Frequenty Asked Questions

When you have a bad credit, and are looking either to re-mortgage, take out a personal loan, or consolidate all your debts together, you are bound to have some questions that you need answers to.

THESE Questions are the most Frequently Asked that we receive.

1. You Use Lots of Terms that I just don't understand. Can you please explain what they all mean?

Of course. These are the most widely used expressions that you may come across with regard to bad credit history loans and mortgages:-

Adverse credit history - when you have not kept up payments on a loan or mortgage as per terms and conditions of the relevant loan or mortgage, therefore giving you a poor (or adverse) credit history.

Arrears - When payments on a loan or mortgage are not paid on the correct dates.

CCJ - County Court Judgement which is generally only used after the account has become a 'default account'. It is registered by the person who is owed money against the person who owes the money.

Credit Rating - used by lenders to ascertain a borrowers credit worthiness.

Credit Score - this is worked out dependant on various criteria, including whether all your loan or mortgage payments are upto date, and how long you have lived at your current address. The Score is based on points, and once the score reaches a certain level then you are better applying to a comany that specialises in bad-credit-history mortgages or loans.

Default - term used if borrower gets into arrears with their payments. A borrower can issue a 'notice of default' and at this stage the account in question becomes a 'default account' Generally this will happen before a County Court Judgement is applied for.

2. How can you help me, even with my bad credit history?

There are many experienced Mortgage Advisors who are fully qualified to advise you on the best mortgage to suit your personal circumstances, and they will have access to 100's of different lenders including those who specialise in lending money to people with a bad credit history (known as sub-prime lenders), so even if you have County Court Judgements, Arrears, IVA's, Bankruptcy, or even Repossession you may still be able to qualify for a consolidation loan or a re-mortgage.

3. I have so many debts, how can you help me get back on track?

Again as explained in the answer above, there are many lenders that can be sourced to find you the best possible deal. If you want to consolidate your monthly debts and loans, so that you are reducing your monthly payments, you can re-mortgage your property. You can even use any left over cash for any purpose you wish! Perhaps you have a fancy for a cruise, a new car, getting your kitchen re-fitted - no problem! When you re-mortgage you can apply for more than you need to clear your debts and then enjoy spending the surplus.

4.  I am from US, can you help me?

Everything on this site is really based on UK residents, however, you can visit Bad Credit History if you are a US resident.