A CCJ, or County Court Judgment, is a court order to pay money. They are recorded in the Register of County Court Judgments and do affect a person's credit.
Paying off a CCJ is the easiest way to deal with it, but if you can't do that, you may end up with a mark on your credit or, even worse, a lien on your property.
A CCJ loan is a loan that a lender gives you even though you have a CCJ. If a person has a CCJ, they should pay it off as soon as possible so that it is marked "satisfied" in the register. If that is not possible, they can still get a CCJ loan from other places.
A County Court Judgment loan works the same as any other loan for people with bad credit. The lender is taking a chance on you because it has been shown, in this case in court, that you don't pay your debts as agreed.
This means that the lender will get even by charging more in fees and interest. A CCJ loan will cost you money.
People with a County Court Judgment can get a loan from quite a few places. A person will have a better chance of getting a County Court Judgment loan if they own their own home. This is because their home can be used as collateral for the loan.
But if their property has a lien on it and they have a CCJ, they probably won't be able to use it to get a loan.
There are CCJ loan options for people who don't own a home or can't use their home as collateral. Lenders will want to make sure, though, that the person can afford to borrow the money and pay it back. They will probably ask for proof of income, and they will want to see that it has been steady.
Some things that could slow down a request for a CCJ loan are being unemployed for a while, working for yourself, getting a commission, or having other sources of income that aren't always steady.
This is because the lender wants to see that the person has a good source of income and won't have trouble making payments on time.
A CCJ loan will have a high rate of interest and will usually be a small loan. With a County Court Judgment loan, a person is not likely to be able to buy something big. A CCJ loan, on the other hand, is a good way to build credit.
A person can get a small CCJ loan and pay it back as agreed, which will make their credit look good. Then, in the future, they can get a regular loan.
A County Court Judgment loan may be the only thing a person with a CCJ can do. A County Court Judgment loan is the best way for someone in this situation to pay off their CCJ debt.
Then, getting a loan will not only help them improve their credit, but their CCJ will also be marked as paid in the registry. This will really help them improve their credit and make it easier for them to get loans in the future.
