If you fail to make a payment either for a credit card, loan or to a utility company, (such as gas, electricity or water), then they are likely to take court action against you. You would receive a court summons and be asked to attend court to make arrangements as to how you intend to pay them back. This is known as a County Court Judgement, (CCJ), and recorded on your credit history.
Each year there are around 700,000 county court judgements, (CCJs), made against individuals. Having CCJ's on your credit history can seriously affect your chance of obtaining a standard mortgage.
However you can avoid attending court by agreeing a settlement with them privately. If you are in a position to pay the amount in full then do so within one month otherwise the CCJ will be registered with the Register of County Court Judgments and credit reference agencies will note this on your file.
If you have experienced a county court judgement and it has had a negative affect to your credit history you may still be able to obtain a mortgage via specialist lenders, otherwise known as sub prime mortgage lenders.
If you have County Court Judgements, (CCJs), against you, and you would like to discuss enquiring for a mortgage or remortgage, please do not hesitate to contact one our experienced mortgage advisers.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Champion Financial Services is a trading style of Rafik Allana of 16b Second Avenue, Hendon, London. NW4 2RN.
Champion Financial Services is an Appointed Representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority in respect of mortgage and insurance mediation activities only. Mortgage Next Network Limited is entered on the FSA register (http://www.fsa.gov.uk) under reference 300866.
We do not charge a fee for any initial quotation. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be 1.5% of the loan amount, this fee will be payable on completion.
The overall cost comparison is 6.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.