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.
Find out more on our bad credit secured loans page