Adverse Credit & Debt Advice
When you obtain a mortgage/loan of any description the mortgage/loan and your record of repayments is recorded on your credit reference file which is held with credit reference agencies such as Equifax, Experian or Call credit.
If your credit record is less than perfect, you may still be able to obtain a mortgage or a second mortgage (secured loan) but it is likely to be what the lenders perceive as a higher risk, therefore it will attract a higher interest rate.The worse your credit record the higher the interest rate.
The sort of credit problems that are classed as adverse are:
- Missed payments: that have been recorded on your credit reference file
- Late payments: that have been recorded on your credit file
- County Court Judgements: (CCJs) whether satisfied or still outstanding
- Individual Voluntary Arrangements: ( IVAs) An IVA must have been satisfactorily concluded for at least 6 months.
- Bankruptcies: Must have been discharges for at least 1 year.
- Defaults
Some lenders offer Buy to let mortgages to people with a poor credit history, subject to meeting their criteria guidelines.
You may inspect your own file records by contacting Equifax on this link and if you think your details have been unfairly recorded or are a mistake or erroneous you may ask for any mistakes or errors to be rectified and removed from your file. A small charge is made by Equifax for this service.
We have listed below a selection of websites which contain information dealing with debt and credit problems which may be of use. We cannot guarantee the accuracy of the content of the websites, nor do we offer any recommendation. They are purely for general information purposes and are in no particular order.
www.debtadvicebureau.org.uk Debt Advice Bureau
www.cccs.co.uk Consumer Credit Counselling Service
www.creditaction.org.uk Credit Action
Other useful links concerning consumer credit and public information are:
www.fsa.gov.uk The Financial Services Authority
www.oft.gov.uk The Office of Fair Trading
www.citizensadvice.org.uk Citizens Advice
Buy to let mortgages are not regulated by the Financial Services Authority.
The overall cost for comparison is 9.0% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Telephone 0800 043 042 7
