Meet Geoff...
An interesting case of triple hurdles: Bankruptcy, self-employed and unusual income.
Background
- Geoff had previously been bankrupt because one of his largest creditors closed and did not pay. He lost almost everything – including his house.
- Managing to meet his obligations under the bankruptcy, he has been discharged for 24 months.
- After being discharged, he decided to start a new consultancy business.
His current situation
- After 2 years, he has a clean credit history, and his consultancy business is ticking along nicely.
- His wife Lisa has a part-time job that is commission only, which she has been getting for 3 years.
- Having saved up a small deposit, the couple are keen to buy a house. However, the banks told them they needed to wait up to 8 years to get a loan again.
Real life solution
- The issue had been caused by one creditor, who went bad themselves. Since then, Geoff has worked hard to recover, maintaining a clean credit history for over 2 years.
- His consultancy business income fluctuates monthly but is stable. Although Lisa is on commission, she has a steady income through her part-time job.
- Having demonstrated a good savings record for the past 18 months, combined with the deposit they have saved and their income levels, they qualify for a Pepper Near Prime Full Doc home loan option.
Non-bank lending making a real life difference.
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