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Clearing bad history with the ICB

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  • 09-11-2009 1:42pm
    #1
    BnA
    Closed Accounts Posts: 616 ✭✭✭


    I have some bad history with the ICB that is killing me at the minute and I was wondering if there is anything I could do to get it cleared.

    Basically I took out a loan about 4 years ago with a bank. It went into arreers a bit but then I got some money and paid a lump sum off it (about 2 years worth of payments when it was about 2 months in arreers). That did me up untill the start of this year

    In January the bank rang meand I paid one sum and again in February. As far as I remember I didn't pay anything after that. They rang me in March to tell me there was one payment due and I didn't hear anything else after that.

    Last month (October) I rang them to pay off the loan and I found out that the loan was due to have been completely paid off in April or May and because of this, it had gone 7 months in arreers.

    This 7 months is killing me on my ICB report. I have paid off the loan completely now (it was only really a small ammount that was outstanding) , but obviously the history is there on my ICB report.

    I do know that the main reason for this happening is me sticking my head in the sand, but I just want to know is there anything I can do about it.

    I know the only route to clearing ICB history is through the bank that I had the loan with.

    My only Leg to Stand on is that I have sold the house I was living in at the time I took out the loan. So I haven't lived at that address for 2 years. The bank would have been aware I moved as they had the mortgage on that house. They had been sending letters to that address RE the loan and they have had they returned "No longer at this address"

    They did have my phone number (which hasn't changed). However, the last time I heard anything from them was last March when the loan was probably 1 month in arreers.

    Do I have any grounds to look for a removal of the history based on the fact that I was not contacted about it ? Could I even get it improved (If I could get it from 7 months to less than 3 it would be a big help)

    Do the banks have any obligation to contact you when it goes into arreers ?

    Again, I do accept that ulimatly, it is my own fault that I got into this mess. I am just looking to find out can I do anything about it now.


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    #2
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    I'm in the same boat... from my experience, banks don't give a crap about contacting their customers. I've been with PTSB since I was 11(now 29), my account was overdrawn by €12 about 3 months ago from a DD so they put a hold on my account and stopped any new direct debts from starting. I was never told this, at the same time I had set up direct debts for 2 mobiles and our health insurance. Only found out last month that these have been on hold and I'm now 3 months in arrears with both comapies! I'd to ring the bank to find out what was going on... They never once made an effort to contact or write to me... Its a joke....

    As for the ICB, had a similar situation... a previous bank had stated that they wrote off the loan when I had repaid it. So I got that changed, when they changed that they said I'd cleared it a year later than I did so I rang the bank n got that sorted too. My credit history will be clear next June... All from a Credit Card I got out when I was 19. I've been waiting for it to clear for the last 3 years so I can apply for a mortgage..

    I don't know what the chances of the bank changing ur credit history tho... best thing to do is prob write them a letter explaining the situation and see how that goes..


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    #3
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    BnA wrote: »
    In January the bank rang meand I paid one sum and again in February. As far as I remember I didn't pay anything after that. They rang me in March to tell me there was one payment due and I didn't hear anything else after that.
    Do the banks have any obligation to contact you when it goes into arreers ?

    They dont have an obgilation but the already contacted you twice.
    BnA wrote: »
    My only Leg to Stand on is that I have sold the house I was living in at the time I took out the loan. So I haven't lived at that address for 2 years. The bank would have been aware I moved as they had the mortgage on that house. They had been sending letters to that address RE the loan and they have had they returned "No longer at this address"

    Its not up to the bank to change your address details unless you've informed them. Why would the letters be returned? If I get a letter with someone elses name on it in my door I throw it in the bin. If this is you only leg to stand on you dont have a hope.


    The only reason a bank would remove you from the ICB is if the were in the wrong and in this case they were not.


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    #4
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    unklerosco wrote: »
    I'm in the same boat... from my experience, banks don't give a crap about contacting their customers. I've been with PTSB since I was 11(now 29), my account was overdrawn by €12 about 3 months ago from a DD so they put a hold on my account and stopped any new direct debts from starting. I was never told this, at the same time I had set up direct debts for 2 mobiles and our health insurance. Only found out last month that these have been on hold and I'm now 3 months in arrears with both comapies! I'd to ring the bank to find out what was going on... They never once made an effort to contact or write to me... Its a joke....

    But its not up to them to ring everyone that goes into arrers. IIRC its in the T&C that if this happens they will put a hold on DDs.
    As for the ICB, had a similar situation... a previous bank had stated that they wrote off the loan when I had repaid it. So I got that changed, when they changed that they said I'd cleared it a year later than I did so I rang the bank n got that sorted too. My credit history will be clear next June... All from a Credit Card I got out when I was 19. I've been waiting for it to clear for the last 3 years so I can apply for a mortgage..

    Not really the same. The op missed payments on a loan, your loan was marked as wrote off. So on you ICB it would just say w/o on your loan.

    The ops would have 123456
    As in in 1 arrers 2 arrers and so on
    I don't know what the chances of the bank changing ur credit history tho... best thing to do is prob write them a letter explaining the situation and see how that goes..

    No harm in trying.


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    #5
    threebeards
    Registered Users Posts: 1,040 ✭✭✭threebeards


    Sorry to sound harsh but you were in arrears and chose to stick your head in the sand. A bank isn't going to amend the bureau details unless they made a mistake. Whether you're 7 months in arrears or 1 month in arrears you're not going to be approved for borrowings at the moment.


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    #6
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    Mask wrote: »
    But its not up to them to ring everyone that goes into arrers.

    I understand that, It'd be nice if they'da have rang me to say that they've put a hold on my direct debits... They've no problem ringing me for pointless sales calls...


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    #7
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Unfortunately for you (and as you have accepted), the responsibility for repaying the loan ultimately lies with the customer. The bank, for it's own purposes of retrieving the money, will attempt to contact the customer, and is not doing it as a favour to the customer.

    With regard your change of address. You mention that the bank should have known of your new address as you previously had a mortgage with them. However, did you specifically update them with you new address? Did you receive any statements regarding your loan to your new address? If not, did you attempt to contact the bank regarding? It is a massive problem for banks that people don't update them with current addresses. I have lived in my current residence for 2 years now and still get a host of credit card bills, statements etc for loads of previous tenants!

    At this stage, unless you specifically informed of your new mailing address, there is not much you can do. The ICB report is accurate (it will describe the missing repayments/arrears and ultimate settlement). It will remain on your record for 5 years from when the bank has notified the ICB.

    Sorry I don't have any good news for you:o


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    #8
    BnA
    Closed Accounts Posts: 616 ✭✭✭BnA


    Mask wrote: »
    ....If I get a letter with someone elses name on it in my door I throw it in the bin. If this is you only leg to stand on you dont have a hope.

    Me too. But I do know that the letters were returned to that bank as "Not at this Address" as it was recorded on their system
    Mask wrote: »
    The only reason a bank would remove you from the ICB is if the were in the wrong and in this case they were not.

    To be honest, I thought as much, but I was just wanted to throw it out there and see if anyone came up with anything.

    Thanks for the replies


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