Arrears (unsecured)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications from applicants that have a history of unsecured loan arrears.

Policy Notes:

Any existing mortgage/rent/loan must be up to date at the time of application. A maximum of one month’s arrears within the last 12 months will be allowed, provided the account is currently up to date. An explanation of any arrears will be required.

Warning Notes:

• The Society will not accept cases with arrears on a previous (or current) mortgage or other secured loan within the last two years, where the cumulative amount overdue at any point reached three or more monthly payments;   
• The Society will not accept cases with arrears on a previous (or current) unsecured loan within the last two years, where the cumulative amount overdue at any point reached three or more monthly payments;   Or 
• arrears on any rent payment where the cumulative amount overdue at any point reached three or more monthly payments.

Criteria categories:

• Adverse
• Arrears and Debt Management Plans

Last updated:

15 August 2018