County Court Judgments (CCJs)
Whenever a creditor takes you to court in order to force payment of a debt, it may result in a CCJ being issued against you. The CCJ is a court ruling requiring you to the pay the debt. The impact of the CCJ on your permanent credit record will depend on your response:
- If you pay the debt in 28 days, the CCJ will not appear on your files.
- If it is not cleared, the judgment will be entered the public register and will appear on your credit file for 6 years.
Once the debt is paid the court should issue a Certificate of Satisfaction. It is important that you retain a copy of this certificate as proof that the CCJ has been settled. If the certificate is settled within the 28 day period, this certificate will be sufficient to make the credit reference agencies remove the judgment from your file. Agencies will mark a CCJ as satisfied if it is settled after the 28 day period has expired.
To avoid a CCJ, you might be able to secure a personal loan to refinance your existing obligations and pay off your creditors before they take you to court. If the loan is secured against your home, you might be able to extend the term of the loan out to 15 or 20 years which will increase the total amount of interest you pay on your debts but will reduce your monthly payments and make your monthly burden more manageable.
Click here to get personal loan quotes appropriate to your circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. All loans are subject to status. Written quotations are available directly from the lender on request to the lender. A broker fee might be due on transactions completed through this site.
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