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Most ignore credit problems over a year old and many accept recent CCJ's or default's.

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Bad credit secured loans

Firstly, don’t assume that having credit problems in the past or even right now will stop you from getting a secured loan.

Secondly, it’s quick and easy to find out if you are likely to qualify as we can do an instant credit search which won’t harm your credit history. Our systems then immediately map the credit information to our lenders criteria to see if they will accept your credit history.

Here are some examples which should give hope to any homeowner with credit problems or arrears:

Arrears, CCJ’s and defaults more than 12 months ago

Most of our lenders disregard these types of problems if they happened more than a year ago. They are more interested in how you have conducted your finances in the last 12 months so people with poor credit over a year ago could still qualify for the lowest rates on the market.

Large recent CCJ’s

Imagine you had 4 large CCJ’s 4 to 12 months ago but have now paid them all off. We have a lender which ignores settled CCJ’s and defaults and, subject to their other normal checks could offer you one of the lowest rates on the market.

Historic mortgage arrears but up to date now

You could have missed numerous mortgage payments over a year ago and being paying extra to finally bring them up to date as recently as a month ago. Because your mortgage is up to date now and you have made regular payments for the last year, we have lenders which don’t penalise you and will offer you a bad credit secured loan at their lowest rates.

Heavy recent mortgage arrears or CCJ’s

You could have had numerous CCJ’s and defaults or missed 6 months mortgage payments in the last year all of which are still outstanding. Even so, we have lenders which will accept this although their rates are higher than our prime lenders. If they believe you can now afford to maintain your commitments and there is sufficient equity in your home you can apply.

IVA’s and debt management plans and bankruptcy

Those people affected by bad credit can turn to a debt management plan, an Individual Voluntary Arrangement (IVA) or even bankruptcy to help deal with the situation. High street lenders routinely reject applications from those with historic credit problems so they often later wish to exit the arrangement in order that they can apply to mainstream sources. We have lenders willing to consider applications from those in IVA’s, DMP’s or bankruptcy providing the loan would improve their overall position. Common sense lending at it’s best.

As a general rule, most of our lenders will try and take a positive view of credit problems and consider when they occurred, what caused them and how the situation looks right now.

If you can demonstrate that you have overcome, or will overcome, the problem which caused missed payments or CCJs you will tend to find lenders more empathetic.. Naturally they will also perform the normal checks to ensure you have sufficient equity in your home and that you can afford the repayments.