'Bad credit sees 5m rejected'
'Bad credit sees 5m rejected'
Thursday 16th October 2008
More than half (56 per cent) of people in Britain have applied for a financial product in the past six months, revealed a study by independent financial comparison website MoneyExpert.
While the credit crunch has squeezed lenders, making them more averse to potentially risky loans, many people could be left with high debts to pay and might need to consider an individual voluntary arrangement.
People who have previously taken out loans or credit cards are now facing far higher charges for borrowing money than they were 18 months ago, MoneyExpert added.
Sean Gardner, director of the finance website, said: "Anyone whose credit record is even remotely suspect risks rejection. Banks want to recover their bad debts and they don't want to create more of the same."
One in ten borrowers feel their debts are spiralling out of control, according to a recent survey by moneysupermarket.com.
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