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Clearing ICB "Cancelled" loan

  • 23-04-2015 11:27am
    #1
    icbquestion
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi,

    Have a question that i have been trying to get a definitive answer to for some time now.
    Hoping i can get one here.

    Basically Back in 2007 I voluntarily surrendered a car i had on HP.
    I was made redundant so rather than reduce mortgage payments etc I returned the car.
    I made the calls with the banks etc and organised the car to be picked up. All papers were signed and everyone was "happy".
    It wasn't until about a year ago I applied for a credit card that i realized there was a problem. I had not borrowed from a bank since this one for a car or anything else. in 2012 I borrowed 15000 from the credit union without any issues.
    I was told that my application was refused due to a mark on my credit score.

    I ordered a statement from the ICB and there it was. I have a mortgage etc and the only mark that was ever on my ICB is this car surrendering. The amount that was to be paid was 1600euro. Thats it. My mortgage payments have been on time from the day I took the mortgage out 12 years ago. Everything else is spotless apart from this.

    Now this is due to finish on my record in 2017. I have called the bank to see if i can clear this amount off and have them send the update to the ICB. They said they can. they will send a "C" basically to them indicating that the loan is paid off.

    My question - Is what I am trying to do possible. If i pay the 1600 today to the bank to clear the cancelled loan, they send the "C". Is that it? Is that mark removed from my record and I could say for instance, apply for a credit card, new car whatever and it will pass? (income checks etc wont be a problem).

    Thanks in advance


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