Prime Minister Theresa May responded earlier this month to an investigation by the Daily Mail into alleged abuse of County Court Judgements or CCJs as they are known as in the financial sector.
CCJs are a black mark on your credit file and can stop someone getting a mortgage or even qualifying for a mobile phone contract. The main problem with CCJs is that a lot of people simply don’t know they even have them, until they are turned down for credit.
The most common reason for this is that letters are sent to previous addresses, meaning that over 8 in 10 remain uncontested. Failing to update the DVLA when you move house can mean parking tickets and speeding fines go unpaid and result in the all too damaging CCJ.
Over the past 3 years the number of CCJs has risen by over a 1/3rd with over 900,000 issued last year and over 2,000 a day heard in court, with no defence entered.
Everyone should check their credit file to ensure that there is nothing there which shouldn’t be there. If you are looking for a mortgage, this needs to be your first port of call. There are various credit checking websites which charge you a monthly subscription, but you can usually cancel without charge in 30 days and some websites offer free checks.
Under the Data Protection Act, everyone is entitled to challenge the information held about them on the register, but getting it removed can be often be difficult and very time consuming.
Here are a few examples of CCJs we have come across:
We managed (eventually) to sort all three of these clients out with a mortgage, but not without an awful lot of hassle, stress and time. The third example took over a year to resolve.
Of course there are plenty of CCJs registered with good reason and often if they are “satisfied” getting a mortgage is a strong possibility.
If you have a question about CCJs and how they can affect your ability to get a mortgage, you need to speak to an Independent Mortgage Adviser.
Related Blog articles:
For more information speak to a mortgage adviser on 01628 507477 or contact us .
Yesterday
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
6 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
9 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
10 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
15 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
24 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
24 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.