How to redeem credit rating b4 mortgage application - is it possible?

Hi,
I currently have three loans totalling under 10,000 and in the last year I lost a job and then was unable to work because I had a baby.

Therefore I missed on a number payments on my loans,I did try to contact my Bank to restructure my repayments.I was told to get in touch again while I was working because my income was so low at the time.

While I was not working I did get a significant payment that I used to pay off two major loans & a credit card to the value of 8,000EUR.

I am back at work but on a partime basis,and I want to know if I can restructure my loans and pay back as much as I can below the current repayment level and still redeem my credit rating in time to get a joint mortgage with my husband within the next two years.
I am very worried about this and I would like to know if I can still make things right and get my credit rating up to scratch??

Any help would be greatly appreciated.

Do you have €10K debt now and is the clearance of the €8K separate from this? Or do you have €2K debt now? What is the situation with regard to any outstanding debts (e.g. repayments, term, rate etc.)?

Any missed payments on loans may remain on your ICB credit records for 5 years from the date of settlement of the loans.

Dawob,

There is only one way to do it that I know of.

You must clear any debts you have, then ask the lending company to send a letter to the ICB. This letter should say that you have paid the loans back in full and that you credit rating needs to be changed to 'C'.

I had this done for me not so long ago. Some lenders still refused me. But not all of them did. Only thing is I have to pay a higher rate.

I'm not sure if your partner knows about you credit rating, but if not it time to tell. I didn't tell my partner about mine until a while ago. She has her hearth set on buying a house for Myself, herself and our baby boy. It will be at least a year or so before the banks will give me that sort of a loan/morgage.

Basically, the sooner you sort it the sooner you will get a morgage.

Hope this was helpful.


Eoin

I have 10,000 EUR DEBT NOW.

If by "restructuring" your loans you mean getting a better deal (e.g. lower rate and maybe also pay it off quicker) then you may be able to do this but you will need to shop around. How much can you afford to pay in repayments each month? Would transferring the debt to a 0%/low interest rate credit card introductory offer be an option? Of course if you have a chequered credit history then applying for a new loan or credit card may also be difficult.

As the previous poster says, to repair your credit rating you need to clear any outstanding debts.