ICB Credit Report - is this bad!

I sent away for my credit details from ICB to see what came up and on a car loan i had from a couple of years ago it states the account is completed and it has an "M" beside which stands for moratorium. Is this a bad thing on my record?

See here for info on interpreting your ICB report:


[broken link removed]

M means "Moratorium" but I don't know if that's good, bad or indifferent... :|

q on the car loan

was it guaranted by someone ? say a parent. I accept you cleared it .

car loan

it wasnt' guaranteed. it was a five year car loan and about 2 years into it i sold the car and cleared the loan.

Re: car loan

If you cleared the loan then that should be reflected on the ICB report. You can have them change the report if it's incorrect.

A moratorium usually means that repayments have temporarily been stopped, like a payment holiday.

-Rd

This is what I think

They left the loan and approval on file with a balance of €0 so you can reactivate it and they can top it up without doing the approval and paperwork again .

they would be using the same paperwork you submitted originally as long as the 'new' loan were not higher than the old .

They often do this to students whose parents guarantee the loans, in an obscure case I know of they roll a guarantee from a parent for a student loan onto subsequent post college loans too in order to keep the guarantee alive.

In other words your loan is guaranteed because the account number is guaranteed (and has been for years) and is never closed when you reach €0

Nobody need ever know unless you default and then the oul dear gets a demand

Sounds Dodgy

That sounds very dodgy.
If I guarentee a 5 year loan for someone,
that person could years from now use that guarentee
to get another loan.

Perhaps by that time I no longer trust them, because I know they Gamble or Drink or whatever.

Sounds very strange to me.

-Rd

Its dodgy all right

The guy I know (the father) found out when his lad fecked off to Australia leaving some loan outstanding. This was with BoI about 2 years ago.

He had guaranteed a student loan about 1995 which was cleared in 1998, the lad then got a personal loan in 2001 and it turned out to be the same guaranteed loan account from 1995

The father was advised he had to pay it even though it was confirmed it had a zero balance between 1998 and 2001 , not surprising seeing as it was clear.

Does nobody in here not get statements about loan accounts with 0 balances that the bank never seems to shut ?

ICB Credit Report - is this bad

We are applying for a mortgage. have out deposit down and all.
Worried about my ICB check a little. Just a few missed payment a few years back. Loan cleard at this stage.
Partner is earning enough to get mortgage we want on his own anyway.
My question is, if my ICB check is not spotless will that matter as much. its going to be a joint mortgage.

Re: ICB Credit Report - is this bad

It's unlikely to be a hard and fast rule.

In your favour:

1. The blips were a while ago.
2. You actually did pay off the loan, so you haven't left
a trail of bad debt behind you.
3. Between you and your partner you clearly have the ability
to repay.
4. Banks want to give out mortgages. It's how they make
money.

I suspect you'll be fine.

-Rd