Our specialist remortgage brokers will contact you who have extensive experience with bad credit problems, including:
An Adverse Credit Remortgage is a loan given to those who have a poor credit history. It is also known as a sub-prime remortgage. The borrower will usually have credit problems such as CCJs (County Court Judgements - due to non-payments of outstanding debt), an IVA (Individual Voluntary Arrangement - that allows them to avoid bankruptcy), arrears (when mortgage payments are missed), defaults (when four or more payments are missed), bankruptcy or repossession.
Our brokers will help to find you the most appropriate remortgage and competitive interest rates for you.
Arrears are when payments are missed, this normally is associated to a mortgage or secured loan.
Adverse Credit is a general term for people with a poor credit history.
CCJ (County Court Judgment) is a judgment given by a court for non payment of an unsecured debt, this remains on the applicants credit file for 7 years.
Default is a status given to an account when four or months payments are missed. If the applicant can be found a CCJ will be issued against them.
Repossession Order is when a lender takes possession of a property when payments have been missed and negotiations between the mortgagor & mortgagee have broken down.
IVA (Individual Voluntary Arrangement) is a status used when the creditors agree to a lower monthly figure, which stops Bankruptcy proceedings and allows the person to continue earning and paying their commitments.
Bankruptcy is a status used when someone cannot obligate their financial commitments. This lasts normally for a period of between 12 months until 5 years. The bankrupt person is unable to obtain credit for more than £250 and has a ceiling attached to their earnings.
Secured Loan Default is a term when normally 4 or more payments are missed; the end result is normally a repossession of the property taking place.