A county court claim is a claim for money through the legal system, in which one party is able to force a judgment on another through a trial administered by a judge. These claims can be disputed, but if handled incorrectly, can have adverse effects on one's credit rating.
Disputing a claim is still perfectly fine if you wish to contest the amount owed, or that you owe anything at all. A judge will determine which party is the most correct and pass a judgment. The judgment that comes about will be a legal judgment and it must be obeyed. However, the judge must formulate a payment plan if it is seen you do not have the funds on hand.
A county court judgment gone wrong will stay on your record for six years. It's a heavy burden to deal with, and quite difficult to explain to lenders reviewing your history. Note that you will not have it on your record unless you miss payments that the judge sets for you. This payment is tailored to your budget and should be conceivable in terms of your ability to pay.
In comparison to a bankruptcy, one may draw some solid conclusions that both are about the same in terms of negative reputation. A CCJ may not be removed, just like the bankruptcy filing, and will put borrowers on a path to hopeful recovery. Credit counseling services can reduce the effect that the filing will have in time, but it will take work.
A county court judgment won't negate all possible chances at getting a mortgage loan. In fact, CCJ mortgages exist that are specialized for those who have a CCJ against their name, yet still have a responsible character that shows they are still otherwise responsible. If there is no other reason to suspect irresponsibility, lenders may charge a bit higher interest rate, but otherwise have no problem in issuing a mortgage loan.
With great credit, a CCJ won't do much damage. But when you factor in the possibility that your credit rating might be below average already, your future might not have the best outlook. Bad credit CCJ mortgages, as they are called, are still offered- but qualifying will still take work. A lender won't blindly give out trust to just anyone, and waiting periods are sometimes enforced to allow your credit to make progress first.
Closing Comments
County court claims should not just be brushed off. If you do see that you have obtained one, do your best to fight the claim if you believe yourself to be correct in doing so. If you do get a judgment held against you, there is no other choice but to pay the debt and move on. - 30462
Disputing a claim is still perfectly fine if you wish to contest the amount owed, or that you owe anything at all. A judge will determine which party is the most correct and pass a judgment. The judgment that comes about will be a legal judgment and it must be obeyed. However, the judge must formulate a payment plan if it is seen you do not have the funds on hand.
A county court judgment gone wrong will stay on your record for six years. It's a heavy burden to deal with, and quite difficult to explain to lenders reviewing your history. Note that you will not have it on your record unless you miss payments that the judge sets for you. This payment is tailored to your budget and should be conceivable in terms of your ability to pay.
In comparison to a bankruptcy, one may draw some solid conclusions that both are about the same in terms of negative reputation. A CCJ may not be removed, just like the bankruptcy filing, and will put borrowers on a path to hopeful recovery. Credit counseling services can reduce the effect that the filing will have in time, but it will take work.
A county court judgment won't negate all possible chances at getting a mortgage loan. In fact, CCJ mortgages exist that are specialized for those who have a CCJ against their name, yet still have a responsible character that shows they are still otherwise responsible. If there is no other reason to suspect irresponsibility, lenders may charge a bit higher interest rate, but otherwise have no problem in issuing a mortgage loan.
With great credit, a CCJ won't do much damage. But when you factor in the possibility that your credit rating might be below average already, your future might not have the best outlook. Bad credit CCJ mortgages, as they are called, are still offered- but qualifying will still take work. A lender won't blindly give out trust to just anyone, and waiting periods are sometimes enforced to allow your credit to make progress first.
Closing Comments
County court claims should not just be brushed off. If you do see that you have obtained one, do your best to fight the claim if you believe yourself to be correct in doing so. If you do get a judgment held against you, there is no other choice but to pay the debt and move on. - 30462
No comments:
Post a Comment