Terms and Conditions
Things to Consider if you have been refused a loan previously:
You may have too many debts already to pass their credit scoring check or personal information on your credit report might be incorrect.
If you are declined credit the lender should tell you the main reason for this - whether their decision was based upon a credit score, information held on your credit file or on their own specific policy. If the decision was based upon your credit report, the lender should tell you the name and address of the credit reference agency they used (normally equifax or experian).
Always check your credit report if you are declined credit as a result of the information held by a credit reference agency. Your credit report will include all the information that any company you apply to may see and should help you to establish why your application to them was declined. It will not state the reason you have been declined because only the company you applied to will know this.
Do not make repeated applications for credit once you have been declined. Each application you make is likely to result in a search of your credit report. These searches will be registered and could affect future applications. Establish why your application was declined before making further applications.
Things to remember
Once you have received a copy of your credit report, remember: If your name is not registered on the Electoral Roll, contact your Local Authority and request that they add it. Credit reference agencies (Equifax, Call Credit and Experian) will then amend the details once notified by yourself or the relevant Local Authority.
If you have paid a County Court Judgment (CCJ), make sure that it is shown as satisfied on your credit report. If it is not, contact the County Court and obtain a Certificate of Satisfaction. All credit reference agencies will be notified of the change within four weeks. If you believe a judgment has been incorrectly registered, contact the court in question.
If a Bankruptcy Order has been discharged or annulled and this fact is not shown on your credit report, send a copy of the Order of Discharge or Annulment to all Credit Reference Agencies and ask for your report to be updated.
If you can pay any outstanding payments shown against credit account information, contact the lender concerned and also ask that they advise all Credit Reference Agencies so that their records can also be amended.
If a credit account has been paid but this is not shown on your credit report, contact the company concerned and ask them to make the necessary changes.
If companies have searched your credit report more than once in response to only one application, again, ask them to make the necessary amendments.
If you have been linked to addresses with which you have no connection, contact the companies who created the links and ask for the address link to be deleted.
If other members of your household, who have County Court Judgments or late payment histories, are recorded on your credit report you can ask for their financial connection to be removed. All Credit Reference Agencies will make these changes if you do not share a financial connection, such as outstanding joint accounts or judgments. See the third party information section.
You may wish to add an explanation or 'Notice of Correction' to the information held, e.g. the reasons why an account fell into arrears at a particular time. This 'Notice of Correction' can be up to 200 words. Any future lender who sees the entry to which it relates will also see the Notice.
It is valuable to monitor the information held by credit reference agencies and to ensure that it shows what you believe to be an up-to-date and accurate reflection of your credit history.
How we can help
We specialise in helping people who have been declined a loan elsewhere. Call out advisors today - we have helped thousands of people in a situation just like yours to find a way to overcome their debt problems. FREEPHONE 0800 068 0686.
AllClear finance specialise in helping people who have been refused a loan because of bad credit or a ccj or are looking for debt help. UK Loans only. Advice and help includes remortgages, mortgages, secured loans, unsecured loans, debt consolidation loans, debt management, IVA, Trust deed or bankruptcy.
Typical Loan Example : £10000 x 60 Months = £208.11/month. Total £12,486.60 APR 9.5% Variable.
Written quotations available on request. Other terms and amounts available. Special plans on different terms for clients with CCJ's, arrears, and for the self employed without income proof (fees may apply but only on problem cases - max 10% - no loan, no fee) All loans subject to status in the UK to home owners aged 18 and over and may be secured on property.
By submitting this application I/We agree that: You may provide details of this application, if appropriate, to brokers, lending companies or debt management services, you feel best suited to fulfil my/our requirements, and that they may contact me/us for further information as required. A lender may use the information held by credit reference agencies in support of our application and you may hold the information given in this application on computer for as long as it takes to complete the loan. If you do not agree to these terms please do not submit.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
Definitions of key loan terms:
Bad Credit CCJ'S Debt Consolidation Debt Management Mortgage Remortgage Secured Loans Unsecured Loans
Bad Credit:
A term used to describe a poor credit rating from the credit reporting agencies (i.e. Experian or Equifax). Common practices that can damage a credit rating include making late payments, missing payments, exceeding card limits, entering into an IVA or declaring bankruptcy. "Bad Credit" can result in being denied credit.
CCJ:
A CCJ or County Court Judgement is a judgement in the county court for the repayment of an outstanding debt. This debt does not appear in the credit register if this debt is settled within 30 days of the date of the judgement. Very few lenders are willing to offer loans to anyone with an outstanding or unsettled judgement, and even if the judgement has been settled many lenders are likely to refuse a mortgage or other credit application. Lenders will normally insist that such CCJ's are satisfied or have been satisfied for some time before a mortgage will be granted.
Debt Consolidation:
The combining and repayment of several debts by borrowing the amount owed through one new debt. It is often possible to reduce interest charges or monthly outgoings by doing this. Often savings are made by converting unsecured debts to secured debts. This however puts the asset used as security at risk if payments are not maintained in full. Interest rates on secured loans are often lower than for unsecured loans because there is a lower risk of non-payment to the lender.
Debt Management:
An informal process of negotiation with unsecured creditors to obtain a reduction in the contractual repayment and / or a reduction in the interest / charges being levied by the creditor. The negotiation process involves providing proof to the creditor that the individual has insufficient income to meet all their contractual liabilities.
Mortgage:
A type of secured loan
Remortgage:
A secured loan taken to repay an existing mortgage but can also be used to raise additional funds in excess of the original debt.
Secured Loans:
A loan where the creditor holds security such as a mortgage or charge over a persons assets for monies owed. Failure to repay the debt can lead to the property being repossessed / sold.
Unsecured Loans:
A loan where the creditor holds no specific security over a specific asset for the monies owed.
Free advice is available from your local Citizen's Advice Bureau, the National Debtline or the Consumer Credit Counselling Service (CCCS). Or call one of our advisors on FREEPHONE 0800 068 0686
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