The high street lenders don’t like CCJ’s and defaults. However our lenders regularly accept them and the interest rates may be just the same as for someone with a clean credit history.
For example, if you have a few recent small CCJ’s / defaults for just a few hundred pounds, many lenders will ignore them altogether.
If you have some recent massive CCJ’s / defaults but have now paid them off, some lenders will still offer you their lowest prime rates. Here’s an example – You had a £20,000 CCJ only 6 months ago and a £5,000 CCJ just 2 months ago but they have now both been settled – they will offer the same rates as to someone with clean credit.
Many lenders will ignore CCJ’s / defaults which occurred over 12 months ago altogether so don’t assume CCJ’s / defaults will stop you getting a secured loan or stop you getting the best rates available.
We are able to run a “soft credit search” to check out your credit history and let you know which lenders you qualify for. The soft search (sometimes called a quotation search) doesn’t harm your credit profile as you have not made an application. It’s also free. Talk to an adviser to find out more.