When Does Banks send our Credit History to ICB

M

moneyminded

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I have a bad credit history i have failed to make payments on my credit cards and loans from past 9 months due to different reasons (no job, not in the country etc), Now i came back and have a job and has opened new account in another bank. As I want keep aside enough money to settle myself (b'cos i do not have any credit cards)and family before i start paying off my debts, I wonder Would my debtors know about my new account through ICB? as i don't want to be pressurised atleast for next 3 months before i start to contact them myself.

When would or How often a bank after openeing an account should report to ICB about the status etc and can other banks find out about my opening a new account or my presence etc in Ireland. please help.
 
Most ratings are filed at the start of the new month so if you were looking for a loan perhaps credit card with a lending instituton they would check your ICB rating.
 
New bank account unless it has facility attached i.e Overdraft / Loan will not be registered with the ICB..
 
What could have been the procedure or action taken by the banks or c.c companies who gave me loans and c.cards from the past 9 months, as they did not hear any kind of response from me. and what would be their next steps if they won't hear from me atlease for more 3 or 4 months?
 
You mean institutions to whom you owe money? They could initiate legal action against you and/or pass the debts onto debt collectors. I don't really understand - are you trying to welsh on your debts or something?
 
No, I am not trying to avoid the payments, I just need a couple of months time to make myself financially able to pay the debts. Mean while i just don't want something to happen which brings me down. I am trying to contact MABS probably in start of next year. I have a total of 46k in debts through personal or c.cards. Can I arrange in a way that I pay say about 600 euro each month to one Instituition and it will be distributed among all the debtors.
Can they accept it like that?
 
moneyminded said:
No, I am not trying to avoid the payments, I just need a couple of months time to make myself financially able to pay the debts.
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How?
Mean while i just don't want something to happen which brings me down.
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I don't understand.
I am trying to contact MABS probably in start of next year.
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Why don't you contact them immediately?
I have a total of 46k in debts through personal or c.cards. Can I arrange in a way that I pay say about 600 euro each month to one Instituition and it will be distributed among all the debtors.
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Depends. What are the different debts and what rates and terms apply? As a rough calculation I reckon that €46K @ 8% over two years (arbitrary figures but just trying to guesstimate what might apply here) would mean normal repayments of c. €2K so if this was the case then paying only €600 might not be acceptable to most or all of your creditors.
 
I cannot contact them immediately because i cannot afford start paying immediately, as i have just joined a job and need some money to pay advances to house rent etc.
 
Your new account will not be registered with the ICB. I used to work in debt collecting and our procedure if no response from the customer after 9 months would be to pass the case to a private investigator (depending on the size of the debt).

My advice to you would be contact MABS immediately, they will record all loans etc and contact the banks and try and arrange a payment schedule.
Explain to them that you may not be able to start the repayments for another 3 months as you need to get rent money, etc together.

Dont delay in doing this, a lot of compaines/banks are willing to reach these type of arrangements but communication with the customer is the key. Once they start messing about, not being honest and not taking/returning phonecalls, etc thats when they will go legal.

To be honest you dont sound as if you are serious about sorting this problem, you need to get your act together and start acting responsibily if you are to have any chance of clearing these debts.
€46k is a lot of debt and at €600 a month you are talking years before they would be paid i would imagine they will push for a larger repayment.
 
You can contact MABS immediately but not necessarily follow up on their advice immediately.
 
Thrifty1 said:
€46k is a lot of debt and at €600 a month you are talking years before they would be paid i would imagine they will push for a larger repayment.
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Even if no more interest accrued on the outstanding debt paying €600 a month would mean that it would take 76 months (6+ years!) to clear €46K!
 
I am really serious about this, just not sure how to start because i am scared to contact any of the banks and it is my own mistake and shouldn't have been in this position and I am paying for this
 
moneyminded said:
I am really serious about this, just not sure how to start because i am scared to contact any of the banks and it is my own mistake and shouldn't have been in this position and I am paying for this
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Worst thing you can do is not contact them, if you do not reply to calls/correspondence they will step up their actions to get back their money. Generally if people are honest with Creditors then they will work with them to clear the debt/ It is in both of your interests to get the debts cleared. Whatever you do don't make false promises or you will have no credibility and they will persure even harder!!
 
ClubMan said:
Even if no more interest accrued on the outstanding debt paying €600 a month would mean that it would take 76 months (6+ years!) to clear €46K!
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plus what about interest accrued over the 9 or 12 months?
 
rmelly said:
plus what about interest accrued over the 9 or 12 months?
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Yes - I was just dealing with the hypothetical case of no interest accruing to illustrate how onerous it would be to clear these debts in the way suggested.
 
sorry - was pointing out for the benefit of the OP, as he/she doens't seem to realise that situation is getting worse the longer it is left as is.
 
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