Need help after being refused credit?

If you’ve been refused credit when trying to apply for a loan, mortgage or credit card, then don’t worry, we can help you get what you need, even with a poor or limited credit history.

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Refused Credit on a loan, credit card or mortgage?

We can help you find the best option to move forward

If you have recently been refused credit it could be because of a poor credit file. Perhaps you are struggling to meet your existing commitments and companies are chasing you for money.

With the help of our trusted partners, we can help you with a range of different debt solutions and advise you on the best way to approach them given your situation.

Have a look at the pros and cons of each solution below, see which one you think best suits your needs and fill in the short form above.
If you're unsure, then call us free on: 0800 230 0379

Have you been refused credit?



Here at Money Expert we're committed to helping people escape the control that debt can have over their lives through
our trusted business partners.
If you're at all unsure about what course of action you should take after being refused credit, or have any questions
about any of the solutions we've mentioned, don't hesitate to get in touch.

Your options after being refused credit

If your issue is your credit rating, then you could do much worse than taking out a specialised credit building card. These cards come with a low limit and a high APR, designed to ensure that payments are made regularly and in full. This way, you demonstrate your ability to use credit and, over time, your credit rating will improve, putting you in a better position to borrow and make use of credit in the future.
There are loans available designed specifically for people with poor or limited credit histories. Bad credit loans come in various shapes and sizes, secured and unsecured, as well as guarantor loans. These loans will be easier to get than conventional loans, but will often come with high interest and fees as a result. If you're already in debt, it's you should think carefully about take out more credit straight away, although if it's necessary it is available.
If you're in debt that you're struggling to pay off, then you should consider one of the various debt management solutions that we offer in order to get yourself back in the black, and to give you a chance to improve your credit rating over time. There is a wide range of solutions available which we'll list below, offering pros and cost for each. For a full list of your debt management options, including more on bankruptcy and on options available exclusively to Scottish residents, have a look through the Debt section in our top menu.
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Check your credit report


The first thing you should do if you've been refused a loan or other kind of credit is to check your credit rating.

The chances are, if you've been refused, that your credit report is poor or incomplete, whether due to missed payments before or late bill payments, for example.

Money Expert has teamed up with Experian to offer our customers access to a free their credit report and score for 30 days.

Pros & Cons for some of our popular
Debt Solutions

Debt Management Plans

Reduced monthly payment plan
  • Clear your debts with one affordable monthly payment which is based on what you can afford
  • Take control of your debts without the need to take out another loan
  • In most cases creditors stop interest and penalty charges whilst you repay your debts
  • May be able to adjust payments if your situation changes
  • Repaying debts over a longer period may increase the total amount to be paid
  • Your credit rating will be affected for 6 years.
  • Debt Management is an informal agreement creditors may still pursue default actions and creditors may not agree to stop interest.

Need Some Debt Advice?

Struggling with multiple debts and looking for a simple way to manage your finances.

Frequently asked questions about refused credit

Are there debt management plans for people with bad credit?
You should still be able to apply for a Debt Management Plan if you have a bad credit rating, so long as you still have the appropriate level of income. Your Debt Management Plan will however most likely show up in your credit history for a minimum period of six years and be seen as a negative point by any potential future creditors, making it more difficult for you to get a loan or credit card in the future.
Will Money Expert charge me for debt advice?
Money Expert charges fees as explained in their Terms and Conditions. However, they do not charge for the initial call where they provide you with an assessment of your current position, advise on whether a debt solution would be suitable for you, and if so which product would be most appropriate.
Is a debt plan legally binding?
It depends on the exact plan you choose. Debt management plans are not legally binding, but an individual voluntary arrangement, for example, will be.
How many creditors will my plan cover?
There is no set limit to the number of debts a Debt Management Plan can cover, but the details of each case are worked out on a case by case basis. Therefore, if your income is vastly disproportionate to the amount you owe, you may have trouble getting a plan agreed upon.
Can I consolidate my debt if I've got bad credit?
Yes, creditors will generally still offer loans to consolidate the debts of those with bad credit ratings, but will offer loans with either increased interest rates, or, more likely, only offer secured loans whereby your property must be put up as collateral.
What is Insolvency
Insolvency is the state of being unable to pay off any outstanding debts that you may have or, alternatively, the state of having liabilities that are worth more than your total assets. There are various different ways of declaring insolvency but bankruptcy is probably the most well known.
What is Bankruptcy
Bankruptcy is a rather severe form of insolvency that should be treated as a last resort. It is essentially a declaration that you are unable to pay back all of your existing unsecured debts (i.e. debts that are not secured against any of your assets such as credit card debts, rather than something like a mortgage that is secured against your home). Bankruptcy can be declared voluntarily, or you can be forced to declare bankruptcy by a particularly aggressive creditor (or creditors). Once bankruptcy has been declared, responsibility of your relevant assets, as well as the responsibility of communication with your creditors, will be taken on by a trustee; either an official receiver or an insolvency practitioner. While you are bankrupt, you will not be able to work as CEO or director of a company, or manage any business without first letting those you do business with know that you are bankrupt.
Can I use credit while bankrupt?
While you are bankrupt, you will not be able to borrow more than £500 without first informing the creditor of your bankruptcy. You will also not be able to take out a credit card until you are discharged from your bankruptcy order. Even once you are discharged, you will find it harder to use any form of credit while the bankruptcy order is still noted on your credit report. In such cases, you should consider taking out a specially designed credit building credit card that will allow you to steadily improve your credit score over time.
What is an Individual Voluntary Arrangement?
An individual voluntary arrangement, or IVA, is a form of insolvency that amounts to a legally binding agreement between you and your creditors, via an insolvency practitioner, involving a set repayment plan. An IVA involves settling as much as possible of your unsecured debt by extending the payment term, and reducing the monthly payments. You agree an amount to pay each month, which is then divided up among your creditors. Each IVA case will be managed by an insolvency practitioner, whose responsibility it is to help work out the exact payment plan, to manage the distribution of the payments themselves and to take charge of any liaison with your creditors. Once the IVA is in place, your creditors are no longer permitted to contact you or harass you regarding your payments

The Money Advice Service offer free and independent debt advice, find out about more options here