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Financial terms and phrases explained in simple terms for our customers.
Also known as bad credit or poor credit- applies to someone who has had problems keeping to credit agreements in the past. An impaired credit history will feature one or more of the following – missed payments (especially on mortgages and secured loans), defaults, CCJs, IVA or bankruptcy. A poor credit history does not necessarily mean you can’t find credit- but it can mean it’s more expensive, as you will be seen as a higher risk.
Lenders carry out different kinds of calculations to assess affordability. Mortgage lenders use ‘income multiples’- the amount you can borrow is calculated by multiplying your annual gross income- usually by around 3 or 4 times. Secured loan lenders use different methods, usually a percentage of your monthly gross income which allows for living expenses etc. calculations are usually more generous for people with a good credit history, for joint borrowers, for those with high incomes and for those with a lot of equity in their property.
A formal, legally binding solution to personal debt problems. If you default on your IVA, you may be declared bankrupt. Also known as trust deed in Scotland.
Loan Amount : £3,000.00 £4,000.00 £5,000.00 £6,000.00 £7,000.00 £8,000.00 £9,000.00 £10,000.00 £11,000.00 £12,000.00 £13,000.00 £14,000.00 £15,000.00 £16,000.00 £17,000.00 £18,000.00 £19,000.00 £20,000.00 £21,000.00 £22,000.00 £23,000.00 £24,000.00 £25,000.00 £26,000.00 £27,000.00 £28,000.00 £29,000.00 £30,000.00 £31,000.00 £32,000.00 £33,000.00 £34,000.00 £35,000.00 £36,000.00 £37,000.00 £38,000.00 £39,000.00 £40,000.00 £41,000.00 £42,000.00 £43,000.00 £44,000.00 £45,000.00 £46,000.00 £47,000.00 £48,000.00 £49,000.00 £50,000.00 £51,000.00 £52,000.00 £53,000.00 £54,000.00 £55,000.00 £56,000.00 £57,000.00 £58,000.00 £59,000.00 £60,000.00 £61,000.00 £62,000.00 £63,000.00 £64,000.00 £65,000.00 £66,000.00 £67,000.00 £68,000.00 £69,000.00 £70,000.00 £71,000.00 £72,000.00 £73,000.00 £74,000.00 £75,000.00 £76,000.00 £77,000.00 £78,000.00 £79,000.00 £80,000.00 £81,000.00 £82,000.00 £83,000.00 £84,000.00 £85,000.00 £86,000.00 £87,000.00 £88,000.00 £89,000.00 £90,000.00 £91,000.00 £92,000.00 £93,000.00 £94,000.00 £95,000.00 £96,000.00 £97,000.00 £98,000.00 £99,000.00 £100,000.00 £101,000.00 £102,000.00 £103,000.00 £104,000.00 £105,000.00 £106,000.00 £107,000.00 £108,000.00 £109,000.00 £110,000.00 £111,000.00 £112,000.00 £113,000.00 £114,000.00 £115,000.00 £116,000.00 £117,000.00 £118,000.00 £119,000.00 £120,000.00 £121,000.00 £122,000.00 £123,000.00 £124,000.00 £125,000.00 £126,000.00 £127,000.00 £128,000.00 £129,000.00 £130,000.00 £131,000.00 £132,000.00 £133,000.00 £134,000.00 £135,000.00 £136,000.00 £137,000.00 £138,000.00 £139,000.00 £140,000.00 £141,000.00 £142,000.00 £143,000.00 £144,000.00 £145,000.00 £146,000.00 £147,000.00 £148,000.00 £149,000.00 £150,000.00 £151,000.00 £152,000.00 £153,000.00 £154,000.00 £155,000.00 £156,000.00 £157,000.00 £158,000.00 £159,000.00 £160,000.00 £161,000.00 £162,000.00 £163,000.00 £164,000.00 £165,000.00 £166,000.00 £167,000.00 £168,000.00 £169,000.00 £170,000.00 £171,000.00 £172,000.00 £173,000.00 £174,000.00 £175,000.00 £176,000.00 £177,000.00 £178,000.00 £179,000.00 £180,000.00 £181,000.00 £182,000.00 £183,000.00 £184,000.00 £185,000.00 £186,000.00 £187,000.00 £188,000.00 £189,000.00 £190,000.00 £191,000.00 £192,000.00 £193,000.00 £194,000.00 £195,000.00 £196,000.00 £197,000.00 £198,000.00 £199,000.00 £200,000.00 £201,000.00 £202,000.00 £203,000.00 £204,000.00 £205,000.00 £206,000.00 £207,000.00 £208,000.00 £209,000.00 £210,000.00 £211,000.00 £212,000.00 £213,000.00 £214,000.00 £215,000.00 £216,000.00 £217,000.00 £218,000.00 £219,000.00 £220,000.00 £221,000.00 £222,000.00 £223,000.00 £224,000.00 £225,000.00 £226,000.00 £227,000.00 £228,000.00 £229,000.00 £230,000.00 £231,000.00 £232,000.00 £233,000.00 £234,000.00 £235,000.00 £236,000.00 £237,000.00 £238,000.00 £239,000.00 £240,000.00 £241,000.00 £242,000.00 £243,000.00 £244,000.00 £245,000.00 £246,000.00 £247,000.00 £248,000.00 £249,000.00 £250,000.00
Repayment Period : 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 26 years 27 years 28 years 29 years 30 years
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