ICB Credit ratings

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Urn

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Hi, I have an offer on table from a lending institute for write down and term extension on mortgage. They say "W" will appear on ICB report for 5 years and "T" until the mortgage is paid off.

The "W" will disappear after 5 years.

Does anyone know what implications the "T" will have on my ability to access credit / loans in the future.

Appreciate any advice.

Thanks
 
It usually has a key on the bottom of the report with what the different letters or numbers signify. I know the W stands for written off. Does it not say what the T is?
 
T is for terms revised to the best of my memory, it will definitely make a lender query what the revision in terms was for.
 
Thanks Tom and Monbretia
They have now said the T (terms revised) will only be there for 5 years too and not the duration of the mortgage. Does this sound right?
 
I haven't been able to get in touch with ICB and they have no email address that I could find. Its what the lending institute have said.
 
T . Terms revisited .

( Borrower and lender agree to revise the terms of the account , The account and profile are frozen at this point showing the outstanding balance and a new account is set up with an opening balance equal to the closing balance of the original account )


If you 5 years keeping to revised terms and if after 5 years the T is still there and you require credit , the new lender should enquire about the T, but if you are good for 5 years , it should nearly be a plus point .
 
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