Please Help me with ICB.Am I wasting time going for Mortgage

G

gers1980

Registered User
Messages
19
Hi

I'm getting very worried. I had several loans with a well known retail finance company. Last September I rang to clear all my loans. They said I had four but I thought I had five. Any way long story short I cleared the four loans early.I asked 3 different assistants on phone had I any more as I was sure I had more. They said no.


Any way cutting the story short again it turns out I had. And I got I debt collectors letter. I got in touch with company and paid the outstanding balance off, again early, but it was already five payments behind.

Any way enough of that sad story, the problem I have now is that on my ICB it shows that account 5 payments in arrears. Altough they took some responsiblity with the mistakes of not seeing the account. They will not clear the bad record from my ICB.

The funny thing is the other 4 accounts that i cleared early and had no problems with don't even show on my ICB.

My 2 questions are.

1. Am I screwed for a 100 percent mortgage when they see the 5 months in a row arrears.

2. Instead of clearing off the full amount today should I have kept up the repayments for the next 2 years. As the ICB only shows the last 24 payments the 5 arrears would have been gone.

Now its going to say 5 months in a row missed payments and then closed.

I very worried and confussed.

Any help grately appiciated

Thanks
 
1. Am I screwed for a 100 percent mortgage when they see the 5 months in a row arrears.
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I don't think there are too many banks giving out 100% mortgages nowadays.....
 
So you asked the lender to advise of the loan amounts outstanding, so that you could clear them, correct ?
The lender gave you an amount outstanding which turns out to be wrong - less than you actually owed. As a result you underpaid your outstanding debt.

Seems to me that the lender is not being fair as you based your decision on incorrect information given to you by the lender, resulting in them posting a bad credit rating.

Can you prove the lender admitted some responsibility ? If they admit that they are wrong then they must correct it.

From ICB website [broken link removed]

Go back to the lender again and remind them that they are obliged to ensure that ratings on the ICB are correct, and they have an obligation under the Data Protection Act to ensure personal details are correct. Otherwise, you will complain to the Data Protection Commissioner.
 
Yes but they are still trying to make out it was my fault because when I rang I did'nt have the account number. I only had name and address and they couldn't find any information for that name except for the four loans which I did clear.

I'm not holding out any hope for them clearing this up. They just said on the phone that it was a true reflection of the account and the couldn't change the records.

If I went to my mortgage broker with my ICB and showed it to them and tell them what happened. Whats my chances of me and my girlfriend getting 100 percent mortgage
 
I heard on the news this afternoon that banks are getting very prudent in their lending certeria and are looking for 8% deposit now from home buyers, they also said that house prices are expected to drop by 20% by the end of the year. With that forecast its obvious that no bank is going to give out 100% mortgages because anyone buying a home in the current economic climate is almost certainly facing into negative equity. I think it would be best for you to start saving towards a deposit and put off your house purchase until some stability comes to the market.
 
gers1980 said:
Yes but they are still trying to make out it was my fault because when I rang I did'nt have the account number. I only had name and address and they couldn't find any information for that name except for the four loans which I did clear.
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How did they know you had the 5th loan if its not registered against your name and address ?

I'm not holding out any hope for them clearing this up. They just said on the phone that it was a true reflection of the account and the couldn't change the records.
Click to expand...
But they did misinform you in the first place. The account is like that because you were given the wrong information. I would get onto the Data Protection Commisioner.

If I went to my mortgage broker with my ICB and showed it to them and tell them what happened. Whats my chances of me and my girlfriend getting 100 percent mortgage
Click to expand...
Probably non-existent, but not for reasons of your credit rating. Eileen Alana's post outlines why.
Generally, its best to be upfront with the mortgage broker, and explain all to them.
 
Gers

I am missing something here:


How were you paying off your loans? Did you not see 5 direct debits coming out of your account? When you missed the first repayment, did you not get a letter from them or a phone call from them? Did you not have 5 different account numbers? Was the 5th account not at the same address?

From the limited facts you have outlined, it does not seem to be the fault of the lender.

Brendan
 
Yes the finance company could be partially resonsible here. However, at the end of the day, the customer also has to bear most of the responsibility here. You took out an agreement, signed a legal contract and failed to adhere to your side of the deal. Ultimately, it is your own fault

As for 100% mortgages, in a time of declining property values, you'd be off your trolley to take one out as you are almost certainly into negative equity from the off. Regardless of your credit history, banks are really restricting these right now anyway
 
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