Bad Credit Rating Explained

There are a number of causes of a bad credit rating; if you're not on the electoral roll, your credit history is patchy and of course, County Court Judgements, Bankruptcy and similar debt solutions will leave their mark too. However, the best way to repair a bad credit rating is by showing that you can manage your finances and reliably service your debt. There's a bit of a catch-22 here though; making an application for credit with a bad credit history can make it very difficult to secure a competitive rate of interest.

Total Unsecured Debt

Under £15000 Over £15000

Number of Creditors

Monthly Income

Are you a Home Owner

Yes No

Debt Solver can help you to solve your debt problem with a personal debt solution that's tailored to suit your financial circumstances. Facing up to your mounting debt and finding a suitable solution is the most important first step towards freedom from debt and regaining control of your finances. Repairing your bad credit rating will require you to take the next step; proving that you can manage credit responsibly.

This means taking on credit and for anyone who has just managed to free themselves from bad debt, this can be a daunting prospect. Debt Solver understand that belief in your own ability to successfully manage debt could have suffered and potential lender confidence will have too but getting back in the saddle can do a lot to restore this confidence.

Firstly, if you are looking to solve your mounting debt problem with a debt consolidation loan but are concerned that your poor credit history could exclude you from all but the highest rates of interest, Debt Solver can help. If you are currently undertaking, or have recently completed a programme of debt solution, we can also help you to find a competitively priced loan that will be instrumental in restoring your credit rating.

Once your credit history shows that you can manage and successfully service credit, lender confidence will return and your credit rating will improve. This means better rates of interest and increased availability of credit. The impact will be noticeable whether taking out a new credit card or applying for a mortgage.