Default Loans

If you have taken out a loan, credit card, store card, overdraft or finance agreement in the past and unfortunately have not been able to keep up the payments you may have incurred a `default` on a debt. Fortunately having a default or even multiple defaults does not necessarily mean you cannot get a loan when you need one, even though it may mean you have had difficulty in securing credit or have been refused a loan in the recent past, because this is where My Sort of Loan comes to the fore.

Through our many years of experience and extensive default lender plans our clients have been successfully obtaining loans from £3,000 to £150,000 with current or previous defaults on their credit- even when they believed they could not obtain the loan they required.

If this sounds like you then don’t hesitate to get in touch with My Sort of Loan confidentially by calling us for free on 0800 0159 108 or dial 0330 0536001 (mobile friendly). Alternatively just complete our short on line form and talk to one of our UK based loan team who can run through your specific defaults, CCJ`s or other concerns with you in order to match you with a lender plan that meets your needs and provide you with a free quotation. Our aim is to help you borrow the money you require for the reason you want it whilst maintaining affordability, at a loan rate that is good for your circumstances from our lender panel.

We have been able to help many of our customers with poor credit, even those with defaults, missed credit payments or mortgage arrears find a suitable loan for them. If you have defaulted in the past or have bad credit we may still be able to help you obtain a default loan.

Loan repayment terms can be set between 3 and 25 years to help get the balance of payments per month versus total paid back correct. If it is not convenient to call right now, don`t worry fill in our enquiry form and we will contact you when you are available.


Default Loan With Bad Credit Options

Though our panel of lenders we have access to loans for all types of scenarios and generally they can be used to borrow for any purpose. You may opt for a personal unsecured loan or a secured homeowner loan dependant on your tenure and preferences. Each of our lenders have different criteria to work out whether you are eligible for a loan and for what amount, we will search through the various possibilities and match you with the loan which best suits your situation and the loan product you have sought.

Our trained & knowledgeable finance team have detailed knowledge of our lenders products who will enable you to deal with your mortgage or credit arrears, your payment history on your current credit agreements such as personal loans, store card and credit cards to match you with the best lender who wants your business.

If you have bad credit or have defaulted in the past or recently incurred a default or defaults then don’t assume you won’t be able to get credit via a loan to fulfil your finance requirements. My Sort of Loan may still be able to help and if we can`t we will try and explain why so you can aim to put yourself on the road to recovery.


Criteria For Secured Loans With Defaults

Our lenders do not just look at a summary of your current finances, they will look at the detail, consider how you came to be in this position compared to where you are now and whether a loan will put you in a better position overall. Secured homeowner loan lenders may look more favourably on people who have defaulted in the past but have been able to keep on top of the situation in recent times and have built up some equity in their property or on people who have lived at the same address for a longer period of time and kept on top of mortgage repayments when other credit has slipped behind. Also if you have are in steady employment or have a solid income from being self employed and are determined to repair any defaults or arrears these may also help your loan enquiry.


Multiple Purpose Default Loans

No Matter what your financial circumstances our team will work tirelessly to find a loan plan which is suitable for you through our panel of lenders, our loans can be used for virtually any purpose. Common reasons include;

  • Settle Old Loan Defaults To Repair Your Bad Credit File & Move Forward

  • Pay Of County Court Judgements So They Show As Satisfied

  • Repay Outstanding Creditors Via A Debt Consolidation Loan To Lower Monthly Outgoings

  • Repair Or Renovate Your Home, Build An Extension Or Buy A Conservatory

  • Take A Special Holiday, Pay School Or University Fees, Fund A Family Wedding

My Sort of Loan`s wide selection of lenders offer both unsecured and secured default loans through our lenders and intermediaries to our customers, once you are approved you can use the money for whatever reasonable purpose you need; including any key project or consolidation of your existing debts into one easy to manage payment.


Default Credit Repair & Consolidation Loans

Have your outgoings become too much to handle? Are you making payments to pay off many different credit sources, or borrowing on one account to pay the minimum on another loan or credit item? Then perhaps a debt consolidation loan is worth considering especially if you are looking for loans for defaults on credit. My Sort of Loan could help you refinance all of your existing payments to credit cards, store cards and existing personal loans into one affordable monthly payment helping you streamline your finances and help relieve some of the stress which can come along with keeping on top of lots of credit agreements at once.


Guarantor Loans

Another option for those with a less than perfect credit history is a Guarantor Loan, this is where an agreement is made by a third party who is willing to ensure the lender that the payments will be met, if for example you are unable to meet the agreed repayments for whatever reason then this third party is guaranteeing to the credit company that the loan will be repaid. These typically range from £500 to around £10,000. A large percentage of those who act as guarantor`s are family members, colleagues or friends. If you are interested in a guarantor loan please ask our team and we will check to see what our up to date lenders are offering in this area or we may be able to refer you to a third party who can help.


What Is A Credit Default?

If you have missed a few payments on your credit agreement then it is possible you may have a default on the agreement, but it is worth finding out for sure before you make any decisions, many lenders will only issue a default notice if you miss a number of payments in a row, this can sometimes be 3-6 months. Before this point they will send out letters or contact you stating that you are behind on your payments and outlining what payments are expected going forward in order to get back on track, if these are not reacted to your credit account will become a default which will need to be resolved or it will remain unsettled on your credit file for circa 6 years. Though this may make borrowing through loans more difficult, it does not always mean you cannot get finance or a loan, get in touch with My Sort of Loan and see how we can help you get back on track.