Insolvency arrangement but ICB report came back clean

Discussion in 'Personal Insolvency, bankruptcy, etc' started by KrakityJones, Sep 11, 2017.

  1. KrakityJones

    KrakityJones Registered User

    Posts:
    13
    Hi

    I'm a bit confused by this and looking for some opinions.

    In short after almost 10 years my mortgage related mess got sorted out with an insolvency arrangement. I finished with that process a month ago and my name is gone from the ISI register. (although still waiting for letter to state I have been discharged)

    I applied for a credit report from the ICB and am very surprised to see no black marks whatsoever on there. The only record was for one small loan almost 6 years ago, and that record of which is due to expire in two months. There wasn't a single missed payment on that loan and it was fully repaid in 2012.

    I should have had a mortgage on there (including arrears prior to the insolvency arrangement). I had only one other loan in the past 10 years which was with the Credit union that was almost fully paid off by the time the insolvency arrangement was done (but was not fully paid back, the balance of approx. 4k was included in the arrangement so this should have been a black mark also I assume).

    So as far as I can see I have a clean record but I can't see how this could be.

    Is it possible that the bank who held the mortgage never flagged it with the ICB day one (and coincidently the credit union also), or do mortgages not show up here? Can and does this happen?

    If it is the case that they didn't flag this what would this mean for me?

    My plan after a couple of years was to take out a small loan purely to hold aside and pay back within 6 months, and do this a few times to build back up my credit rating. I don't want to start this process until I know I'm cleared on the ICB side.

    I'd prefer not to ring the ICB about it just yet just in case it is an error in my favour so any opinions greatly appreciated.

    Thanks
     
  2. RedOnion

    RedOnion Frequent Poster

    Posts:
    289
    Re credit union. For the time frame you're talking about, not all credit unions were members of ICB. Unless they were at time you drew down loan, and disclosed to you that loan would be reported to ICB, they have no right to ever report it.

    For the mortgage many things could have happened. It might have been transferred to a subsidiary / external company that aren't registered with ICB. Or they might have reported it as written off (or similar) a long time ago, and it's expired.

    Of course, there might be an error on your address and ICB weren't able to do an exact match.

    I wouldn't go down the route of taking out loans just to improve your credit rating. A credit card will achieve the same for you as it's reported every month.
    We don't have a credit scoring here like they have in the UK. Banks will have their own internal credit score, but all they check ICB for is to see if you've other loans, and if they're in arrears.
     
  3. SBarrett

    SBarrett Frequent Poster

    Posts:
    2,236
    Remember that all mortgage application forms ask you if you have ever entered into an arrangement regarding arrears. You also have to disclose all material facts regarding your application, so even if you ICB shows no record of your insolvency, you have to disclose it.


    Steven
    www.bluewaterfp.ie
     
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  4. KrakityJones

    KrakityJones Registered User

    Posts:
    13
    Thanks for the replies.

    It's quite possible the Credit union wasn't part of ICB, that loan was taken out quite a number of years ago. The mortgage was resold to another company as far as I know, still would have expected this to show up though. Interesting note on credit card - I had been advised that a couple of small loans paid off quickly would be the way to go.

    Steven as regards mortgage applications - if there is no record, or if say a record had cleared off icb must that be declared forever? Eg if I applied for a mortgage in 15 years time must I say I had an insolvency arrangement despite it being 15 years ago - surely that would defy the point of all this - if a bank sees that they're surely going to refuse on that alone?
     
  5. KrakityJones

    KrakityJones Registered User

    Posts:
    13
    Ok so I got to the bottom of this but am a bit stumped as to what to do next.

    In short the ICB has the mortgage record down for me at an address I never lived at. I suspect the address is my ex-partner's address who I jointly held the mortgage with.

    I know why this is the case : my ex forged my signature on a document to get all correspondence for the mortgage sent to her.

    ICB won't change the address. So I guess my choices are just add that address on when I look for my report, or try chasing down the bank to change it, and given that account is now closed presumably there's little chance of that happening.

    Would anyone see any problems/complications with me having a record against an address I didn't live at? If the address was changed it would make no difference to the outcome - I'd still have the mortgage listed there and I don't have a problem with that, but I'm a little uncomfortable with the idea of me being down at living in an address I never lived in.