CCJ Loans

CCJ Loans

Having a County Court Judgement (CCJ)– can definitely make getting finance more difficult, but it doesn’t mean that you’ll never be able to get the funds for the things you need. 

With our expert knowledge and our access to specialist lenders, we can find loans that others can’t and help you take the first steps in repairing your credit profile, allowing you to focus on the future.

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A county court judgement (CCJ) is something a creditor can raise against you, if they think you won’t pay your outstanding debts. If the court agrees, they’ll issue the judgement. Upon issuing the information, you can either:

  • Pay back the outstanding amount straight-away
  • Negotiate instalments or a settlement at a later date
  • Dispute the amount, if you think the claim is incorrect
  • Claim against the creditor, if you think they owe you money

We work with specialist lenders who understand that these things can happen and have products that can match most credit profiles – CCJs included.

Lenders will almost always want you to pay off outstanding CCJs. This can be a good thing – it gets rid of the debt and any worries that come with it and paying it off can be the first step towards repairing your credit profile.

Generally speaking, the interest rate is based on your individual circumstances. Our expert advisors can talk you through your options and give you the right advice.

In short, yes. All types of lending can help improve your credit rating, as long as all payments are made on time and in full. There are many benefits that come with taking a CCJ loan, including:

  • Consolidating all your debts into one payment
  • Rebuilding your credit report

By borrowing against your property, lenders see this as less of a risk compared to an unsecured loan. Thus, giving you more chance of you being accepted and the potential of a lower interest rate.

Yes, with a secured CCJ loan a guarantor is not necessary, you’re leveraging your property to give lenders the confidence you’ll pay on time and in full.

As well as making sure that you fit their criteria and pass their affordability assessments, a lender will look at information relating to the CCJ, such as:

  • When the CCJ was registered. The older it is, the better, especially if you haven’t had any other problems since.
  • Whether the CCJ has been paid off (marked as “satisfied” on your credit file) or not. Generally speaking, having a satisfied CCJ is less of a problem.
  • How much the CCJ was for – some lenders will only accept CCJs up to a certain amount.
  • How many CCJs you have – the few the better, as some lenders have a maximum number of CCJs they will accept.

A CCJ loan works in the same way as any other loan, and having one won’t affect your credit score any more than having any other form of credit – providing you make your payments on time and in full.

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Representative example: Borrowing of £40,000, plus £595 lender fee, plus £3,000 broker fee, totalling £43,595, over 192 months on a 5-year fixed product with an initial borrowing rate of 9.2%, following a variable rate of 9.6%. There would be 60 monthly instalments of £434.49, following 132 monthly instalments of £442.52. Total amount payable £84,577.09, made up of: Mortgage amount £40,000, Interest £40,887.09, Lender fee £595, Broker fee £3,000, Exit fee £95. Overall cost for comparison purposes 11.4% APRC.