Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

'Element Written Off' on ICB Rating in relation to prev. mortgage. How bad is that?

  • 09-12-2020 3:32pm
    #1
    A Shopkeeper
    Registered Users, Registered Users 2 Posts: 34 ✭


    So myself and a friend had a home and, long story short, it went sour. The bank said if we left the house they would write off the balance - so we did. That was 3.5 years ago. Very soon after we left they informed us we were owed €25k as we were affected (and over-charged) due to the Tracker Mortgage Scandal.

    Fast forward to today. I just got an ICB report and can see that there's a 'Scheduled Removal Date' of Summer 2022 in relation to the mortgage. In the Payment History section there is a C under a 2 and a W under a 1 (C = Completed Account W = Element Written Off)

    If I wanted to apply for another mortgage before Summer 2022 will the above completely prohibit me or would lenders look past it? I have heard there are some lenders who will still take me on, but at a higher % rate than the average applicant which is less than ideal.

    If it matters myself and my partner have just over €100k saved and are in long term, full-time employment. My partner's Cr.Rating is perfect and the above, although significant, is my only blemish.

    Also, since all of the above I have never had a loan or been overdrawn or anything like that. Would it be of benefit to take out a small loan out and pay it back in full to enhance my overall rating?

    Thanks


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,597 Mod ✭✭✭✭Jim2007


    You also need to check your status on the Central Credit Register, as that will provide a more comprehensive report and is also reviewed by lenders.


Advertisement