Cabot financial, CCR and mortgage approval

dinny1982

I am or was hoping to get mortgage approval. So ordered my icb, which is clear and has been clear for years as was required for job I'm in. Ordered ccr assuming the same, only this shows a loan taken out in 2007 bought by Cabot in 2011 and still showing active on my ccr. Contacted cabot who have agreed to write it off now 8 years after zero contact with me..they had wrong address and contact details. This will now remain on report for next 5 yrs as written off

I was young and foolish back then and unemployed and I know you cant default on loans. I've had 8 or 9 loans and credit cards since and never had one missed payment. I had cleared all cards and loans in hope of getting mortgage approval.

Now it appears I will have to wait 5 years.

I was hoping for a mortgage if max 80000 as I have 100k.

Has anyone any advice? Thanks for reading

matt70iu

Hi

Am in a similar position to you in relation to a BOI credit card debt from about 16 yrs ago.

I'd forgotten about it if i'm honest.

I would suggest adding a note to the debt on the CCR which you are entitled to do. Explain the situation as best as you can.

It's extremely unlikely a debt from 10 years ago that had been written off would affect you.

I have since applied for a credit card with AIB, they saw this debt from BOI on my CCR and still approved the application, likely because of my recent history, like yours, being good.

Best of luck

dinny1982

matt70iu wrote: »

Hi

Am in a similar position to you in relation to a BOI credit card debt from about 16 yrs ago.

I'd forgotten about it if i'm honest.

I would suggest adding a note to the debt on the CCR which you are entitled to do. Explain the situation as best as you can.

It's extremely unlikely a debt from 10 years ago that had been written off would affect you.

I have since applied for a credit card with AIB, they saw this debt from BOI on my CCR and still approved the application, likely because of my recent history, like yours, being good.

Best of luck

Thanks.....good news you got credit card!

I am with PTSB and they turned me down for 1500 loan. Despite have 4k credit card paid in full and closed few months ago. And personal loan previously of 1500 and never missing payment

This outstanding loan was still active when I got report. I dont know what to write as reason . Apparently it's written off now and will stay on it for further 5 yrs

matt70iu

dinny1982 wrote: »

Thanks.....good news you got credit card!

I am with PTSB and they turned me down for 1500 loan. Despite have 4k credit card paid in full and closed few months ago. And personal loan previously of 1500 and never missing payment

This outstanding loan was still active when I got report. I dont know what to write as reason . Apparently it's written off now and will stay on it for further 5 yrs

I would be inclined to just be honest in the note that you add. Explain the circumstances as to why it happened.

I know in my case it was foolish spending coupled with being out of work.

I think it would really help. Once you've done this you could likely apply to another institution if you needed to.

Find it a bit poor spirited on the part of PTSB, especially considering the fact that you've done everything since to prove that you're not a high risk by paying back credit since.

dinny1982

matt70iu wrote: »

I would be inclined to just be honest in the note that you add. Explain the circumstances as to why it happened.

I know in my case it was foolish spending coupled with being out of work.

I think it would really help. Once you've done this you could likely apply to another institution if you needed to.

Find it a bit poor spirited on the part of PTSB, especially considering the fact that you've done everything since to prove that you're not a high risk by paying back credit since.

It's very frustrating. I've done everything to keep clean slate.

I did genuinely forget this debt when I left house I had it at. Like you I had no job and was reckless.

I have requested updated ccr to ensure it's written off. I will add a note to this. Mortgage broker told me they wont look at me for a further 5 yrs . So one mistake 12yrs ago outweighs my current repayment capability.

I know it shows I have form. Ah it's just so frustrating. It looks like urs may be resolved as borrowing goes.

I'm afraid to try elsewhere as prob be a no.

We have 100k towards a mortgage need to borrow 65.

matt70iu

dinny1982 wrote: »

It's very frustrating. I've done everything to keep clean slate.

I did genuinely forget this debt when I left house I had it at. Like you I had no job and was reckless.

I have requested updated ccr to ensure it's written off. I will add a note to this. Mortgage broker told me they wont look at me for a further 5 yrs . So one mistake 12yrs ago outweighs my current repayment capability.

I know it shows I have form. Ah it's just so frustrating. It looks like urs may be resolved as borrowing goes.

I'm afraid to try elsewhere as prob be a no.

We have 100k towards a mortgage need to borrow 65.

I wouldn't loose heart just yet... There are underwriters who specialise in this sort of thing, although in your case, it's minimal.

It's not like you've systematically not paid up.. As you rightly said, it's one mistake that led to a few things going wrong... Happens to us all.

Try finance Ireland. If you Google them they should come up. They recently bought out pepper mortgages.

If you Google them, they should come up. You can't deal with them directly, only through a broker.

There should be a list of brokers they deal with on their website.

dinny1982

matt70iu wrote: »

I wouldn't loose heart just yet... There are underwriters who specialise in this sort of thing, although in your case, it's minimal.

It's not like you've systematically not paid up.. As you rightly said, it's one mistake that led to a few things going wrong... Happens to us all.

Try finance Ireland. If you Google them they should come up. They recently bought out pepper mortgages.

If you Google them, they should come up. You can't deal with them directly, only through a broker.

There should be a list of brokers they deal with on their website.

I've been there . They will look at me after 2 yrs of it being written off.

My partner has one yr left on register icb for loan of 386 he didnt repay 130 when he moved again stupid oversight. Only thing hes in construction works for diff lads so he has no regular employment.

I am permanent in public sector. Ah well few more yrs renting.

It's worse not being able get car loan or credit card etc

Be a long 5 yrs

matt70iu

dinny1982 wrote: »

I've been there . They will look at me after 2 yrs of it being written off.

My partner has one yr left on register icb for loan of 386 he didnt repay 130 when he moved again stupid oversight. Only thing hes in construction works for diff lads so he has no regular employment.

I am permanent in public sector. Ah well few more yrs renting.

It's worse not being able get car loan or credit card etc

Be a long 5 yrs

Yeah we pay dearly for our mistakes.

I would continue to look around though.. You never know.

dinny1982

matt70iu wrote: »

Yeah we pay dearly for our mistakes.

I would continue to look around though.. You never know.

Damn this ccr coming out! Or if it did could have waited till next year!

We are definitely paying now alright.

Hoping family member may finance rest of mortgage for 5 yrs and then I can remortgage or whatever to pay off balance.

Trying to come up with something.....awful mid 30s expecting family bail out 😭😭

matt70iu

dinny1982 wrote: »

Damn this ccr coming out! Or if it did could have waited till next year!

We are definitely paying now alright.

Hoping family member may finance rest of mortgage for 5 yrs and then I can remortgage or whatever to pay off balance.

Trying to come up with something.....awful mid 30s expecting family bail out 😭😭

I know what you mean. I've had to swallow my pride on more than one occasion and accept help.

I guess it's either that or keep renting.

You'll figure something out for sure.