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County Court Judgment (CCJs)

Lenders generally use the information from credit reporting agencies to determine the risk of a borrower when he/she applies for credit. Credit cards are essential in today’s society and when managed well are a great tool, but when mismanaged can cause tremendous financial hardship. A County Court Judgment, CCJ may be the end result of mismanaged credit card usage. A court can issue this action when a creditor makes the case that an unpaid debt is past due.

A CCJ can remain on one’s credit record for as long as six years even after the debt is paid in full. In order to determine if a CCJ remortgage is possible, there are certain lenders who will take into consideration an individual’s particular circumstances. County Court Judgment (CCJs) Information can aid a borrower in deciding if it is even worth pursuing a CCJ.

A lender may make a determination whether or not a borrower can repay the loan, if he is convinced that there have been extenuating circumstances, which caused the CCJ to be issued. County Court judgments are essential in determining the creditworthiness of businesses and individuals.

The majority of consumers goes into debt to deal with short-term financial needs and are keenly aware that maintaining a high credit score will increase their chances of getting future loans quickly. County Court judgments or CCJ’s are legal remands handed down by County Courts. CCJ’s help to resolve many different areas in civil law such as personal injury, repayment of debt, breach of contract with respect to goods or property, family matters and housing disputes.

Information Concerning Country Court Judgment (CCJs)

A CCJ of default is noted on the credit reporting record of the borrower:

• If the borrower defaults on any unsecured debts.

• If the borrower discards debt collection attempts.

Specific details about the judgment will be entered on the Register of County Court Judgments if it is determined that you have physically received an order to pay the outstanding balance figure of the money owed. These entries can remain on the Register for six years. However, if a business or individual named in the CCJ settles the debt in full within a month of the rendered judgment, the registration may be cancelled.

Financial debt issues should be handled quickly and with seriousness in order to mitigate any future serious debt problems. Seeking free personal debt management counseling can help tremendously if a borrower finds it difficult to deal with compounding debts. A team of experienced financial experts can provide professional advice to ease your mind and help you overcome debt issues in a systematic way.

Financial experts offer the following simple suggestions to deal with debts more effectively: 1) make regular timely payments, 2) consolidate many outstanding debts into one single loan and 3) regularly review credit records to maintain a high credit score.

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