James Miller

If you find that you have been declined credit due to having a poor credit report (also known as a credit rating or poor credit score), then don’t despair. There are ways that you can improve your credit file.

A Credit Score is something used by loan, mortgage and credit companies to decide whether you qualify for a particular product.

Lloyds TSB, Halifax Bank of Scotland, Nationwide, Northern Rock, Abbey, Alliance and Leicester, and Marks and Spencer Money, all said they use charging orders to turn unsecured debt into borrowing secured against the home.

None of us likes having a mortgage. However, there are ways that you can ensure that your mortgage is less of an albatross around your neck and more of a pigeon sat on your shoulder!

Having taken out a mortgage, you are not locked into that particular loan for the full mortgage term. Lenders compete fiercely for your custom and you may be able to reduce the cost of your mortgage by switching to a new lender. Against this you must set the costs of making the switch.

When looking at borrowing money, you'll no doubt be aware of the old saying 'Shop around for the best deal'. However, while shopping around is the best thing you can do to find the right finance deal, don't just look at the annual percentage rate (APR) on the loan - otherwise you could end up being ripped off by an early redemption penalty.

Having a lot of debt and not having enough money to service the repayments is a horrible position to be in. However, it is important that you do not panic - instead, by actually facing up to the problem and taking steps to tackle it, you will find that the problem lessens and you will feel more in control. Never, ever ignore debt problems - they won't go away and will only get worse.