These days even the purchase of electronic items such as camcorder, T. V. Or washing machine is not complete without some salesman trying to get you to buy it on credit, or hire purchase. Then the sales pitch isn't complete until they upsell on PPI (payment protection insurance) and a 5 year warranty. You see buying things on credit and getting credit thus getting in to debt is very easy.
The temptation of getting that car or holiday now rather than in 3 years time is quite compelling. Unfortunately a wage cut, divorce, accident or sickness or other lifestyle changes can make paying back the debt borrowed difficult. Because of this more and more people are suffering from bad credit and credit history problems with CCJs (County Court Judgments). Increases in IVAs (involuntary solvency arrangement) have also been found due to people stretching their monthly outgoings too far. On a more serious note bankruptcy cases have also increased.
If you have a bad credit history and have CCJs, IVAs, previous bankruptcys, defaults or mortgage arrears then borrowing in the future can be difficult. Most lenders will decline your loan applications. When potential lending companies do credit searches you CCJs, late or missed payments, defaults or bankruptcys will show up on your credit file. Conventional finance companies will usually reject your applications.
Fortunately these days a new type of lender has emerged. They have found that many people have bad credit such as County Court Judgments. Many will lend you £1000 to £100,000 either on a secured or unsecured basis. If you are a homeowner then the cheapest way to borrow is through secured lending visit http://www.ccjhelp.co.uk/ we have searched the market to find the most appropriate lenders for bad credit history customers. We also have a free ebooks to download to help you remove certain CCJs and repair you credit history.
Damian is the owner of many finance related websites. Including mortgage, loans and debt advice.