Impact of Debt on Credit Record


You need to get a copy of your credit record to see what exactly is on it. Details on your credit file stays on record 5 years (I think)
 
Killme00 said:
If a bank does a credit check on me when i apply for a mortgage, will proof of repayment in full of all debts be sufficent or do i need to wait several years before applying?
Click to expand...
As above - contact the ICB to get a copy of your records to see what they say. Lenders will look at these records and draw their own conclusions about your credit rating/worthiness from the data contained therein.
How far back does your credit record stretch?
Click to expand...
Five years. Missed payments etc. will remain on file for up to five years from when they have been sorted out.
 
I agree with the other replies - its always a good idea to get a regular check on your credit file with the ICB and records of defaults (missed payments) stay on your file for up to 5 years once the debt is settled.

The recent credit crunch has meant that many lenders are tightening up on their criteria for loans so many high street lenders are withdrawing their packages for "sub prime" loans especially mortgages and I understand that BOI have recently been one such example. You won't necessarily be unable to get a mortgage with a poor credit history but it may effect the number of lenders who will offer you finance or the interest rates that they provide - 10% interest rate or upwards would not be unrealistic at this point in time.

It is also worth remembering that every time you make any application for credit the lender will access your credit file with the ICB and this leaves a credit footprint which can also impact on your credit score. So its probably a good idea to get a copy of your credit report from the ICB and look at getting information from lenders before actually making applications especially on line or over the phone.

Hope this helps and best of luck - remember what ever you do, you need to make sure that your strategy means that you can afford repayments and your budget is realistic too.
 
If you were dragging your feet about it it would look bad on your credit record. However that isn't the case so cheer up.........you are turning a calamity into a learning experience and a success.

Ironically folks who don't show up on the public records at all are often refused credit or loans. Lenders only need to know you can repay.

In terms of getting straight and budgeting, this (UK so in £ not euro) site is tremendous with an online club for people working their way out of debt.
if it doesn't work (I've had problems with my internet access this week) you can Google it under "Martins Money Tips".

All the best with it!
 
Marie,

In your link I seen a page on how find you old bank accounts. When I was just a child my grand parents opened an account for me, they have passed on now and it's been forgotten about. It only dawned on me when I seen that link you posted. I don't expect there to be a million in the account but it would be nice to find it. I remember I got a little wooden house as a gift, is there any websites in Ireland that trace old bank accounts?

Joejoe
 
Though no substitute for managing your finances prudently and living within your means yes.........it is worth checking if there is money still sitting in forgotten bank and building society accounts or life assurance policies.

Your query is a little 'off-topic' of the impact of debt on an individual's credit record so you might want to move your specific question to a more appropriate section. Usually the probate solicitor responsible for settling an estate after a death does the necessary searches which throws up these accounts, or the individual leaves written details of accounts or tells a family member about them. Nevertheless I remember clearing the family home after my mother's death and coming across a drawer-full of old life assurance policies paid in over many years for various members of the family. However given they were for just a few shillings a week on each I don't think going to all the trouble of investigating and reclaiming them at this stage would make me a millionaire
 
JoeJoe - as this account is in YOUR name not a deceased relatives yes you should pursue it. I hadn't picked that up. Perhaps an AAM member from the legal profession will confirm this but I think interest on an account automatically ceases on death of the holder. It would be different if there is an account in your name which has not been retrieved. Not sure how you do that in Ireland but........Go for it!
 
You must log in or register to reply here.
Menu
Log in
Register