Bad Credit

What is Bad Credit?

Bad credit is generally associated with someone who has not paid; also known as defaulted, on a loan payment, mortgage payment, hire purchase payment, etc, etc. When you get bad credit against your name, it then becomes virtually impossible to get credit for future finance or purchases with finance, but if you are able to, then you will generally being paying a much higher rate of interest than someone who has good credit history.

In some cases it can lead to the repossession of the item/items that were purchased through this finance i.e. a bank/building society repossessing a property due to non payment. Repossession is becoming more and more common especially in today’s climate.

It can also lead to bankruptcy and once you have been declared bankrupt you stay on what is known as a bankruptcy register, which you will remain on for at least 3 years. You will generally find that even when you have come off the bankruptcy register most banks/building societies will not give you any type of finance.

There are cases where people genuinely don’t know if they have bad credit or not. The best way to find out if you have got any bad credit is for you to apply for a credit report. This gives a detailed explanation of what your current credit rating is, what bad credit you currently have and also how to improve your credit rating.

To get your credit report visit

www.uk.experian.com
www.equifax.co.uk
www.callcredit.co.uk
 
Also see

Stop repossession
Bankruptcy

Contact us or apply online to find out how to avoid repossession.  We have a variety of solutions available.