Can anyone recommend a bank who would lend to a couple with a poor historical Central Credit Report

C

CuriousCork

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i have friends who nearly went bankrupt in the past, but who are now doing very well financially. They had to sell their family home at the time. They now wish to get a new mortgage, which they cam easily afford. However, the main banks have turned them down as a result of the very old debt shown on their CCR report. Would any of the new entrants to the mortgage market take them on?
 
If its on the CCR report then it has only been written off (assuming it was as part of bankruptcy) within the last 5 years so not that old.
 
Bank of Ireland is the most flexible when it comes to these cases. If someone got into difficulties, but acted responsibly, then they will make a decision based on the facts of the case.

Finance Ireland has a sub-prime product, called Progress Plus

Mortgage Rates - Finance Ireland

www.financeireland.ie www.financeireland.ie

Their best approach is to talk to a mortgage broker who may present their case in the best possible light.

Brendan
 
noproblem said:
Do I take it they never paid back the old debt?
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No, they didn't. They never went bankrupt and have been told that they do not have to pay the old creditors as they are statute barred.

Thanks Brendan for the link to Finance Ireland.
 
CuriousCork said:
No, they didn't. They never went bankrupt and have been told that they do not have to pay the old creditors as they are statute barred.

Thanks Brendan for the link to Finance Ireland.
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That's an interesting phrase "been told that they do not have to pay the old creditors as they are status barred"
Begs the question, by who? Is there the court decision, and therefore the debt has been written off?
Have the creditors accepted that?
if the answer to the last two questions is 'yes', there CCR should reflect this accordingly.
 
CuriousCork said:
No, they didn't. They never went bankrupt and have been told that they do not have to pay the old creditors as they are statute barred.

Thanks Brendan for the link to Finance Ireland.
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Ok, personally I can see why they're finding it difficult to get a loan now. Can you?
 
Brendan Burgess said:
The debt may be statute barred, but does that mean it disappears from their credit record? I hope not.
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The debt only disappears from the CCR when the bank decides to write off the debt. Whilst the Statute of Limitations can vary from 6 years to 12 years (depending on the contract signed) the bank may still not decide to write the debt off until, say, 20 years have passed. If a debt is statute barred, it just means that a creditor may not issue proceedings in respect of it.

The "clock" on the Statute of Limitations goes back to zero again if a debtor makes a payment on it or openly acknowledges the debt in writing.

Jim Stafford
 
Finance Ireland would seem like the best bet.

They should talk to a broker who’ll put forward their case in the correct light.

Deadbeats always elicit a mixed response here due to the moral aspect.

I’m inclined to believe that people deserve a second chance, albeit at a premium a la the Finance Ireland special product for people with an impaired credit rating.
 
Jim Stafford said:
If a debt is statute barred, it just means that a creditor may not issue proceedings in respect of it.
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A creditor can still issue proceedings even if the debt is statute barred. The defence to those proceedings would be that the debt is statute barred.
Any debtor ignoring the likes of a claim notice on the basis that the debt is statute barred could see a judgement awarded against them . That would then give the creditor 12 years to enforce the judgement.
 
Gordon Gekko said:
Finance Ireland would seem like the best bet.

They should talk to a broker who’ll put forward their case in the correct light.

Deadbeats always elicit a mixed response here due to the moral aspect.

I’m inclined to believe that people deserve a second chance, albeit at a premium a la the Finance Ireland special product for people with an impaired credit rating.
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Gordon/ Brendan would the rates be much higher or at a premium compared too normal rates ??
 
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