Adverse Credit
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If a borrower has a history of poor credit usage then
this is described as Adverse Credit. Poor credit history can include
County Court Judgements (CCJs), bankruptcy, mortgage arrears or any late
payments on credit arrangements. |
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Arrears
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The amount the borrower is behind in his mortgage
repayments schedule. The amount is usually measured in either pounds or
months. |
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Bankrupt
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A corporation, firm or individual who, via a court
proceeding, is relieved from paying all debts once assets have been
surrendered to an appointed third party designated by the court. |
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County Court Judgements (CCJs)
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An adverse ruling by a County Court against a person who
has not satisfied their debt payments with their creditors. Once the
ruling has taken place it will be recorded against the persons credit
history and will appear every time a credit search is done for the next
seven years. If a person has a County Court Judgement against them it
will have to be satisfied before they can get a mortgage, which is
usually at a higher interest rate. [TOP] |
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Default
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Failure of an individual to make payments on a mortgage
at the correct time or to not comply with the mortgage companies
requirements. [TOP] |
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THINK CAREFULLY BEFORE SECURING
OTHER DEBTS AGAINST YOUR HOUSE. YOUR HOME MAY BE REPOSSESSED IF YOU DO
NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. TYPICAL APR 7.50% VARIABLE.
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