Secured loans for those with county court judgements (CCJs) are becoming more popular in the UK. Poor credit can happen to anyone. Maybe you need a secured loan for those with ccjs because you missed a couple of payments on a prior loan, let your mortgage fall into arrears, had a ccj against you or maybe even problems with your credit cards. Sometimes bad credit is due to circumstances that are out of your control such as divorce or sickness.
Not so long ago, CCJs would have made it seem impossible to obtain a secured loan. However, an increasing number of lenders are realising ccjs are not the end of the world. Many lenders have come up with an array of secured loans for those with county court judgements.
A poor credit history does not necessarily mean you won’t be able to obtain a loan. In fact, homeowners are very likely to obtain a secured loan since equity is involved.
Secured loans for those with ccjs are easy to apply for and can even be done online with us. Even with a low credit score and problems with previous loan payments, secured loans are available to homeowners. The equity in your house can be used to secure a loan.
Your credit score, informs lenders about your payment history, how you manage your repayments and how reliable you are to repay your loans. A high credit score suggests that you pay your payments on time. However, a low score says you are at a greater risk for letting payments go unpaid or late.
Since credit scores mainly focus on the previous two years of your credit history, you can increase your score fairly quickly (depending on your circumstances). Although it can take close to a year to see good results, it will be worth the wait.
If you are looking to increase your credit score there are some easy steps you can take. First, start by contacting Experian and Equifax. Analyze each report for both accurate and inaccurate information. Often, people will find simple mistakes on their credit report. Mistakes can unnecessarily lower your credit score and cost you more money in interest. Therefore, it is very important to make sure you report is correct. Items like county court judgements will sit on your credit report, it is ideal to look into your credit report and see what county court judgements you may have.
County court judgements can affect those who just cannot manage repayments on a loan or finance related option, ccj's can make life very hard when it comes to loans, mortgages and the arrangement of further finance, but your house may hold enough equity to provide you with a secured loan.
County court judgement is a term used for the process in which a judgement is made against a persons or company for unpaid debts in the county court. If a CCJ is paid for within 30 days of the judgement then it may not enter your credit file. CCJs are catalogued and held for 6 years with the Registry Trust. If a judgement is settled after the 30 day period it will be entered into public record and this will affect your credit rating.
