It is now so common that many people have some kind of bad credit history.
Common reasons may include job loss, business collapse, separated from family or changed circumstances as the arrival of a baby!
If you purchased a mortgage at a very high value based on the value of homes in the summer of 2007, its probably not going to remortgage unless you have money to offer the lender to get your car out in negative equity, and in a position where the lender is exposed to about 75% of the homes current value.
Some bad credit in the form of defaults and arrears should not matter much as long as your mortgage is paid on time during the last 3 months.
Many subprime (and prime) lenders are returning to the oldest loan managers since the credit crunch and lending is based more on individuals' ability to pay, not the naive assumption that the property always up who cares if they can afford the payments or not. This is why the old black mark on your file can not be that important.
Do not worry about being labeled side or subprime or risky, if you can afford the payments on your new mortgage, you can keep your home and not worry.
If you have negative equity, credit cards with balances on them, bank loans and store cards that have to face the situation as soon as possible.
Do not take money from friends and family only by a letter from debt collectors, do not cancel your family vacation to pay the government to rescue the lender. His live, so do not throw it away. If you owe more money than it's worth in assets, bankrupt. You will be discharged in a year in most cases, and all debts will be gone and you can start a new one.
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