zealand, to then pay court fees, or to have baliffs come over and ship the stuff back. Also having to pay tax on items that get shipped back.

I have to say though Jones, is very much right, can you not take a loan out in UK, not even half the amount, at a lower APR here?

Fishingtime

Pocoyo-J wrote: »

I wouldn't of thought the bank would go through to much effort to fly over to New Zealand, to then pay court fees, or to have baliffs come over and ship the stuff back. Also having to pay tax on items that get shipped back.

In the age of the computer they would certainly bother getting the money back,a quick email to debt recovery company in NZ would be easy.
But the OP is living in the UK now