need advice mbna didnt update my credit rating

littlemike

hi all hope im posting in relevant section. basically i got a credit card from mbna some 6 years ago now. didnt need it, but junk mail came in the door and i foolishly gave them a call,all i requested was a limit of 1000 euro and ended up coming away with a limit 5000. i know silly me....? never had a problem paying, nor did i abuse it. but unfortunately we lost our baby son about a year later. and as you can imagine things just got out of hand, my wife slipped into serious depression. work took a backseat, and we both generally just buried our heads in the sand.........

i ended up maxing out the card and stuggled to keep up with the intrest payments. so queue the onslaught of phone calls, treathing letters etc.... i explained my situation and we agreed that i would pay 60% of the total bill in return for the harrasment to stop. so i sold anything i had of value and paid them off.

naively i never even considered the implications of the icb report. i just wanted them to stop harrassing me tbh..... so problem gone....! and eventually after about 6 months or so i got myself together got back to work and generally went on about my buisness . and we even had a little baby girl 3 months ago.

the problem is i applied for a loan about 2 years ago with my bank, who i have had multiple loans with personal/car loan etc. always paid, never late. and they refused' i didnt ask why as i just assumed it was the current climate. and they werent lending to anybody.

but since the birth of our daughter, i decided we would need a good car. present car has seen better days. and surprise" they declined me again. so i asked how was it that somebody who has a good steady job, banked with them for so long, paid all his loans on time and never gave them an ounce of trouble should be told no!

i was told that i had an outstanding credit on my icb of 6275 euro and 38 cent. now i dont know the ins?outs of all this but surely after me paying 60% of the debt off. they cant just leave it saying i didnt pay them a penny. i did my best to pay them what i had.....?

im sorry for the long post/grammar etc... but if ye knew me "i talk a lot". im just looking for some honest advice on where i stand.

i have since ordered a copy of my credit report and it has in the last two boxes "w" and then it has an "A". its set to be ex cleared on the 6th of september 2015. any advice would be much appreciated........thx.

SPM1959

It's been a long time since I worked in collections but from reading the post I think, you agreed to 'short settle' with MBNA. Ie not pay off all your debt but have it written off by them their side. One of the aspects of a short settlement though is that it will show on your credit report for a number of years (six I think). I don't think any bank will give you a loan until the settlement is removed from the credit report after the set period of time.

Axwell

Its 5 years that it stays on file - so basically it will be on record for 5 years with the ICB and unfortunately you have little or no chance of getting any kind of loan till then. Any previous loans you had arent affected by it, its just when they do a credit check it will show up you built up that unpaid credit. The fact you paid 60% off has little or no effect either, it remains on there for 5 years regardless. If you have paid it fully off then you can check to make sure that the debt was marked as paid with the ICB so they update their records but the 5 years will still count. Once the 5 years is up then you start afresh and it wont be on your record.

phormium

You're screwed with the main banks. Open a credit union account and start saving regularly, the also use the ICB but are more open to listening to an explanation and looking at savings record etc. You can get a good hearing with a human rather than 'computer says no' and you can appeal a decision then it will more than likely be looked at by the local board if needs be, nothing will need to be decided in Head Office, it will be done locally which is better imo. If this is the only blip on your record and your explanation correct then your best chance is start with a good Credit Union.

dobsdave

Yeah, 5 years from the date of the write off, in the same boat myself, March 15 is my release date.