An adverse credit record usually comes about as a result of being unable to properly manage previous credit agreements. These can incorporate loans, credit and store cards and other hire purchase agreements. Quite often, people who find themselves with an adverse credit record are there through no fault of their own. They may have been ill or had an accident that has forced them to take time off work which has reduced their income or they may have lost their job. The result being their income levels suddenly become drastically reduced which can affect their ability to meet all their financial obligations.
In many cases, this creates financial hardship and they can often find that, due to their poor credit record, they are no longer able to obtain financial assistance in the forms of loans and other financial lifelines, just when they need them most.
This can result in a great deal of stress and can have serious implications for their health. Often, people feel there is no way out and, with financial pressures mounting, it can cause severe headaches, difficulty in sleeping, loss of self esteem which can then even result in anxiety and depression.
Sometimes,...
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