Bankruptcy and sequestration

• We do not accept undischarged bankruptcies.
• The bankruptcy/sequestration must have been discharged.
• Discharged for a minimum of 6 years.
• The credit search must confirm that the order is discharged or;
  • A copy of the discharge certificate is required.

     

CCJs, defaults and missed payments

CCJ

• All CCJs must be satisfied
• 0 registered in the last  6 years

Defaults

• 0 registered in the last  6 years

Missed payments: (Secured, unsecured and mortgages)

• Secured loans: No more than 1 missed payment on 1 single account in the last 24 months.
• Unsecured credit: No more than 2 missed payments on 1 single account in the last 24 months. In addition to this, the latest recorded payment must have been made. Including:
  • Communications
  • Utility
  • Fixed Term
  • Mail Order.

Individual voluntary arrangements (IVA), Debt Management Plans (DMP) and Trust deeds

IVA
IVA will be considered if:

• Satisfied, with no other adverse record present on the account.
• Satisfied for a minimum of 6 years.
• The applicant(s) must provide a copy of the IVA or trust deed document or statement or letter produced by an Insolvency Practitioner (IP) to confirm the agreed monthly payment arrangement, satisfactory conduct and final payment date where appropriate.
• We cannot accept IVA with unsatisfactory conduct.
• Evidence is needed to confirm this has been satisfied.

DMP
DMP will be considered if:

• None registered within the last 6 years.
• Satisfied or end date evidenced.
• The applicant(s) must provide a copy of the DMP document or statement or letter to confirm the agreed monthly payment arrangement, satisfactory conduct and final payment date where appropriate.
• We cannot accept DMPs with unsatisfactory conduct.
• Evidence is required to confirm this has been satisfied.


Repossessions

All repossessions should be declared and normally there should be no history of a repossession, either voluntary or enforced.

We do not accept applications where the repossession date is within the last 6 years.
 

Credit repair and eligibility for product transfers

In order to qualify for a prime EBT product, there must be no missed or late payments in the last 12 months payment history.

Mortgage arrears must be less than the value of 1 month's mortgage payment at the time of applying for a transfer and completion of transfer.

Borrowers previously on a credit repair self cert product and who have made all their payments on time and in full within the last 12 months, and can now prove their income, can select a full status prime EBT.

Credit repair for additional lending

Accord no longer offers credit repair lending to new or existing customers.

In order to apply for additional lending, existing credit repair customers now need to be classed as prime. All mortgage payments must be paid in full and on time for the last 12 months to be classed as prime.  
 

Credit referencing for additional lending

A full credit reference search is carried out for all additional lending applications.

Credit repair and porting eligibility

Prime borrower - top up not required:  The last 3 months mortgage payments must have been made and there must be no more than 2 mortgage payments currently outstanding. 

Prime borrower - top up required:  There must be no missed payments within the last 12 months and no more than 1 missed payment within the last 24 months. 

Credit repair borrower - top up not required:  The last 3 months mortgage payments must have been made and there must be no more than 2 mortgage payments currently outstanding. 

Credit repair borrower - top up required:  0 missed payments in the last 24 months and would qualify for a prime top up product subject to the whole application meeting prime criteria. 

Applications with characteristics which we no longer allow:  
Any applications falling outside our new lending criteria may be considered on an individual basis.