How bad is it?

I

indebtedgal

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i started getting into hassle with bills about 5 or 6 years ago. i was in a really badly paid job that i hated which led to a vicious circle of overspending to avoid the blues! If i'd only known then what i know now. I adopted a head in the sand approach but finally faced up to the problem at the start of this year.

The bills started as the odd chorus tv bill or similar eg household bill initially. then i had a boi credit card that i left unpaid as well as an overdraft with boi of €250 which i neglected to pay when i changed bank accounts. I moved address but as far as i can say i only got one or 2 threatening letters and never heard much about it after that. Then a massive phone bill which went legal.(possibly have a judgement or two ) I paid some of that but never cleared it. Then MBNA got really heavy with me. That was going on for ages. I was paying bits and pieces and then stopping and they'd get onto me so i'd pay a little bit again. I had over €3000 out from the credit union. I paid €2200 of that then stopped until they started with the threats and am now still apying the balance off at €10 per week which they are happy with and i am cos thats about as much as i can do.

At the start of January I decided that I had enough so I contacted my local aib where my salary is being paid into and told them about the situation (but may have left of bits).Anyway they gave me a loan of 6k to settle the MBNA issue, clear my overdraft and pay off some bits like current overdue household etc. That was the 1st week in January and to date i have never missed a repayment of €140.00 per month. I have also kept my head abouve water and have saved intermittently for stuff like weekends away,clothes etc. I have just moved into a house owned by my partner who I will be sharing the rent with and we also have a tennant in so i'll still have a bit left over but at the moment i am just a bit stuck so decided to approach aib again to top up the loan by €1000. Herein lies the problem, They refused it due to me being flagged by the ICB. I have just contacted the ICB for a report but in the meantime any idea why they gave me a loan in January and have refused me now even though I have been on my best behaviour since.Also any suggestions as to how to improve my credit rating??
 
Repaying any outstanding debts would probably be the best approach to repairing your credit rating.
 
There may have been a time delay with the ICB being updated and the most likely people to have the negative credit rating on this are MBNA (are well known for it) or a bank loan if you had one. The only way to sort out a bad ICB check is to find out who and what the report says and then approach that financial institution and settle the matter with them directly. Then the next time the report is run it will show as having happened but being settled, most banks will take a view on a one off like this. But to be honest if you have messed a few institutions around its very likely you ll continue to have trouble for a while, and in the current climate of rising interest rates etc, banks are getting more cautious. You should contact your local citizen information bureau about getting help restructuring and lay all of your cards on the table to get it sorted. A negative ICB will follow you for life so best to tackle head on once and for all
 
Smmb;

If I were you, I would go into the Judgments Section of the High Court and do a judgment search against your name, so you can be sure exactly how many judgments are registered against you. There is a fee of €10 per search and the office is open to the public from 10:30am to 16:30pm, Monday to Friday. At least then you will know how bad the situation is and be able to properly budget to pay back your creditors. I have seen Eircom and O2 register judgments for amounts as small as €200 or €300 euro.

Good luck

Noor
 
indebtedgal said:
Does the ICB report also reflect judgements?
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As far as I am aware, no.

The problem with judgments is that they will almost certainly prevent you from getting a mortgage / large loan etc... because any bank will vet a prospective client by checking for judgments first (as well as checking the ICB of course). Many people have been prevented from getting mortgages by having relatively "small" judgments against them. For example if Eircom got a default judgment against someone for €500 euro in 2001 and registered this judgment, this will mean that even now the person will be unable to get a mortgage. Unless of course they have satisfied the judgment (i.e. paid the Creditor back in full, including any costs that were awarded in court)....in which case the books of registry will clearly show that the judgment has been cleared.
 
Noor77 said:
As far as I am aware, no.
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I disagree. From their site

Your credit report includes:
[broken link removed]​
  • your name, date of birth, address(es) used by you in relation to financial transactions
[broken link removed]​
  • the names of lenders and account numbers of loans you currently hold, or that were active within the last five years;
[broken link removed]​
  • repayments made or missed for each month on each loan;
[broken link removed]​
  • the failure to clear off any loan;
[broken link removed]​
  • loans that were settled for less than you owed; and
[broken link removed]​
  • legal actions your lender took against you
(My emphasis).
 
Well, I did say as far as I was aware! I can only really comment from a courts perspective. I would think a judgment and a bad ICB rating would be equally damaging
 
Noor77 said:
I would think a judgment and a bad ICB rating would be equally damaging
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A judgement is part of a bad ICB rating-they can't really be equally damaging-do you mean that a judgement is as equally damaging as other elements of a bad ICB rating (late payments etc.)?
 
Actually in a way CCOVICH, it possibly is - in that it will stop somebody getting finance, i.e. a loan, mortgage etc... in just the same way a bad ICB rating will. The real problem with a registered judgment is that they are all handwritten into big ledgers....so even when the debtor has paid off the amount, all that will happen is that a red line is wriiten through the judgment with "satisfied" on it. Records are available going back to 1922! Of course, obviously, it will stand to someone if it is seen that they have satisfied a judgment .... but you will get some lenders that baulk at the fact that a prospective client ever had a judgment against them in the first place.
 
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