What to do about ICB and debt?

S

Sol7

Guest
Hi guys,
I have been on looking to obtain info for myself on the previous threads regarding debt and mortgages and I couldn't see any information that will help me. Here is my story or problem, should I say;
About 7 years ago I was foolish to have signed up for a credit card, young and naive I didn't think of the consequences till now!! I only had a limit of 1k, and it was even less when it was in the old money, right so, I paid the minim payments and thought no more about, until I went to Australia for a year. To be honest I didn't even think about paying some money into it. When I came home it went into the hands of a debt collector, at the time I owed €1500 that was including the interest, I started to pay it off and now it's clear since last year.
My situation is now, myself and my partner are very egger to get on the property ladder and both earn decent wages. The problem is no lender will give 100% mortgage if you have bad debt, i.e. on the ICB, I'm on the ICB as a result of this. We tried a broker and they said most places wouldn't touch us and we could only get a 90%, and could we not get a "present" of our parents for the 10%?? Seems outrageous to me! We could go and get a further loan to get the 10% of the purchase price but we'd be paying out a mortgage and a loan, not to mention all the other bills each month! Madness!!
Is there anything we could do? I'm in a state over this and can't see light at the end of the tunnel? Can you buy yourself off the ICB or can any lender get round this for us???
 
Sol7 said:
Is there anything we could do? I'm in a state over this and can't see light at the end of the tunnel? Can you buy yourself off the ICB or can any lender get round this for us???
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No - you have to wait for 5 years after the problem has been sorted for it to disappear from your ICB record. You should at least ensure that your ICB record is updated/annotated to reflect the fact that the issue has been resolved to the satisfaction of the lender.
 
5 years? Are you sure? The last time I checked my ICB for a mortgage it only went back 2 years which was good enough for the lender.
 
See [broken link removed]:
How long is my credit history recorded for?

 All records remain on the ICB database for 5 years once the account has been completed. This is the situation irrespective of whether you repaid the debt or you failed to complete payments.
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I would have to disagree with that statement. Citizens information is not always right you know.
 
Well - according to [broken link removed]:
2. How do lenders know about my previous loans?

Most lenders in Ireland send information about borrowers and their repayments to a central agency, the Irish Credit Bureau (ICB). The ICB holds information about borrowers and their loans for 5 years after the loan is closed. This information is held in an individual credit ‘report’ that is kept by the ICB about each borrower.

...

10. Can I get bad credit details removed from my report?

All lenders must provide an honest and truthful report of your loan repayment pattern. So a Financial Institution is not obliged to change or remove details from your report unless they are inaccurate.
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They only gave me 2 years when I did a DPA request to the ICB and the lender PTSB was more than happy with it.
 
Maybe they only had 2 years of data? Would a request filed under the DPA oblige them to reveal less data than would be the case if you filed a request through the normal channels? Would a name change lead to a new record being set up?

Fact is (according to the ICB), the stated period is 5 years. I guess it may not apply in all cases, and so the OP is better off going directly to the ICB themselves.
 
What are these normal channels?

I was fully sure that some arrears we had from 4 years ago would have shown up but they did not. There was only 2 years which were fully clear which the PTSB approved a remortgage no problems.
 
bond-007 said:
They only gave me 2 years when I did a DPA request to the ICB and the lender PTSB was more than happy with it.
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So perhaps one of your previous lenders simply didn't register details with the ICB as they were supposed to - i.e. a mistake?
 
Who cares? I got my mortgage and thats all i care about. Not some quasi legal big brother orangisation in Clonskeagh.
 
Yes - but your earlier post implied that I, CitizensInformation and the ICB website itself were wrong in relation to the normal procedure in this situation whereas, by your own admission, your experience may simply have been down to some sort of aberration. Just to recap - I think that my original post is still the most accurate and prudent response to the original query so far.
 
Correct. All ICB records are held for 5 years. Even if its a case of a silly student loan that went bad, it will take 5 years to clear from the ICB data thats available to the institutions.
 
Sol7,
You could consider renting for a year or two - it will be much less than repayments on a mortgage, and you can save the difference for your deposit. You can review the situation again next year at your own leisure without driving youself up the wall.....
 
Sol7 said:
Seems outrageous to me!
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Sol7.

You've proved yourself to be untrustworthy with a mere €1000 of Credit Card debt. From the banks perspective why would they trust you with over €300,000 in debt (secured 100% on a house that may depreciate - so thus a part could in fact be unsecured) when you can't be trusted with €1000?

I don't think what the banks are doing or what the broker advised is outrageous at all. I think you need to adjust your perspective and take responsibility for the consequences of your action of leaving the country without paying off your debt.
 
Watcher said:
Correct. All ICB records are held for 5 years. Even if its a case of a silly student loan that went bad, it will take 5 years to clear from the ICB data thats available to the institutions.
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If that is the case the ICB are possibly in breach of the Data Protection Act by only supplying 2 years data if they hold 5 years worth. A DPA request is for all info not just what they want to share. A call to the commisioners office is in order.
 
Or - as I mentioned earlier - perhaps some lenders may be tardy or inefficient about lodging relevant information with the ICB leading to such gaps in individuals' records?
 
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