ICB bad reports - will it be "acceptable" in say 2010 / 2011?

[shootingstar]

Was thinking about this last night. The state the country is in. Families missing mortgage payment / loan repayments / credit card repayments etc. I could go on...

When we finally (<-- being very positive here) come out of the recession, banks and such places are in a position again to start lending. Say they check on the applicants ICB and find that in 2009 there are missed payments. I should think that maybe this will be acceptable given the current economic climate. There is probably a large majority of people missing repayments and playing catch up.

Whereas missed repayments were once Taboo, possibly in the future this will be an everyday thing and wont affect ones applications.

I think lenders may well accept this. Im open to correction...

 

[jhegarty]

I think the banks will be more causes ,not less over the next few years.

 

[shootingstar]

Im not saying they'll be easy on people, they'll obviously use the usual proceedures for checking & accepting applicants. I just think that when one is viewing an ICB report, it wont be the be all and end all for the applicant if theres missing payments.

 

[Dreamerb]

There is probably a large majority of people missing repayments and playing catch up.

That's highly unlikely. A larger than usual minority, certainly - and possibly more to the point, people who have previously had impeccable records but have not been able to renegotiate payments having been made redundant or given serious paycuts. But not everyone has high debts and of those with high debts not all of those are losing income.

I suspect a temporary blip on the ICB record due to redundancy or a substantial paycut would in any case be less likely to cause concern than an established pattern over a number of years.

 

[shootingstar]

I suspect a temporary blip on the ICB record due to redundancy or a substantial paycut would in any case be less likely to cause concern than an established pattern over a number of years.

Your 1 sentence has more or less sumed up what I wanted to say. Less concern... yes, ....i just used the word acceptable.