Do you have a poor credit history?
If you’ve experienced financial difficulties which have affected your credit score you’ll know just how difficult it is to obtain further borrowing.
Sometimes life can take an unexpected turn for the worse. Illness, redundancy or divorce, are often the reasons why some of us find we are unable to meet our monthly commitments. A consequence of missing a payment is a default notice which is applied to your credit file – often with lasting effects.
Similarly you may have been rejected due to your lack of credit. With no previous credit history to search, credit reference agencies are unable to see how you conducted your account. In both situations it is virtually impossible to obtain a loan from high street lenders.
Your Credit Report
Before applying for further borrowing, we strongly recommend visiting the Equifax or Experian website to obtain a copy of your credit file, showing when the defaults were registered and the default sum. You don’t want to fall at the first hurdle because your application was declined due to a default, or because your credit score is low.
Lenders will check your credit history going back 6 years. It is important you check through your credit report and if you dispute any of the information it contains, contact the supplier directly.
Alternatively, both Equifax and Experian offer to do this on your behalf. This dispute process can take a while, so obtaining your report and resolving any disputes before you start making enquiries will save you time and avoid disappointment.
Types of bad credit
Many people are surprised to learn that despite having a poor credit history, there are some reputable lenders out there prepared to consider your loan application, but it is a limited number.
They will consider:
- Missed credit card payments
- Missed mortgage payments
- Bank overdraft
- Bankruptcy or IVA (Individual Voluntary Arrangement)
- Debt Management Plans
- Poor credit score
- Existing Debt
Applying for further borrowing
Each lender in this specialist area has a strict set of criteria which is used to determine your application, this includes what they will accept appearing on your credit history.
In other words how much of a risk they consider you to be. Accessing these types of applications involves a lot of work, relying on them being manually underwritten – by a human being, not a computer programme! At this level of complexity, it is always best to seek advice from a qualified mortgage adviser who knows which lenders will consider an application based on your individual circumstances.
Why use NM Finance?
- No upfront fees. That’s’ right! We charge only on completion of your case.
- Enhance your chances of your application being accepted
- Experience of specialist lending criteria
- Qualified mortgage advisers
- We’re not tied to any lender which increases the likelihood of your application being approved
Call us on 01603 258268
Loans are subject to status and eligibility, our minimum requirements are:
18 years of age & above | Employed/Self employed | Home Owner
We realise some people are reluctant to discuss personal finances over the telephone, but rest assured we will deal with your enquiry sensitively and in confidence. In the first instance you may wish to make your enquiry online which you can do so by completing the section below.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.