Bad credit loans don’t make bad people

Having bad credit, loans and defaults on their payment history doesn’t make a person bad – as many people are finding out

For many people, having bad credit, loans or a history of payment defaults or even CCJs or IVAs can make them feel like a bad person. It’s a view that persists because of hundreds of years of stigma attached to those in debt – in Victorian times, you could even go to prison simply because you owed someone money.

But, as the Citizen’s Advice Bureau reported earlier this year, there has been a marked increase in the number of people falling into the “bad credit loan” category, with them receiving 1.7 million debt-related enquiries in a year and evidence that debt problems have doubled over the last ten years.

Bad credit loan population equal to four major cities

That’s like saying that at the time of the Euro ’96 football tournament, the entire population of greater Liverpool had bad credit problems – but that now everyone in the cities of Leeds, Leicester, Bristol and the city of Liverpool would be labelled “bad credit loan only ”.

Clearly, a number of people equal to the populations of four major British cities cannot all be “bad”. As the financial website Motley Fool pointed out, “You'll find that many skilled artisans, competent lawyers, experienced dentists and hard-working labourers have no money skills, or have had bad luck, and have consequently built up a dangerous level of debt. ”

Lawyers and dentists looking for bad credit loans

Some lawyers and dentists will, of course, be ‘bad people’. But some will be hard-working, careful and conscientious – and because of a combination of circumstances and poor advice, they will look for bad credit loans rather than mainstream ones.

The Motley Fool concludes, “So, if you're struggling with debt, don't feel bad. There are millions like you who have fallen on hard times, for one reason or another, and you all deserve support.”

Homebank can meet your bad credit loan needs

Everyone – not just lawyers and dentists – could help their financial situation by talking to Homebank.

Homebank have only the best mortgage consultants, ready to advise you with all your mortgage and insurance needs.

For informative and astute bad credit loan advice, call us to arrange a no-obligation appointment to suit you. Homebank are the ‘people’s mortgage broker’, with more than 3,500 mortgage products to choose from – including products not readily available on the high street.

Homebank’s experienced consultants can find the best product for you. Call Homebank now – free – on 0800 052 3604.