UK CCJ Loans | UK Court County Judgment Loans
1. What are loan CCJs?
A CCJ loan is a loan that is given by lenders despite your credit rating showing that you have had County Court Judgment against you in your past credit history. You may seem to be a risk to any lender with a County Court Judgment in your past but there are loans available.
2. What is a CCJ mortgage lender?
A CCJ mortgage lender is a company that is willing to take a chance on you paying back a loan that will be given to you. Due to the increase in people with CCJ’s against their credit, there are many companies that will grant you a CCJ loan in today’s market.
3. What kind of interest rates will I have to pay?
The interest rates on a CCJ loan are automatically higher. This is due to your credit rating. It will depend on how high a risk you are for the lender. The higher the risk you are the higher your interest rate will be when you get the loan.
4. If I have paid the CCJ will that affect my interest rate?
Yes, when you apply for a CCJ loan, make sure you have all the documents pertaining to you paying the CCJ. This document is called a Certificate of Satisfaction and will sometimes go a long way in ensuring a lower interest rate. Make sure the details of this document are correct and if they are not, have them corrected before you apply for the loan.
5. What happens if I pay the CCJ immediately?
If you pay the CCJ immediately upon receiving it, it is possible that it will be taken off your record altogether. Actually if it is paid within a month of the judgment, it can still be stricken from your credit history. This is certainly an advantage for some people when they can do this.
6. Should I go to any mortgage company when looking for a CCJ loan?
No, you should go to a CCJ specialist. This is a company that specializes in loans such as this. A CCJ lender will take a different view on your credit history, where as a regular mortgage lender will not. A CCJ mortgage lender will look for reasons to lend you the money instead of looking for reasons why they shouldn’t.
7. Will I be assured of getting the loan?
Yes, the chances of you getting the loan will be very good. A CCJ Mortgage lender will do all that is possible to give you the loan you’re looking for. They may apply real high amounts of interest because of the risk they are taking by lending you the money. A CCJ specialist could be the key to you getting the money you need.
8. Why will my interest rates be so high?
The main reason for your interest rates being so high is that you are a greater risk for lending money to. The lender has to make sure he gets paid for the risk he is taking and does this in the form of higher interest rates. Your credit history makes this possible.
9. What does a CCJ do to my credit rating?
A Court County Judgment weighs very heavily upon your credit rating. You will find that a standard bank or lending company will not lend you the money you’re looking for because of this. That is why so many CCJ companies have cropped up in the past few years. They are willing to take the risk of lending you the money.
Also look at our Glossary for the term CCJ. This part of our website has information about uk CCJ Loans we have several questions people ask when looking for information about getting a CCJ loan. Please remember to always consult a financial advisor for more information about CCJ loans.
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