A County Court Judgment is basically a summons that is issued to a person who has defaulted on a loan. A CCJ is issued by a court and is often an impediment to a person planning to avail a loan from a lender.

When a person borrows money from a lender and defaults on the repayment, the creditor can approach a court to try and get back the money. The court in that case will send a CCJ to the debtor in order to know whether the claim is correct or not. The debtor can either accept the claim or reject the claim from the creditor. If the claim is accepted, the court will require the debtor to provide an income and expenditure statement based on which, a repayment plan will be calculated. The repayment plan will be so created such that it does not put the debtor under undue pressure. Once that is done, the debtor will be provided with a repayment plan that he or she has to adhere to.

People can avoid CCJs by sending their payments on time. After all, it is better to pay one’s dues in time rather than risk destroying one’s credit history. While repaying one needs to ensure sufficient time for the payment to get processed because late payments that are made on the last day can attract late fees from credit card companies.

Banks consider people who have been served a CCJ as risky. This is because it is believed that the CCJ would have been issued either because the client was not careful with repaying loans or because the client is not careful about handling money. In either case, the lender will not easily repose their faith on the borrower.

If you would like more information on CCJ’s, please visit our loans website

Tags: CCJs

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