ICB rating advice needed...

simonslife

I was an idiot and like many others, I thought the good times would never end and managed to clock up significant debts on Bank of Ireland and MBNA credit cards. I was, and theoretically still am, in the property industry so I began to struggle with payments on my MBNA cards 24 months ago. For some reason that was never explained to me, they upped my interest from 16.9% to 24% and at that point I had to prioritise my mortgage. After months of calls from India, last year I received a letter informing me that my debt was to be written off and a "W" was to be recorded on my ICB credit file. It was never my intention to shirk my debts, so I contacted MBNA recovery and offered to make weekly payments of €40 with a hopeful view to a settlement if I can ever get a property deal off the ground.

My BOI mortgage is up to date and though still with a high balance, my BOI master card has the minimum monthlys covered. I know I will have no credit for the next 5 years and that suits me just fine as I have a new outlook when it comes to spending habits.

My question however, is this: Does the ICB "W" recorded automatically get wiped off in 5 years time even though the debt was not expunged at the time?

Spear

Moved from Newbies and FAQ.

brockvale

Yes, it is only kept for 5years from the date MBNA supplied code W to ICB