YouGov: Majority feel judged searching for bad credit mortgage

Jake Carter

March 4, 2020

Almost two thirds, 65%, of UK adults said they feel judged when searching for a ‘bad credit mortgage’, according to data collected by YouGov for Simply Adverse.

Simply Adverse says that this raises concerns people are reluctant to seek the advice and information that is appropriate for their financial circumstances.

Additionally, two thirds of people said they would prefer to remain anonymous if they needed to search for a credit impaired mortgage.

In correlation with this issue, Simply Adverse is launching a forum on 4 March.

Those using the service will have access to the advice of CeMAP qualified adverse credit mortgage brokers and they will be able to receive information and advice from Debt Support Trust.

Adam Hinder, managing director at Simply Adverse, said: “Our research shows that half of British adults would look for advice about bad credit mortgages in online forums, more than would approach a broker that they had used before (44%) or a specialist adverse credit mortgage broker (41%).

“While these forums allow people to maintain anonymity, we have some concerns about the transparency of the information given and how applicable it is to individual circumstances.

“We understand the desire for individuals to use a forum without revealing their identity, but we also wanted them to be reassured that the information is as accurate and up-to-date as possible.

“While anyone wanting tailored advice will still need to talk to the relevant professional, whether that is a broker or a debt advisor, the forum will provide the first step for anyone wanting to help with getting their finances back on track”

Stuart Carmichael, chief executive at Debt Support Trust, added: “The statistics show a worrying conclusion, but one we are all too familiar with at Debt Support Trust; people are worried about speaking to professional advisers about their finances because they’re embarrassed they will be judged on their financial decisions in the past.

“Most advisers want to help, and it’s important to empower people in the knowledge that historic financial decisions can be rectified, and compassionate support is available.”

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