Rating on the ICB

C

Commercial

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I am looking for some help and hope someone can guide me. If someone has a loan facility and is unable to meet capital and interest repayments, what happens if they pay interest only without the consent of the bank?
Does this show up on their credit rating or is it full non repayments which only show up?
 
The agreed repayment hasn't been made, so I'd imagine it would be mark as a missed payment.
 
Commercial said:
I am looking for some help and hope someone can guide me. If someone has a loan facility and is unable to meet capital and interest repayments, what happens if they pay interest only without the consent of the bank?
Does this show up on their credit rating or is it full non repayments which only show up?
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The icb records missed payments which they have been informed of by the individual banks etc. They do not know of this themselves, they have to have this information supplied to them by the institutions, so it would be down to your bank whether to mark the payments as missed. If you have come to an arrangement to part pay your bank, they may hold off on doing so but the last time I checked there was not a category for partial payments recorded on the ICB. They do however record settlements and judgements. You are basically taking a chance. Many institutions record missed payment after a set amount of time, e.g. two subsequent payments missed and letters ignored.

However some institutions forget to record any transactions. I have had previous loans (including one mortgage) which never appeared on my record. Your best bet is obviously to reach a new agreed repayment schedule with your lender so there are no missed payments recorded against you.

A.
 
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