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ICB report understanding help

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  • 30-10-2012 4:24pm
    #1
    carrieflem
    Registered Users Posts: 13 ✭


    I was just wondering can anyone help me with the following issue.

    I was ill a few months ago and missed 5 payments on my GE Money loan and 5 payments on my MBNA credit card as i did not get paid while out on sick leave and illness benefit took weeks to come through, which just covered my rent etc. i was out of work for three months and was unable to pay these loans. to be honest i didnt think ide ever be able to work again but im in the clear health wise . i applied for my icb report afterwards and seen that it showed 5 missed payments and then a W after it. i cleared the loans in full a short time afterwards when i was back in work, the new report now show 5 missed payments i.e. 19 months ticks with no missed payments and 5 months x missed payments with a C after it.

    the loan now shows up cleared but the missed payments are still there and they say schedule removal date is 2017! . is there anyway of improving this report? ge money and mbna were very un helpful in my situation, even though it was a serious illiness. i was hoping to get a mortgage in the next year or two. i have built up a nice savings bundle and my current account is now allways in credit 2000 and i dont spend below that.

    thanks
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    #2
    Quin_Dub
    Moderators, Politics Moderators, Social & Fun Moderators Posts: 15,080 Mod ✭✭✭✭Quin_Dub


    carrieflem wrote: »
    I was just wondering can anyone help me with the following issue.

    I was ill a few months ago and missed 5 payments on my GE Money loan and 5 payments on my MBNA credit card as i did not get paid while out on sick leave and illness benefit took weeks to come through, which just covered my rent etc. i was out of work for three months and was unable to pay these loans. to be honest i didnt think ide ever be able to work again but im in the clear health wise . i applied for my icb report afterwards and seen that it showed 5 missed payments and then a W after it. i cleared the loans in full a short time afterwards when i was back in work, the new report now show 5 missed payments i.e. 19 months ticks with no missed payments and 5 months x missed payments with a C after it.

    the loan now shows up cleared but the missed payments are still there and they say schedule removal date is 2017! . is there anyway of improving this report? ge money and mbna were very un helpful in my situation, even though it was a serious illiness. i was hoping to get a mortgage in the next year or two. i have built up a nice savings bundle and my current account is now allways in credit 2000 and i dont spend below that.

    thanks

    Not sure what the W and C after the entries mean but the 5yr thing is accurate I'm afraid...

    Any record of "bad debt" stays on the ICB list for 5 yrs from date of settlement (not the date missed , but the date you restored the account to order).

    What you can do however is contact the ICB and they can place a comment on your account giving details of the issue for clarification. The entry remains there , but the company querying your credit rating will also receive the comments giving them the back-ground to the issue..

    Whether they take heed of the comments is a separate thing, but it's the best you can do I'm afraid...

    I know this from personal experience as a few years back, I discovered a bad debt entry on my ICB record (due to a Credit card I'd cancelled not being cancelled in time by the bank and the €40 stamp duty fee being left unpaid as I'd moved house and was not getting bills) - I couldn't remove the entry , but I was able to add comments as above to mitigate it...


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