Applicants with previous credit issues may be considered under certain circumstances. The rules may be segmented into the following sections:
- Unacceptable
- Acceptable (for consideration)
Unacceptable Credit History
Where any party to the application:
-
- Is an undischarged bankrupt, or has been discharged from bankruptcy within the past 3 years.
- Is subject to an Individual Voluntary Arrangement (IVA), or has been discharged from an IVA within the past 3 years.
- Has previously had their property repossessed (including voluntary surrender of keys).
- Has more than 2 Court Decrees, CCJs or Defaults, even if these have been satisfied or settled.
- Has had any Court Decrees, CCJs or Defaults within the past 12 months (see below for further clarity).
- Has one or more Court Decrees, CCJs or Defaults where the total debt was £2,500 or more, irrespective of when it was registered.
- Has one or more Court Decrees, CCJs or Defaults where the total debt referred to is £500 or more and this/these have been registered in the past 3 years.
Acceptable for Consideration
- Discharged bankrupts of 3 years or more.
- Applicants discharged from their IVA for 3 years or more.
- Applicants who have never been 3 months or more in arrears in the past 24 months on any existing secured or unsecured loan, and the account has been up to date for at least 6 months, provided there is a reasonable explanation for the arrears.
- The Society will require a full explanation on the circumstances surrounding any default/CCJ noted in the credit file.
- Up to two satisfied Court Decrees, CCJs and Defaults will be considered in accordance with the following table:
|
Maximum Account |
Time Since Registered |
|
£250 |
< 1 year |
|
£500 |
> 1 year |
|
> £500 but < £2,500 |
> 3 years |
FOR INTERMEDIARY USE ONLY