Remortgage With a CCJ

| February 13, 2007 | 0 Comments
Remortgage With a CCJ

A County Court Judgment (CCJ) is a decision by a court that says a person owes money to a creditor and that he has not met the obligations laid out by that creditor. It is beyond a default, which is often the cause of something as simple as a missed payment. A CCJ is more likely caused by consistent late payments or by multiple late payments.

Even a CCJ (called a Decree in Scotland) does not limit a person from being able to get a remortgage on a home. In some instances, it could even be the motivating factor behind the remortgage. The collateral in the home could serve as a motivation for lenders to extend the money. The type of loan could also answer other problems as well.

A CCJ remortgage could be a way to remove the judgment from a credit file. Normally, a CCJ will remain in a credit file for six years from the time of judgment. The exceptions: 1. If a person doesn’t meet the terms of the original CCJ then it can be extended. 2. If a person pays satisfies the CCJ within 28 days of the judgment then it will be removed from the credit file immediately.

In order to be able to use a CCJ remortgage to satisfy the judgment in the 28 days, a person will have to move fast. It is important to find a company that can work under these terms, and that is interested in helping the consumer find the best answer for his situation.

Even a CCJ remortgage will not help if the person does not change the habits that led to the judgment in the first place. It is important that payments be kept up and consistently so, in order to keep future CCJ’s from becoming a part of the credit file. Without this change, it is likely that the next judgment against the person will be far worse than the CCJ that was faced in the beginning.

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