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When will he have clear credit history

  • 18-06-2009 9:42pm
    #1
    lovetoshop
    Closed Accounts Posts: 32 ✭


    A friend of mine had a mortgage with his wife, he left the family home in 2003 and got a separation, the house was to be put in his wifes sole name, later that year his wife died and the house was left to her children.
    in 2007 he went for a mortgage and was refused, he got a credit report and it turned out there was late payments on the house and his name was still on it. he went to the bank and the solictor who had dealed with the separation and there was nothing they could do.
    because of the late payments on the house he was meant to be taken off, he cant even get a car loan or personel loan from the bank.
    is there anything he can do to as this house has been sold in 2007 and shared between his wifes children, and he has nothing but a job


Comments

  • #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    lovetoshop wrote: »
    . he went to the bank and the solictor who had dealed with the separation and there was nothing they could do.

    Why not? If there was a legal agreement to take him off the mortgage why did it not happen?

    Details of a credit transaction remains on your ICB record for five years after the outstanding debt has been fully cleared. If the debt was fully redeemed in 2007, this suggests that it will be another three years or so before he can go looking for another loan.

    However, if an error has been made, he can try to get the bank in question to amend the entry on his credit record.


  • #3
    lovetoshop
    Closed Accounts Posts: 32 ✭lovetoshop


    The solicitor he dealt with told him to write to the bank and explain the situation and he did but they said there was nothing they could do. But there must be something that can be done to fix it.


  • #4
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    He'd need to find out why he wasn't taken off the mortgage in 2003 before approaching the bank.


  • #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Is there any way of finding out when the late payments occurred? If it happened before himself and the wife were legally separated then he could be lumbered with it.


  • #6
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    Toots* wrote: »
    Is there any way of finding out when the late payments occurred? If it happened before himself and the wife were legally separated then he could be lumbered with it.

    Very good point. Hadn't thought of that. I guess if he requests his file from the ICB, that will tell him when the late payments occurred and from there he'll know whether it was before or after the legal separation.


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  • #7
    lovetoshop
    Closed Accounts Posts: 32 ✭lovetoshop


    It happened after they split, and he only found out his name was still on it last year. The solicitor said he didnt ask to be taking off it, but he thought when he signed it over that would happen automatically and wasnt told any different.


  • #8
    lovetoshop
    Closed Accounts Posts: 32 ✭lovetoshop


    Also when he got the credit report it did state it happened after they separated and he sent this information to the bank along with a letter.


  • #9
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    I think he needs to go back to his solicitor to establish exactly why he was still on the mortgage after the legal separation, if it should have been transferred into her sole name.


  • #10
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    ferga_com wrote: »
    I think he needs to go back to his solicitor to establish exactly why he was still on the mortgage after the legal separation, if it should have been transferred into her sole name.

    +1, it's very odd that he wasn't taken off it. Anyone I know who's separated or divorced has either had one party's name removed from the mortgage(one buys the other out) or else the house had to be sold and the mortgage cleared.


  • #11
    lovetoshop
    Closed Accounts Posts: 32 ✭lovetoshop


    Toots* wrote: »
    +1, it's very odd that he wasn't taken off it. Anyone I know who's separated or divorced has either had one party's name removed from the mortgage(one buys the other out) or else the house had to be sold and the mortgage cleared.
    He went to the solicitor and was told that it was never requested for his name to be taken off, and that there was nothing for them to do


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  • #12
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    And what's the solr saying? Can he back up that he specifically made a request for him to be taking off the mortgage (i.e paperwork). Because if he didn't I'd be taking up the issue with the solr and not the bank.


  • #13
    321
    Closed Accounts Posts: 5 ✭321


    OP did your friend talk to his Bank when the seperation was being finalised.
    He would have needed to apply to his Bank to be removed from the mortgage. Depending on his wifes repayment capacity they may not have agreed to it.

    There original mortgage application was likely assessed on both their incomes.

    Was she buying him out of the property or was he signing over his rights to the property?

    Might the Bank have agreed that the title to the property could transfer to your friends wife but that loan remained in joint names.
    Did your friend request that his solicitor contact the Bank on his behalf?


  • #14
    lovetoshop
    Closed Accounts Posts: 32 ✭lovetoshop


    321 wrote: »
    OP did your friend talk to his Bank when the seperation was being finalised.
    He would have needed to apply to his Bank to be removed from the mortgage. Depending on his wifes repayment capacity they may not have agreed to it.
    No it was a quick get out of there quick situation
    There original mortgage application was likely assessed on both their incomes.

    Was she buying him out of the property or was he signing over his rights to the property
    He signed over his rights and the debt occured after she died when her children got the house and missed a few payments before it was sold.
    Might the Bank have agreed that the title to the property could transfer to your friends wife but that loan remained in joint names.
    Did your friend request that his solicitor contact the Bank on his behalf?
    No he thought that it was all taken care of through the solicitor as above it was messey and he was getting out quick.


  • #15
    321
    Closed Accounts Posts: 5 ✭321


    Get your friend or his solicitor to talk directly to the Bank in question. He needs to find out if he has any liability on the mortgage (if life insurance has not repaid the debt).

    This should be his priority now. When the full facts are established he can try & make a case to the Bank to remove the entry on his ICB report- if its recorded in error.


  • #16
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    It doesn't appear that the ICB record was recorded in error. In that case it takes 5 years for an ICB record to be recinded (i.e 5 years from when the record was recorded with the ICB).


  • #17
    lovetoshop
    Closed Accounts Posts: 32 ✭lovetoshop


    321 wrote: »
    Get your friend or his solicitor to talk directly to the Bank in question. He needs to find out if he has any liability on the mortgage (if life insurance has not repaid the debt).

    This should be his priority now. When the full facts are established he can try & make a case to the Bank to remove the entry on his ICB report- if its recorded in error.

    The dedt has been paid when the house was sold and he did try to make a case to the bank but said sorry nothing we can do. I find that unbelievable surely its at their own discrestion!


  • #18
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    lovetoshop wrote: »
    The dedt has been paid when the house was sold and he did try to make a case to the bank but said sorry nothing we can do. I find that unbelievable surely its at their own discrestion!

    If the bank did not make a mistake then there's no issue. It appears that the solr made the mistake by not telling the bank the real suitation. As another poster said, the bank may not have agreed to the proposal (i.e whereby the wife could take over the mortgage). He was still responcible for the debt right up until the mortgage was repaid. And he was also responcible for making sure monthly repayments were being made also.


  • #19
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    stepbar wrote: »
    It doesn't appear that the ICB record was recorded in error. In that case it takes 5 years for an ICB record to be recinded (i.e 5 years from when the record was recorded with the ICB).

    As far as I know it's five years from when the loan in question is redeemed rather than five years from when the entry is recorded. So he needs to find out when the loan was finally repaid and count five years from then.


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