Alternative repayment arrangement with Bank - listed with Irish Credit Bureau (ICB)

[rok]

We approached our Mortgage lender to see if they could reduce our mortgage payments for 6 or 12 months as our financial situation has changed.

After reviewing our situation they have agreed to reducing our payments for next 12 months, we will still be paying back full interest and about 20% of the capital monthly.

They have sent out an alternative repayment arrangement for us to sign and return to them however there were some notes attached including this -
"We may record the alternative repayment arrangement with the Irish Credit Bureau (ICB). If you break the terms of the alternative repayment arrangement, we may report that to the ICB. Such a report could make it more difficult for you to get credit from us or other financial institutions, for example, you may have difficulty getting a new home/business loan."

We intend to repay the mortgage in full however we're worried that being listed with the ICB could affect our ability to get another loan in future.

It's also unclear how long we will be listed with the ICB, 12 months, 5 years, or until the mortgage has been repaid in full 18 years.

Any thoughts / advice on how to proceed with this?

 

[a-tax-payer]

Hi Rok,
I'd say those terms are part of every restructure as par for the course.
There has to be some form of punishment if you sign up to an amended deal and then dont play ball. I'm not sure how long you could be listed on the ICB for, but if you stick to their lower repayments you dont need to worry.

 

[rok]

Thanks for that a-t-p