Running into bad credit can put a halt to your spending.
It can stop any other lenders from agreeing to lend you credit.
This is because they see you as a risk.
Too risky to lend money too because of some financial fault in your past.
This may be due to missing a payment for a secured loan or having mortgage arrears and being unable to keep up with your speculative repayments for a self cert mortgage.
You may desperately need to borrow just a little more to tide you over until you get enough income to get back into regular payments but you may not have access to another line of credit.
Lenders will look at your credit history and as soon as they see that you have bad credit and have had mortgage arrears or defaulted on a secured loan or self cert mortgage they will not feel inclined to lend you any more.
What you need to do is to work out a repayment plan.
Sit down and work out what you need to live on then any amount left over is what you can use to begin to pay off your debts.
You need to prioritise which debts need to be paid off or at lest begin to pay regularly towards the most.
These will be your self cert mortgage, mortgage arrears or secured loan.
Everything else comes second on your list.
Let your creditors know what you are doing.
Write to them with your repayment plan outlining how you are going to get out of bad credit and enclose the payment fort the first month.
Make sure that the figure you arrive at to start paying them off regularly is an amount you can afford over a long time.
Be realistic with yourself about how much you spend each month.
Try to cut back but do not over estimate how much you can pay otherwise you will get into even more financial difficulties.
If the lender demands more then them you can not afford it and stick to your plan so you don't end up in more debt.