Bad Credit, Negotiation with your Lender

You may have fallen behind on payments to a secured loan or perhaps you have found yourself unable to avoid mortgage arrears, but whatever the reason you have a bad credit rating. Credit ratings, as their name suggests mark how credit worthy you are. Lenders use the credit rating on an individual to decide how risky it may be to lend a considerable sum to someone and the likelihood of getting a return on their investment. If you have a good rating then you are likely to keep up the repayments and you will keep to your agreement. Conversely if you have a bad credit rating you will find it increasingly hard to try to get any more credit for a self cert mortgage or a secured loan of any sort.

To get yourself out of this mess you will need to pay back what you owe in mortgage arrears or missed payments but more then that you need to come to a new agreement with your lender. Make an offer of payment to your lender. Write out a personal budget sheet giving a full list of your expenditure and income. This will give the lender an overview of your financial situation. This will let them see that you have carefully considered what you can afford, that you are being honest about what you can borrow and they can see the whole financial picture of your situation.

It would be advantageous to let the lender know why you have bad credit and have fallen behind on your secured loan repayments or have mortgage arrears on your self cert mortgage. It may be that you have been made redundant or your marriage broke up or a new addition to your family will all affect your disposable income in different ways.

If the problem is temporary then you could make a proposal to your lender that you pay less for a few months then pay more for the following months to make up for it. They may accept it and you can move forward, find your way out of debt and keep your house.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

SOLVING YOUR MORTGAGE PROBLEM SIMPLY

ABBEY FINANCE

0845-4567-847

Just click here to fill out our simple on line Mortgage Enquiry Form, it will only take a few moments.

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE