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Mortgage Application

  • 23-02-2021 10:43pm
    #1
    Infamous5
    Registered Users Posts: 6 ✭


    About 20 years ago i had a cc that i didnt pay back. What happened was i left the country on a whim(i was 18). Basically the debt collectors had the Gardai to my house looking for the money. When i found out i paid the money back straight away in full. I have never needed a loan since that time. I have around 80k savings with my bank, decent enough job etc. I am thinking of buying a house. Because there was a judgement against me, am i screwed?


Comments

  • #2
    bilbot79
    Registered Users Posts: 1,979 ✭✭✭bilbot79


    Infamous5 wrote: »
    About 20 years ago i had a cc that i didnt pay back. What happened was i left the country on a whim(i was 18). Basically the debt collectors had the Gardai to my house looking for the money. When i found out i paid the money back straight away in full. I have never needed a loan since that time. I have around 80k savings with my bank, decent enough job etc. I am thinking of buying a house. Because there was a judgement against me, am i screwed?

    No. You'll be fine. I was looking at threads about this myself recently. I think I saw some talk about Credit Institutions looking back 2 years or something but you'll be grand for 20.

    I had some unfortunate arrears plus a messy 6 months before applying and KBC turned me away. Finance Ireland gave me approval no bother though. Go to a mortgage broker. They know which lender is good for your kind of sins


  • #3
    Infamous5
    Registered Users Posts: 6 ✭Infamous5


    bilbot79 wrote: »
    No. You'll be fine. I was looking at threads about this myself recently. I think I saw some talk about Credit Institutions looking back 2 years or something but you'll be grand for 20.

    I had some unfortunate arrears plus a messy 6 months before applying and KBC turned me away. Finance Ireland gave me approval no bother though. Go to a mortgage broker. They know which lender is good for your kind of sins
    Reading a few threads around here it seems a broker is the way forward. I thought lenders would look at court records or something. Maybe put my name through a system and i am flagged. Civil judgements i thought are public records and can be accessed by lenders as they are public records. Maybe i read an article backwards, but that was on my mind!


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,976 Mod ✭✭✭✭Jim2007


    Infamous5 wrote: »
    About 20 years ago i had a cc that i didnt pay back. What happened was i left the country on a whim(i was 18). Basically the debt collectors had the Gardai to my house looking for the money. When i found out i paid the money back straight away in full. I have never needed a loan since that time. I have around 80k savings with my bank, decent enough job etc. I am thinking of buying a house. Because there was a judgement against me, am i screwed?

    Well if you settled the debt 20 years ago it is well forgotten.

    Just request a copy of your report from the CCR and you will know exactly what the financial institutions will see when they do their checks. No need to speculate.

    And in any case getting a judgment against an 18 year is nonsense as you’d have nothing of value. And the Garda are not involved in debt collection unless you became violent.... so after 20 years I expect you are not remembering it correctly. And there is nothing there at all to worry about it.


  • #5
    bilbot79
    Registered Users Posts: 1,979 ✭✭✭bilbot79


    Infamous5 wrote: »
    Reading a few threads around here it seems a broker is the way forward. I thought lenders would look at court records or something. Maybe put my name through a system and i am flagged. Civil judgements i thought are public records and can be accessed by lenders as they are public records. Maybe i read an article backwards, but that was on my mind!

    Broker is really good and they can access some lenders that Joe Public cannot


  • #6
    [Deleted User]
    Posts: 18,749 ✭✭✭✭[Deleted User]


    Infamous5 wrote: »
    About 20 years ago i had a cc that i didnt pay back. What happened was i left the country on a whim(i was 18). Basically the debt collectors had the Gardai to my house looking for the money. When i found out i paid the money back straight away in full. I have never needed a loan since that time. I have around 80k savings with my bank, decent enough job etc. I am thinking of buying a house. Because there was a judgement against me, am i screwed?

    Gardaí do not collect money for debt collectors

    Maybe someone just told you that?


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  • #7
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    There's a mortgage application thread over on the property forum, you will probably get a lot more help there. On the whole you should be fine, your credit reports usually only go back 5 years, but get your ICB and CCR reports just in case.


  • #8
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,976 Mod ✭✭✭✭Jim2007


    Markitron wrote: »
    There's a mortgage application thread over on the property forum, you will probably get a lot more help there. On the whole you should be fine, your credit reports usually only go back 5 years, but get your ICB and CCR reports just in case.

    The CCR report will continue to report a debt until it is settled plus 12 months.


  • #9
    Infamous5
    Registered Users Posts: 6 ✭Infamous5


    bubblypop wrote: »
    Gardaí do not collect money for debt collectors

    Maybe someone just told you that?
    No i remember i upset my mother over it at the time. It was 100% a Gardai that called.
    Markitron wrote: »
    There's a over on the property forum, you will probably get a lot more help there. On the whole you should be fine, your credit reports usually only go back 5 years, but get your ICB and CCR reports just in case.
    Thanks very much.


  • #10
    [Deleted User]
    Posts: 18,749 ✭✭✭✭[Deleted User]


    Infamous5 wrote: »
    No i remember i upset my mother over it at the time. It was 100% a Gardai that called.
    .

    I think maybe your mother told you that in order for you to pay up!
    Gardai do not collect money for debt collectors


  • #11
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,976 Mod ✭✭✭✭Jim2007


    Infamous5 wrote: »
    No i remember i upset my mother over it at the time. It was 100% a Gardai that called.

    Legally the County Registrar and their staff are responsible for enforcement of debt collection or the Sheriff and their staff in Dublin and Cork. The Garda have no role in the process. The only way the Garda would be present was if the debtor or other people on the premises became violent.

    And in any case beyond a few nasty letters, solicitor’s don’t go through the process of taking an 18 year old to court seeking a judgment (do you remember being in court?). What are they going to get? A stamp collection, football cards, a second hand computer, an old banger....


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  • #12
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    It's very unlikely there was any credit reporting 20 years ago however to be certain you need to apply to www.icb.ie and also to myrequest@centralcreditregister.ie. for credit reports. This is the same information that all the lenders have access to.

    There is a possibility that there is a record with the lender that you owed the money to so best not apply to that Institution.


  • #13
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,976 Mod ✭✭✭✭Jim2007


    Trish56 wrote: »
    It's very unlikely there was any credit reporting 20 years ago however to be certain you need to apply to www.icb.ie and also to myrequest@centralcreditregister.ie. for credit reports. This is the same information that all the lenders have access to.

    There is a possibility that there is a record with the lender that you owed the money to so best not apply to that Institution.

    It does not matter what the requirements were 20 years ago. The requirement is to report all out standing debt, there is no discretion. Most of the people having issues are people who thought their debt had been forgotten.

    At a guess I'd say anything over 12 years is not likely to come up, but there is always the chance that it could because 20 years is not long in the computer age.

    Neve assume, always check just in case...


  • #14
    Fearofgod
    Registered Users Posts: 8 ✭Fearofgod


    Jim2007 wrote: »
    The CCR report will continue to report a debt until it is settled plus 12 months.


    Ji, what does the ebove mean? Its completely gone? after 12 months


  • #15
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,976 Mod ✭✭✭✭Jim2007


    Fearofgod wrote: »
    Ji, what does the ebove mean? Its completely gone? after 12 months

    If you read through the FAQ on the site, that is what it says...


  • #16
    yrreg0850
    Registered Users Posts: 531 ✭✭✭yrreg0850


    Can anybody say how long it will take a bank to sanction a mortgage.

    All paperwork has been submitted and, bank have surveyed the property .
    Sellers are pressurizing for closing date.


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