There are many things to worry about when you are in debt, but if you are smart, you can often dig yourself out of the problems you find yourself in. In parts of Great Britain, you can find yourself hit with county court judgements that can seriously hurt your financial situation in the future. Here is some information about what a CCJ is and what it can mean for you.
A CCJ is ordered by a court when a creditor is suing someone who owes them money and has not paid it back, usually because of being defaulted on. This is why it is very important to keep the arrangements that are made for repayment with your creditors, so this does not happen. It is often the last resort for creditors to collect on a debt.
The types of debt owed are wide spread and diverse; basically anything that can be considered to have to be paid back. Some of the things that fall under these guidelines would be mortgages, cellular phone bills, credit card bills, and other types of non-secured debt.
This most serious action is a last resort effort for a creditor to get back the money that is owed to them; suing you is there only option. The creditor needs to have the money paid back to them, and if it means putting a roadblock in front of you to make it hard for you to borrow again, then it is something they are forced to do. The seriousness of this is not to be ignored.
If you have a CCJ issued against you, you will have a very hard time getting credit in the future. It takes about six years for this type of judgment to be wiped from your record. Because of this, you will not be able to get an unsecured loan or do anything that requires you to have good credit.
A great way to get keep this kind of action away from you and keep from jeopardizing your good credit is to pay back any debts that you have to your creditors. Defaulting on your obligations will only force your creditor to take this action against you. Your credit will be ruined if you do not keep up with your financial responsibilities and pay back what you owe.
County court judgements can financially ruin you and your credit; it is not where you want to be for the long term. It will stop you in your tracks if you try to purchase anything on credit because you will not be able to get credit. The only way to stop this from happening is to pay your bills on time.
A CCJ is ordered by a court when a creditor is suing someone who owes them money and has not paid it back, usually because of being defaulted on. This is why it is very important to keep the arrangements that are made for repayment with your creditors, so this does not happen. It is often the last resort for creditors to collect on a debt.
The types of debt owed are wide spread and diverse; basically anything that can be considered to have to be paid back. Some of the things that fall under these guidelines would be mortgages, cellular phone bills, credit card bills, and other types of non-secured debt.
This most serious action is a last resort effort for a creditor to get back the money that is owed to them; suing you is there only option. The creditor needs to have the money paid back to them, and if it means putting a roadblock in front of you to make it hard for you to borrow again, then it is something they are forced to do. The seriousness of this is not to be ignored.
If you have a CCJ issued against you, you will have a very hard time getting credit in the future. It takes about six years for this type of judgment to be wiped from your record. Because of this, you will not be able to get an unsecured loan or do anything that requires you to have good credit.
A great way to get keep this kind of action away from you and keep from jeopardizing your good credit is to pay back any debts that you have to your creditors. Defaulting on your obligations will only force your creditor to take this action against you. Your credit will be ruined if you do not keep up with your financial responsibilities and pay back what you owe.
County court judgements can financially ruin you and your credit; it is not where you want to be for the long term. It will stop you in your tracks if you try to purchase anything on credit because you will not be able to get credit. The only way to stop this from happening is to pay your bills on time.
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If you are worried about getting a CCJ against you, visit the Payplan CCJ advice page. Whatever you do, do not ignore the problem.
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