HELP ME PLEASE ICB RECORD

ckd

hi all,

I just need a bit of advice re my partners ICB record. We have recently been refused a mortgage due to bad credit on my partners side. We got a copy of his ICB record and there is something listed from 2011. He got a personal loan of €11,000 Back in 2008, we thought it was paid 😫😫😫 apparently he missed the last 3 payments totaling just over €1000! Now we moved house in 2011 so if they sent correspondence we never got it. First question is why is there something still listed in 2017 from 2011, is it not just listed for five years? Second question where do we go from here?? If we pay the €1000 will the bad credit be removed or will it take another five years from now?? Please help, we've worked so hard to save a deposit and get our finances in perfect order and we're gutted.

usernamegoes

ckd wrote: »

hi all,

I just need a bit of advice re my partners ICB record. We have recently been refused a mortgage due to bad credit on my partners side. We got a copy of his ICB record and there is something listed from 2011. He got a personal loan of €11,000 Back in 2008, we thought it was paid 😫😫😫 apparently he missed the last 3 payments totaling just over €1000! Now we moved house in 2011 so if they sent correspondence we never got it. First question is why is there something still listed in 2017 from 2011, is it not just listed for five years? Second question where do we go from here?? If we pay the €1000 will the bad credit be removed or will it take another five years from now?? Please help, we've worked so hard to save a deposit and get our finances in perfect order and we're gutted.

On your ICB there should be something on it that says when it will be removed. If not it will stay for 5 years from the date it was cleared or written off.

newacc2015

There should be a removal debt on the ICB record. There is little point paying it off now, as it will be statute barred, if not statute barred at this stage if it was 6 years ago since the last payment

ckd

usernamegoes wrote: »

On your ICB there should be something on it that says when it will be removed. If not it will stay for 5 years from the date it was cleared or written off.

Thanks for reply. So if we pay it now it will be another five years?? Great!!

ckd

newacc2015 wrote: »

There should be a removal debt on the ICB record. There is little point paying it off now, as it will be statute barred, if not statute barred at this stage if it was 6 years ago since the last payment

What's statute barred?

Kristopherus

ckd wrote: »

What's statute barred?

Essentially it means that you cannot be sued after the passing of 6 yrs from the last action/transaction.

Buttercake

You can ask the bank to have it removed from the ICB, totally up to them, give them a big sob story

Ayuntamiento

I don't entirely understand how you can forget to pay off the end of a loan. Were the repayments not direct debit mandated until the finish date? Did he not double-check that he had finished repaying the loan account? Even if it wasn't intentional, it looks like poor ability to manage finances.

You can still get a mortgage with an issue on ICB but you have to be able to explain what caused the issue. I don't know where you stand when you left the bank 1k short on a loan. Have you tried to repay it and use that as a way to negotiate with the bank about removing it from your record?

ckd

Ayuntamiento wrote: »

I don't entirely understand how you can forget to pay off the end of a loan. Were the repayments not direct debit mandated until the finish date? Did he not double-check that he had finished repaying the loan account? Even if it wasn't intentional, it looks like poor ability to manage finances.

You can still get a mortgage with an issue on ICB but you have to be able to explain what caused the issue. I don't know where you stand when you left the bank 1k short on a loan. Have you tried to repay it and use that as a way to negotiate with the bank about removing it from your record?

Sometimes these things happen and people can forget, I can't really explain it as my partner was supposed to be looking after it.

We haven't tried to repay it yet because it just came to light but I think that's what we'll try to do.

ckd

Buttercake wrote: »

You can ask the bank to have it removed from the ICB, totally up to them, give them a big sob story

Thank you. We'll be getting in contact with them Monday to see what the story is!

ckd

Kristopherus wrote: »

Essentially it means that you cannot be sued after the passing of 6 yrs from the last action/transaction.

Hmmmmm ok thanks but I wonder where that leaves us with ICB.

Buttercake

ckd wrote: »

Thank you. We'll be getting in contact with them Monday to see what the story is!

I had a student credit card with UB, owed 1200, never paid it. I got put on ICB, about 6 years later when I moved back to Ireland and decided to pay it off and called them up, asked that they remove it from the record and they said no problem, got it in writing at the branch and sent them a bank draft. it was removed about a month later.

ckd

Buttercake wrote: »

I had a student credit card with UB, owed 1200, never paid it. I got put on ICB, about 6 years later when I moved back to Ireland and decided to pay it off and called them up, asked that they remove it from the record and they said no problem, got it in writing at the branch and sent them a bank draft. it was removed about a month later.

This gives me hope, thanks a mil 😊