Bank mistake, credit rating effected

sausagekayak

Hi all,

I'm just looking for some advise from people here, before people jump to conclusions I am not trying to run away from my debt, I have been paying it and intend to pay it in full whether it is written off or passed on. It is my debt and I own the money and will pay it in full.

So..my story, Ill try keep to the point.

* At the time October 2011 my loan was worth in the region of 14K.
* I decided to emigrate for a job opportunity. Although this was a good job it was in eastern Europe and I would take a huge cut in salary (it worked out because I came back with experience and was able to double the salary I was on before I left)
* I stayed in eastern Europe for a year.
* Before I left Ireland I agreed with the bank that due to the cut in salary I would reschedule my loan and pay half repayments every month, so I would pay €150 instead of €300.
* All the paper work was signed and sent to the bank.
* I left the country and received word from the bank that the paper work was somehow damaged/got damp in the post and could I sign again, I did and posted it back to them.
* The bank contacted me and said that the reschedule was approved.
* I started to transfer the 150 into my account on the understanding that everything was in order.
* A couple of months later the bank contacted me to say a mistake was made on their side and that although approved the loan was not reschedule and could I send them my passport and a bill, why I don't know.
* During these 4-5 months the bank were still trying to take the full payment of 300 from my account, these failed as I had been transferring 150 as agreed.
* I rang the bank and asked them to fix this, they said it was an issue with their side and that my credit rating would not be effected.
* A few months later my current account was closed by the bank, why I don't know, and I received a call from the Bad Debt department. They wanted a payslip from my new job to show my salary. I sent this to them and have not heard from the bank since.
* I have been back in Ireland two and a half year, I have continued to pay 150 every month during that time, I know I should have paid more and contacted the bank.
* I am now in a position to pay off the loan in full and apply for a mortgage with a deposit we have saved up.
* I checked my ICB credit report and for my loan the last month has the code Z "no further data available".

So thats the story, I want to apply for a mortgage and the stipulation on approval will be that the loan is paid off in full, this is fine, but I will not get approval I am guessing if my credit rating is not cleared by the bank.

Has anyone heard of or seen a bank clearing a customers credit rating due to a mistake that the bank made. I do not have anything in writing from them, only letters I have sent to them and I'm sure they have the initial paper work to reschedule the loan to 150.

Thanks.

source

The below is from here

9. What if there is a mistake on my report?

Mistakes can and do happen. They may be caused by either you or your lender.


you might make a mistake in completing your direct debit form and miss a loan repayment on the due date;
or

your lender might have agreed to let you postpone payments for a period, but forgot to change the report it sends to ICB.

By law, financial institutions must ensure that information they hold or give to anyone else about you is correct and up to date. So you have the right to insist that they correct any incorrect information about you.

If you find a mistake in your report, ask your lender to correct these details. Most lenders will act to correct any mistake and amend your credit report immediately. However, if you experience problems or delays, or if your lender fails to put things right for you, you can consider making a formal complaint and referring the matter to the Office of the Data Protection Commissioner.

Please note: ICB cannot change your credit report unless a lender requests it to do so.


10. Can I get bad credit details removed from my report?

All lenders must provide an honest and truthful report of your loan repayment pattern. So a Financial Institution is not obliged to change or remove details from your report unless they are inaccurate.

sausagekayak

Thank you source, that helps a lot.

I will arrange a meeting with the bank to discuss my problem, I dont think it will be a problem for them to clear my bad rating due to a problem from their side, especially when I want to pay the debt off in full.

Cheers.

lanos

*affected

sausagekayak

lanos wrote: »

*affected

Ha, thanks, I always have trouble with affected vs effected. But yea I see your point, looks bad in the title of a post.