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What happens when you default

  • 14-02-2012 5:02pm
    #1
    st1979
    Registered Users, Registered Users 2 Posts: 936 ✭✭✭


    Just a general question of what happens if you end up not paying the bank back in full and they take a settlement figure less than the full loan. It goes on your ICB then what. does it stay there forever or is there a time limit.


Comments

  • #2
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    From here. It stays for 5 years.

    2. How do lenders know about my previous loans?

    Most lenders in Ireland send information about borrowers and their repayments to a central agency, the Irish Credit Bureau (ICB). The ICB holds information about borrowers and their loans for 5 years after the loan is closed. This information is held in an individual credit ‘report’ that is kept by the ICB about each borrower.

    Your credit report includes:

    your name, date of birth, address(es) used by you in relation to financial transactions

    the names of lenders and account numbers of loans you currently hold, or that were active within the last five years;

    repayments made or missed for each month on each loan;

    the failure to clear off any loan;

    loans that were settled for less than you owed; and

    legal actions your lender took against you

    So, the ICB reflects a full picture of your credit history, good and/or bad.


  • #3
    mozattack
    Registered Users, Registered Users 2 Posts: 1,908 ✭✭✭mozattack


    Seriously thinking of deafulting cos I know of others getting away with €20k loans on Jeeps etc and here I am like a dope paying my mortgage(s) and having no other personal debt.


  • #4
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    mozattack wrote: »
    Seriously thinking of deafulting cos I know of others getting away with €20k loans on Jeeps etc and here I am like a dope paying my mortgage(s) and having no other personal debt.

    Your house is at risk if defaulting. Other obvious things as credit rating, legal action and so on.

    Are you in financial difficulty?


  • #5
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    The bank will put you into MARP (Mortgage Arrears Resolution Process)

    This will require a full disclosure of income and expenditure. If your Loan is deemed sustainable, they will pursue the life out of you, and you will probably end up paying a hell of a lot more in the long term..


  • #6
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    homer911 wrote: »
    The bank will put you into MARP (Mortgage Arrears Resolution Process)

    This will require a full disclosure of income and expenditure. If your Loan is deemed sustainable, they will pursue the life out of you, and you will probably end up paying a hell of a lot more in the long term..

    They will only put the OP into this process if he is cooperative. If he is intentionally defaulting would be reasonable to assume he/she will not engage properly with the bank and thus this step will be bypassed.


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