Why Impaired Credit History?

Impaired credit borrowers are those who have suffered financial problems, often because of unemployment, divorce, business failure or bereavement, leading to arrears, CCJS, defaults or debt management plans. However, many simply have a default posted on their credit record for a relatively small sum, put there by a utility company or mobile phone network.

Who is this product for?

  • Customers who have experienced a recent blip in their credit history so may not meet the criteria required by high street lenders
  • This could include those who have gone through a life changing event such as divorce or unemployment. Or self employed customers where incomes & outgoings have not aligned leading to a supplier payment being missed
  • Vida’s product range provides an opportunity for customer to repair their credit so that they do meet high street lending criteria in the future

Key Lending Criteria

  • Our automated cascade decision system displays available options, so you can select the best product for your client
  • Up to 4 CCJs with none above £500 in the last 6 months
  • Unsatisfied CCJs up to a combined total of £5,000 considered
  • Up to 3 missed mortgage or secured loan payments considered
  • Debt Management Plans (DMPs) considered providing they have been satisfactorily conducted
  • Debt consolidation up to 75% LTV
  • Impaired credit is assessed on total combined adverse from all applicants
  • Minimum age is 21
  • 40 year term available
  • Minimum income £15,000 for the main applicant
  • All property types considered
  • Available on Capital Repayment or Interest Only