CCJ's - County Court Judgements

If you are in the unfortunate position of having missed payments on your existing debts and are now facing legal action in the county court, time is of the essence. You have a short window of opportunity to tidy up the outstanding debts. After this time it's normal for the court to formally register the debts unpaid in the form of a county court judgement which will remain on your credit report for many years to come.

Failure to take advantage of this final window of opportunity will have a certain impact on the individual. For the next few years it's likely they will find it difficult to obtain credit or find the credit they are able to secure is more expensive than they are used to with less flexible terms and conditions.  

Chances are that when the court asks you to repay the debts you don't have the money lying around to satisfy their requirements, a real catch 22 scenario. One good option is to seek immediate advice from the Citizens Advice Bureau - find out more here http://www.citizensadvice.org.uk/

Another idea is to consider taking out a loan with affordable repayment terms to meet the capital outlay required to satisfy the court.  This may be an option through either an unsecured or secured loan.

In the case of the unsecured loan you don't have to provide any collateral to borrow the money as it's often based on your ability to repay the monies. With the secured loan route your home is used as security for the loan.

A good source of useful information on these loan types is available online via the vast array of websites. It's also worth speaking with a qualified advisor to find the help that you need and in most cases an initial chat comes without obligation, although be careful to always ask what fees are applicable regardless of the route you choose.