County
Court Judgment or CCJ
A
CCJ is generally issued when someone has failed to pay a credit
agreement, money owed or debt and a County
Court
has ruled that the debt owed has not been honoured due to
late payments or stopped payments. That unsatisfied debt will
be recorded on their credit file with a credit bureau such
as Experian and Equifax. This will generally remain on their
credit history for up to six years. It will be indicated on
their file if the debt was satisfied or unsatisfied, some
lenders will insist that in order to take out a further loan
or mortgage that the debt be satisfied before completion.
Generally
this black mark will mean that the person will have to pay
a higher interest rate as they are now regarded as a higher
risk to the lender with a poor track record of paying off
debt. So this is not a desirable situation as normally the
more bad credit indicated by the number of CCJs and the amount
owed being satisfied or unsatisfied will mean a higher rate
they will have to pay. And often the lender will have a high
early repayment charge which will tie the borrower into the
deal for a longer time at a high interest rate.
If the debt is in joint names
but you where not responsible
for the debt but your partner was then the loan is equal and
several, meaning the bad credit will be recorded on both names.
High
street lenders potentially may not cater for this type of
borrower as it is regarded as high risk lending and specialist
adverse lenders will be used. Though as time goes by and the
borrower has shown a cleaner credit history since the bad
credit was recorded against them they will be more willing
to lend.
County
Court Judgments appeal
It
is possible to amend a judgment if there has been a mistake,
for example administration errors on the lenders side. The
client will have to ask the lender to remove the mistake from
the credit file by contacting the County Court where the judgment
was originally registered. This would normally take up to
a month to amend.
The
following APR relates to the above products only.
THE OVERALL COST FOR COMPARISON IS :-
8.9%
APR
The actual rate available will depend upon your circumstances
ask for a personalised illustration. |
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