Common use of Credit History Clause in Contracts

Credit History. 10.1 Applications where an adverse credit history exists (i.e. bankruptcy, county court judgment (or the Scottish equivalent) or outstanding defaults registered with a credit reference agency) are subject to an analysis whereby highest risk cases are declined with only lowest risk situations accepted subject to further underwriting review or where the value and age of the adverse credit is deemed by the Seller to be low risk. The policy for this is that the Seller does not accept applications: (a) where an applicant has ever been made bankrupt or had an individual voluntary arrangement registered; (b) from applicants who have previously had a property repossessed; (c) from applicants who have missed two or more contractual payments in the last 12 months on an unsecured loan, or in the past 6 months on any other facility (whether satisfied or not); (d) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) in the past 12 months (whether satisfied or not); (e) from any applicant with any mortgage arrears in the last 12 months (whether satisfied or not); (f) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) where the LTV is greater than 85 per cent (whether verified or not); and (g) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) of greater than £300 (whether satisfied or not).

Credit History. 10.1 Applications where an adverse credit history exists (i.e. bankruptcy, county court judgment (or the Scottish equivalent) or outstanding defaults registered with a credit reference agency) are subject to an analysis whereby highest risk cases are declined with only lowest risk situations accepted subject to further underwriting review or where the value and age of the adverse credit is deemed by the Seller to be low risk. The policy for this is that the Seller does not accept applications: (a) where an applicant has ever been made bankrupt or had an individual voluntary arrangement registered; (b) from applicants who have previously had a property repossessed; (c) from applicants who have missed two or more contractual payments in the last 12 months on an unsecured loan, or in the past 6 months on any other facility (whether satisfied or not); (d) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) in the past 12 months (whether satisfied or not); (e) from any applicant with any mortgage arrears in the last 12 months (whether satisfied or not); (f) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) where the LTV is greater than 85 per cent (whether verified or not); and (g) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) of greater than £300 (whether satisfied or not).