Credit applications, overdue accounts (over 60 days) and court judgments are held on your file for 5 years from the date of listing. Bankruptcies or serious credit infringements stay on your file for 7 years from the date of listing. Credit reference agencies such as Experian and Equifax hold factual information about us all and this allows a lender to check your name & address and your past credit history, including any County Court Judgments or defaults recorded against you. A poor credit record does not prevent you from getting a loan, but you will probably not get the lowest interest rate.
Lenders such as banks and credit card companies use credit scores to manage the risk placed by lending money to consumers. Examples of such uses include determining who qualifies for a loan, assigning an interest rate, assigning credit limits, and managing accounts that are already open. Lenders reduce exposure by weighting the above criteria and making adjustments. So for example, if your project is light on collateral they will require more cash down payment. Lenders generally promise many features along with the loan. Borrowers take this bait and fall in the trap.
Student loan repayment begins six months after graduation, and you make take up to 10 years to repay. Perkins loan recipients are not required to maintain half time status. Repayment is normally expected within 4?-7 years. Surcharges apply to high levels of access. Repayments are made from the entrepreneur to the Field Partner on a schedule determined by the Field Partner. As each repayment is collected, the Field Partner enters the repayment amount into our software over the internet, notifying the lenders that a repayment has been made.
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