Hi everyone. I wold be very grateful if anyone could provide a bit of guidance on a situation I have landed myself in through my own stupidity.
I opened a student account with a bank that I did not use on a day to day basis in 2008/9 to avail of an overdraft offer of €650. Not a smart idea but seemed like it to a poor student!
I went into the overdraft and paid it off a number of years later. I didn't close the account and forgot about it. Sometime in 2016 I encountered some money difficulties and raided the account again. I always had the intention to pay it off but to be honest I continued to put it on the never never. I suppose I didn't really appreciate that an overdraft is a loan and didn't treat it like I was missing credit card or personal loan payments
The overdraft was written off in December 2018. I haven't seen my credit score but I am certain it is obliterated.
I am now thinking about purchasing a property with my partner. I have a good permanent job with a salary that increases every year and bonuses. My partner has the same and we have a combined gross income of around €160,000. We have combined savings of €80,000 and an impending gift of €50,000 from family members. I have a credit card with a €1,000 limit which I haven't used in years and which is fully paid off. I took out an educational loan some 6 years for €7,500 which has been fully paid off with no missed payments.
Sorry for a lot of background detail, but I suppose my question is am I mad for even thinking about a mortgage now? Should I simply wait until December 2023 (five years since write off) or would it be worthwhile going to a broker? I have read that Finance Ireland can be forgiving towards credit issues with unsecured debt if it is more than two years ago. Is an overdraft write something they might be likely to be lenient towards?
I don't have any excuse for failing to pay the overdraft, other than I didn't think they would write it off, and that I would get around to it someday. Stupidest thing I have ever done, for sure!
Anyway, bit of a ramble! Thanks!
I opened a student account with a bank that I did not use on a day to day basis in 2008/9 to avail of an overdraft offer of €650. Not a smart idea but seemed like it to a poor student!
I went into the overdraft and paid it off a number of years later. I didn't close the account and forgot about it. Sometime in 2016 I encountered some money difficulties and raided the account again. I always had the intention to pay it off but to be honest I continued to put it on the never never. I suppose I didn't really appreciate that an overdraft is a loan and didn't treat it like I was missing credit card or personal loan payments
The overdraft was written off in December 2018. I haven't seen my credit score but I am certain it is obliterated.
I am now thinking about purchasing a property with my partner. I have a good permanent job with a salary that increases every year and bonuses. My partner has the same and we have a combined gross income of around €160,000. We have combined savings of €80,000 and an impending gift of €50,000 from family members. I have a credit card with a €1,000 limit which I haven't used in years and which is fully paid off. I took out an educational loan some 6 years for €7,500 which has been fully paid off with no missed payments.
Sorry for a lot of background detail, but I suppose my question is am I mad for even thinking about a mortgage now? Should I simply wait until December 2023 (five years since write off) or would it be worthwhile going to a broker? I have read that Finance Ireland can be forgiving towards credit issues with unsecured debt if it is more than two years ago. Is an overdraft write something they might be likely to be lenient towards?
I don't have any excuse for failing to pay the overdraft, other than I didn't think they would write it off, and that I would get around to it someday. Stupidest thing I have ever done, for sure!
Anyway, bit of a ramble! Thanks!