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 may have experienced a recent blip in their credit history such that they do not meet the criteria for high street lenders
  • This could include those who have gone through a life changing event such as divorce or unemployment, or self-employed customers whose incomes & outgoings have not aligned causing a missed payment for a supplier
  • Vida’s product range provides an opportunity for customer to repair their credit so that they do meet lending criteria of high street lenders 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 2 CCJs with a total combined value of £5,000 considered
  • Up to 2 missed mortgage or secured loan payments considered
  • Debt Management Plans (DMPs) considered providing they have been satisfactorily conducted
  • Debt consolidation available up to 75% LTV
  • Impaired credit is assessed on total combined adverse from all applicants
  • 40 year term available
  • All property types considered