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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.
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For more information speak to a mortgage adviser on 01628 507477 or contact us .
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be between £399 and £599.
Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.
The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk
Call: 01628 507477