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Cabot financial, CCR and mortgage approval

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  • 04-04-2019 10:47pm
    #1
    dinny1982
    Registered Users Posts: 28 ✭


    I am or was hoping to get mortgage approval. So ordered my icb, which is clear and has been clear for years as was required for job I'm in. Ordered ccr assuming the same, only this shows a loan taken out in 2007 bought by Cabot in 2011 and still showing active on my ccr. Contacted cabot who have agreed to write it off now 8 years after zero contact with me..they had wrong address and contact details. This will now remain on report for next 5 yrs as written off

    I was young and foolish back then and unemployed and I know you cant default on loans. I've had 8 or 9 loans and credit cards since and never had one missed payment. I had cleared all cards and loans in hope of getting mortgage approval.

    Now it appears I will have to wait 5 years.

    I was hoping for a mortgage if max 80000 as I have 100k.

    Has anyone any advice? Thanks for reading essay


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    #2
    jayjay2010
    Registered Users Posts: 505 ✭✭✭jayjay2010


    Hmm this doesn't sound right. If they agreed to write it off that long ago, I really don't think they should be reporting it now. I think you should definitely take this further and get them to investigate the issue.


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    #3
    dinny1982
    Registered Users Posts: 28 ✭dinny1982


    jayjay2010 wrote: »
    Hmm this doesn't sound right. If they agreed to write it off that long ago, I really don't think they should be reporting it now. I think you should definitely take this further and get them to investigate the issue.
    Thanks for reply. I moved from where I was living in 2009, lost my job and lots of other things. 2011 Cabot bought debt in 2012 and never once had contact with me. So it remained active in hope I'd make contact apparently.

    Only I saw ccr and contacted them itd always be active. It was finay written off day I called them 26 of March 2019.

    Seems unfair a debt so old I've to start 5 yra blacklisting from now.


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    #4
    bleary
    Registered Users Posts: 495 ✭✭bleary


    dinny1982 wrote: »

    Only I saw ccr and contacted them itd always be active. It was finay written off day I called them 26 of March 2019.

    Seems unfair a debt so old I've to start 5 yra blacklisting from now.

    Sorry its not clear Did you pay it ?
    How much was it for?
    Tbh a bank is looking for indicators that you are responsible and reliable.
    You 'forgot' about this outstanding debt for years, you only contacted them when it might effect your new loan, they're not great flags


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    #5
    bleary
    Registered Users Posts: 495 ✭✭bleary


    Rereading your post it's clearer you didn't pay it even though you have 100k in savings
    They agreed to write it off as bad debt, the consequences are 5 years of an impaired credit record.
    And sorry but by your user name you were 27 when you fell into problems hardly a young kid.
    I'm struggling to have much sympathy in this case.
    You can always try to get a loan through a broker. The issue will likely be not the defaulted loan but how you dealt with it since.


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    #6
    Dav010
    Registered Users Posts: 14,068 ✭✭✭✭Dav010


    I could be wrong, but statute of limitations is 6 years from last contact, then it stays on your credit history for 5 years after that, so wouldn’t that mean it will correctly be on your CH for another couple of years?

    I’m struggling to see your side of this, you defaulted on a loan, the loan company had to wait a certain time before registering the default, and that default stays on your record for 5 years meaning, due to previous form, you are a lending risk.


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    #7
    Striker10
    Registered Users Posts: 24 ✭Striker10


    Hi Dinny1982,

    Why don't you correct/amend it on CCR report for this write off loan?
    Do you know actual contract end date for this write of loan on CCR report?


    You may complete the online application form to request an amendment to your Credit Report at
    www.centralcreditregister.ie/borrower-area/submit-a-request.


    The decission will take between 20 and 40 days.

    Best of luck!


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    #8
    the_syco
    Registered Users Posts: 37,295 ✭✭✭✭the_syco


    dinny1982 wrote: »
    Contacted cabot who have agreed to write it off now 8 years after zero contact with me..they had wrong address and contact details. This will now remain on report for next 5 yrs as written off
    dinny1982 wrote: »
    I have 100k
    dinny1982 wrote: »
    Has anyone any advice?
    Have you considered paying the loan?


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