Bank giving misleading information. Any opinions?

Marchbride

Hello,
Im just wondering if anyone can give any advice? my husband and I applied for a mortgage very recently and just found out that my husband is on ICB register. It was over his CC, he was never informed that this would happen. I found all correspondence from them which was three letters over yr n half, none said that he would be blacklisted. One asked that he contact CC Dept to come to an arrangement. He spoke with CC Dept yr and half ago and they wanted him to pay a sum that we could not provide monthly but he agreed that every qtr he would pay large sum as he got qtrly bonuses which is how he always paid back card. He has gotten his repayment of 9,500e down to 1,400 in the last yr and half. When informed yesterday about being on ICB and declined mortgage, the bank advisor advised him to contact CC Dept to see if anything could be done. The advisor said if he paid to debt of 1400 immediately that a new ICB report would be issued next month and he would not have a black mark next to his name and he would be able to apply for mortgage. He repeated this back to the advisor twice to make sure info was right and she confirmed so we immediately dipped into our savings and paid the 1400. To next be told by mortgage advisor that this was not the correct info and we will not be able to get mortgage.
We are gutted. We never knew anything about this. The worse thing is my husband is 40, I am 29. Therefore the mortgage term is probably going to be 20 years which will be very hard for us to repay monthly in five yrs time (As this is length of time blacklisted from what I've read).
We have never missed any other payments. Rent/bills always paid on time for last 3+yrs. We both have permanent jobs. His is 15 yrs mine is 3. We work F/T. We have very good wages.
I am wondering does anyone have any advice re trying to change credit rating? Will anyone consider us for mortgage? As we are married and have two children I have been told by AIB advisor that I cannot apply for mortgage, I earn 45,000. Can anyone offer any positive advice please?

Thank you (desperately seeking a way out)

chris85

They don't need to tell you they are listing it on the ICB and its part of all credit card agreements that this may happen. Unless the CC company put on ICB in error than won't be removed, in this case doesn't sound like they made an error. It will stay in place for 5 year from clearance of the debt. When he paid the final €1400 it would be updated on the icb that the debt is cleared but would also show history of missed payments on account.

Now the debt is cleared lender would be more open to consider your application. Apply around or go see broker to see where you stand.

Marchbride

Thanks a mill for reply chris
Was thinking of going to a broker alright, don't suppose you could recommend one? I've no idea where to start! It's awful as we both have good jobs and very good wages so we know we'd be able to make repayments on mortgage we just didn't dream for one second that this would happen.
I'd love to know if anyone else has been in a similar position and gotten mortgage approval.

cooperguy

The other thing to note is that the icb report is based on a rolling 5 year period so if the missed payments were a few years ago and you made all payments since the negative part of the report may be gone a lot sooner than 5 years.

It might be worth going on the ICB website and getting a copy of your credit report. It costs €6 and will be out to you in a couple of days. You will be able to see exactly where the missed payments occurred and give you a clearer picture of what the bank is looking at.

Marchbride

cooperguy wrote: »

The other thing to note is that the icb report is based on a rolling 5 year period so if the missed payments were a few years ago and you made all payments since the negative part of the report may be gone a lot sooner than 5 years.

It might be worth going on the ICB website and getting a copy of your credit report. It costs €6 and will be out to you in a couple of days. You will be able to see exactly where the missed payments occurred and give you a clearer picture of what the bank is looking at.

Hi cooperguy,
Thanks for the post. We got his report last week and it was very short, mentions nothing about missed payments or dates of the same just has card revoked and the debt will be off the register in march '17. The bank themselves have said they'll issue a letter outlining his previous (15yr) impeccable record with Visa card payments and that whilst the card wasn't paid the way they asked, it was paid quicker than what they asked as he paid quarterly lumps. And she said to apply with them for mortgage so fingers crossed

Marchbride

Hi guys,
Just wondering what do you think of this and welcome any advice.
We applied for mortgage with AIB (our current bank) in August only to be told my husband was on ICB since march '12 to which we knew nothing about. He was advised to speak to the credit card dept which he did and the female advisor informed him that if he paid the outstanding balance of 1100 of the cred card he would be cleared off ICB and could apply for mortgage the following month as ICB is updated at the end of each month. So we take out savings and pay off 1100. He rings the cred card dept back and spoke with a different advisor who advised that he would be cleared on ICB in sept. So he then rings the original mortgage advisor and updates him. The advisor said that he didn't think that the cred card depr provided the correct information and that he would still be on ICB. He asked to speak with a manager who confirmed that he would remain on icb but 'acknowledged' the fact that he cleared a 9400 debt on cred card in a yr will go in his favour and couldn't see him having any issues getting a mortgage with AIB!
Roll on to Nov and no success. The bank have mislead him on a number of occasions and didn't initially inform him of ICB. He rang the cred card dept last wk and appealed the decision and requested all ph call recordings to go to ombudsman. She advised him not to take it that far yet as she believes he has a strong case for her manager to remove him from ICB!
Any advice or opinions??

unclebill98

The bank can only update the ICB to reflect the current standing. Not remove something reported on it.

Its hard to make out but is the CC debt and the mortgage lender the same bank? The issue you will have is that you ran a bad debt and this alone is enough for mortgage providers to pass on your application.

As for the ombudsman. 1st you must make an official complaint and received the banks final response before it goes to the ombudsman. Given that there will have to be formal letters issued and written etc and replied to this is something you might wanna start now. However in saying that I feel regardless of having a up to date ICB report it still will not make you any more of an appealing applicant to banks.

If AIB are both the lender and CC company there should be an understanding there so they may be your best bet for the mortgage.

D3PO

I don't think you can remove a black mark from your ICB it will just be listed as settled but if payments were missed they will still be listed for a period of years.

Ive never head of something being removed. Perhaps you have misunderstood what they meant.

EDIT beaten to it.

unclebill98

D3PO, thats my understanding of it too. I would say the person who they 1st contacted would have told them anything knowing that after they explained the whole mortgage thing they needed to clear the bad debt so it was a win situation for them.

Marchbride

Thanks so much for your responses guys
Yep that's correct, the mortgage lender and the CC are both AIB. They turned our app down but 100% did not look at our mortgage properly at all. They came back and said they couldn't see our savings or rent history which were both on their systems as the advisor told us that we did not need to provide copies of the same as we do all o our banking with them. You could clearly see for the last 4 yrs a history of X amount into one Acc for rent!! So they didn't look at that at all. Our Savings were sent in on our statements but yet they couldn't see this either??
Just to note, I've read about the ICB and if the bank are in the wrong this can be changed on the ICB. My husband was never informed about the ICB so this is what the main argument is. He always made monthly repayments but not the same amount every month. Am hoping the ombudsman can help as the CC dept saying if we paid off remaining 1100 we'd be cleared and this wasn't the case surely is misleading and scamming someone out of money. At end of the day if we knew about IcB we could have avoided wasting 9400e and waited to be taken off it in 2016!! But he paid every penny within 16mths!!

unclebill98

But the CC showing up on the ICB is because he rain up a debt? yes/no?

I would say the seen the bad ICB and never progressed with looking at the application. Your husband by law must receive letters stating that if the CC continues to mass arrears that your credit rating will be effected, this is reported onto your ICB. So why ICB was not mentioned thats what they would have meant by saying credit rating was going be effected.


So when you say the bank is in the wrong is it due to the CC never going in arrears?

D3PO

its not up to the bank to inform you they are putting something in the ICB for your husband.

He either failed to meet min repayments on the credit card or he didn't. If he did its correct and weather you knew about it going there or not it is what it is.

Unless your saying that your husband never missed his min repayments then your wrong to be chasing this and it wont make a blind bit of difference as its correctly listed in his ICB report.