Understanding A CCJs Remortgage | Expert Advice
If you have CCJs remortgage deals are not out of the question. You often see advertisements on television for loans and debt consolidation that discuss CCJs remortgage deals and more. But what exactly are CCJs remortgage customers will want to know and how do they affect the deals that are available?
The term CCJs remortgage applicants will know, stands for County Court Judgements. These are judgements entered in court against someone who is in debt – and you don’t have to owe a lot to get them. These days a lot of people are picking up CCJs remortgage and mortgage customers alike. That’s because there is increasing financial pressure from rising interest rates and utility bills. For some people this picture is worsened by falling salaries or contract working, which means it is difficult to have a steady income and thus to make steady payments. So it’s no wonder that people fall behind.
Once that has happened it is time for creditors to begin the process that may lead to CCJs remortgage customers will find. They ask for money and if the person who owes doesn’t pay within a certain time, the creditor may go to court to ask for payment. If the court decides that money is owed, a judgement is entered that the person should pay and how much they should pay. The court hearing is private and the debtor doesn’t even have to attend, but can send all the required information by post. The debtor then has one month to pay before the information goes on the record. Depending on the debts CCJs can add up, so that some people have thousands of pounds’ worth.
Bad Credit Reports
Your credit file will reflect the number of CCJs you have and whether you have satisfied (in other words, paid) them or not. It will include your name, the location of the court in which the judgement was issued, the date and the amount of the judgement. It will also include the total amount owed on CCJs.
There is plenty of advice on dealing with CCJs remortgage applicants will find. Advice is available from the increasing number of debt help agencies that exist in the UK, as well as from the Citizens Advice Bureau. And even with CCJs remortgage deals are available from dozens of lenders who specialise in bad credit remortgage loans. If you only have a couple of CCJs remortgage deals may be similar to those offered to prime remortgage applicants – or they may only be slightly loaded.
If however, your credit profile is in the heavy adverse range, with bankruptcy, arrears, defaults and CCJs remortgage deals are likely to be more costly, with interest rate loadings of up to five per cent. The good news is that you don’t have to stay on those high interest rates forever. In fact, once you have paid your mortgage properly for three years (no defaults or arrears), then in spite of CCJs remortgage deals with better interest rates could be available to you.