This is my first post so let me thank everyone in advance for taking the time to read it.
In 2012 I took out a car loan (25k) from my Credit Union to buy a new car, a year later the company I worked for collapsed and as I was unable to find a new job my income came from social welfare for 20 months while I went back in to education. My loan went unpaid for those 20 months but I spoke to the CU, agreed with them that once I had the means I began paying it again (albeit lower payments due to low income) and I have been paying it since.
In 2017 having completed a degree at night I got a new job in a new sector and during these years I have raised through the ranks from being on a salary of 26k in 2017 to being on a salary of 80K in the last 12 months. I have continued to pay the loan and it is now down to 7k outstanding. The issue I have is that my credit report is still showing a loan with arrears of 20 months and this is severely impacting me being able to get any type of credit and will do so for 5 years after the loan is payed off. I have an old credit card and have always payed the balance every month but in the last month I have tried to get a loan to clear the CU loan and begin to rebuild my credit rating but am always refused, I have attempted to explain my situation to them and although I get alot of sympathy, when they check the central credit register, the computer says no so there is nothing they can do, and also I don't want to make any more applications that will result in a refusal as this will also leave a footprint on the credit report.
With rent and current living costs I should be able to clear the remaining balance in 18 months to 2 years. My credit rating will be better once the loan is paid off but the record will still show the arrears for 5 years and as someone who just turned 42 my chances of getting a mortgage will be completely shot . My questions is, is continuing to pay the loan my only course of action? Is there firms out there who would lend to me to clear the loan? Should I dedicate all additional cash in to clearing this loan, forgo any other savings etc until the loan is cleared?
In 2012 I took out a car loan (25k) from my Credit Union to buy a new car, a year later the company I worked for collapsed and as I was unable to find a new job my income came from social welfare for 20 months while I went back in to education. My loan went unpaid for those 20 months but I spoke to the CU, agreed with them that once I had the means I began paying it again (albeit lower payments due to low income) and I have been paying it since.
In 2017 having completed a degree at night I got a new job in a new sector and during these years I have raised through the ranks from being on a salary of 26k in 2017 to being on a salary of 80K in the last 12 months. I have continued to pay the loan and it is now down to 7k outstanding. The issue I have is that my credit report is still showing a loan with arrears of 20 months and this is severely impacting me being able to get any type of credit and will do so for 5 years after the loan is payed off. I have an old credit card and have always payed the balance every month but in the last month I have tried to get a loan to clear the CU loan and begin to rebuild my credit rating but am always refused, I have attempted to explain my situation to them and although I get alot of sympathy, when they check the central credit register, the computer says no so there is nothing they can do, and also I don't want to make any more applications that will result in a refusal as this will also leave a footprint on the credit report.
With rent and current living costs I should be able to clear the remaining balance in 18 months to 2 years. My credit rating will be better once the loan is paid off but the record will still show the arrears for 5 years and as someone who just turned 42 my chances of getting a mortgage will be completely shot . My questions is, is continuing to pay the loan my only course of action? Is there firms out there who would lend to me to clear the loan? Should I dedicate all additional cash in to clearing this loan, forgo any other savings etc until the loan is cleared?
Last edited: