HeadMelted
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They are not yet statute barred. Mortgages are generally singed under "seal", which means the Statute is 12 years.I know they are statute barred from chasing me from the residual debt at this point in time,
Thanks Jim,They are not yet statute barred. Mortgages are generally singed under "seal", which means the Statute is 12 years.
Jim Stafford
Hi Brendan,What is the interaction between the Central Credit Register and being statute barred?
They might not be able to recover it when it is eventually statute barred, but does that mean that it has to come off you CCR?
Brendan
on my ICB Report
Are you talking about an ICB report or a CCR report?Some might say that’s the role of the CCR,
There are 2 sides to this coin. From your perspective (the borrower) the relevant date is 2012 but from the lenders perspective they settled in 2021. Given the aim of the CCR is to provide information to future lenders on your previous ability to service debt I would think 2021 is just as important as 2012. In that regard 2026 seems in line with the CCRs data retention policy.Hi Brendan,
I think that is the question I’m asking and where I am seeking guidance.
While the bank may have no route to recover, will they just leave it on the report to “teach me a lesson”?
There is no other rationale for same, only to tell other lenders that a default occurred (a decade ago). Some might say that’s the role of the CCR, but I’m unsure if it’s in line with the CCRs Retention of Data policy (5 years)
Apologies @Dr Strangelove, my head is still using older terms. I meant the CCR Report.Are you talking about an ICB report or a CCR report?
Thank you @skrooge. You’re absolutely right with my hope of it being from 2012, but I’m even happy with 2026.There are 2 sides to this coin. From your perspective (the borrower) the relevant date is 2012 but from the lenders perspective they settled in 2021. Given the aim of the CCR is to provide information to future lenders on your previous ability to service debt I would think 2021 is just as important as 2012. In that regard 2026 seems in line with the CCRs data retention policy.
Thank you @skrooge. You’re absolutely right with my hope of it being from 2012, but I’m even happy with 2026.
As it is still in the “active” section of the Report, do you think it will actually fall off the report in 2026?
Thank you for reply @skrooge.How 'settled' is the settlement? If you've not engaged or indeed been contacted its hard to see what this actual means when it's also described as active.
If you haven't been declared bankrupt or underwent a PIA I'm not sure much has changed -in terms of your debts - in the last decade.
"Where all liabilities under the loan agreement have been discharged, the credit information is held on the Central Credit Register for a period 5 years after the loan is discharged"
but given the €190k has not been discharged it could be the case that this will be present on your CCR record indefinitely.
You didn't hide but at the same time you don't appear to have been proactive in dealing with the issue either. The net effect would appear to be the debt is still there - albeit with some reference to a 'settlement' that doesn't actual reflect any negotiated agreement.Thank you for reply @skrooge.
I didn’t hide from the banks for the decade and remained at the forwarding address I gave them. I did receive a letter from IBRC and the Land Registry when the house was sold, and the only way they could have had my address was from the bank.
Agreed @skrooge, I didn’t hide, but wasn’t proactive in dealing with it either, post voluntary surrender.You didn't hide but at the same time you don't appear to have been proactive in dealing with the issue either. The net effect would appear to be the debt is still there - albeit with some reference to a 'settlement' that doesn't actual reflect any negotiated agreement.
I suppose the question is how badly do you want/need this resolved? Is it worth waiting five years on the off chance it might be removed from your CCR? Is it worth engaging with the debt holder to reach an actual settlement or would the status quo of having an indefinitely impaired credit report be okay?
Agreed @skrooge, I didn’t hide, but wasn’t proactive in dealing with it either, post voluntary surrender.
Prior to the voluntary surrender, I was dealing with IBRC, who were engaging. Once my surrender happened, IBRC went into wind-down, then closed and only via my CCR have I found out the fund who now own my loan.
To answer your question, I’m looking for guidance on what happens in 2026, will the debt noted as “Settlement” fall off the page?
I’m happy to wait until then, if I knew that would be the case. If not, I’m not sure what to do.
As my circumstances have changed dramatically over the past decade (re-educated, permanent state employment on a very good salary, no dependants, early 40s) I’m hoping to be in a position to acquire a mortgage (est. €200K) to buy out the family home in the next number of years. I also have savings built up.
With the BIG exception of the 2012 defaulted mortgage, I’d be approved for a loan of €420K (not that I’d ever take that amount) so it’s guidance on what will happen in 2026 is my concern. I know I’ve sat for a decade, if I wait another two years, will I then realise it was another wasted two years. I’m presuming, although statute barred, a mortgage lender will not look at me.
Apologies for the long blurb!
Thanks @skrooge. That post (#6) seems to think it will remain indefinitely?You are right to ask the question. Looking through old posts it does look like your past will simply disappear after 5 years.
In particular post 6 in:
Yes that's what I had in the back of my mind.Thanks @skrooge. That post (#6) seems to think it will remain indefinitely?
You'll know better than anyone here but given the lack of interaction between the two parties I don't see how anything can be claimed to be agreed.On the October 2021 “Guidance on the CCR” book, p52, Domain Values, it’s says “Settlement-A settlement on the amount owing has been agreed with the CIS and the account is to be closed. To note: This status should not be used where a CIS has simply repaid a performing debt in advance of the maturity date.“
So, am I being too hopeful in thinking that it will indeed be closed and off the CCR 5 years post the”Settlement” being noted?
That’s actually what I might do, email the CCR with that direct question: “What does settlement mean and does it imply a clean record after 5 years in all instances?” Thank you!Yes that's what I had in the back of my mind.
You'll know better than anyone here but given the lack of interaction between the two parties I don't see how anything can be claimed to be agreed.
We're both trying to second guess how the CCR works. You could wait and see but if it's not a positive outcome it could be close to a decade before your credit record is cleared up.
Perhaps the CCR themselves can provide an answer to what a report with similar characteristics would look like - all else being equal - in five years time. I.e., what does settlement mean and does it imply a clean record after 5 years in all instances.
Thank you @demoivre !Even if the owners of the €190k debt chase it up by litigating, and the case is successfully defended by the OP, it would simply mean that the owners of the debt can't legally enforce it. It doesn't mean the debt goes away and the owners can still try and get payment by writing to or ringing the OP. The OP's central credit record will continue to show this debt indefinitely until a settlement is reached.
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