CCJ Loan In summary:
A loan available to people who have CCJs (County Court Judgments) against them.
Loan best for People with CCJs on your credit history or other related financial problems.
The amount you borrow will vary from one lender to another – each will have its own minimum and maximum borrowing limits. It may also depend on what you want the loan and what kind of loan you can or will take place (ie if you take a loan secured or unsecured, for example). You can find a lender that allows you to borrow only a few hundred pounds and some will let you borrow £ 100,000 +. You allowed the loans will probably be based on an analysis of your income and expenses every month to assess what you can afford in repayments as the lender can calculate how much you pay.
CCJ loan periods will be dictated in part by the loan product you choose, and partly by the rules set by your lender. In general, you find that loan periods will begin at twelve months and can rise to 25 + years.
Whenever you try to borrow money, it is likely that credit is controlled by the lender. This helps them build a picture of how they have managed financially in the past. Having a CCJ on your credit score – no matter how good your excuse – it’s like a big neon sign saying that the lender that you are a risk. So, can not easily get a standard loan in this case. A CCJ loan, however, takes away all the stress and helps you get the funding they need. Will also probably work with cheaper rates than they would if not find a lender to agree to give a conventional loan. I would charge higher interest because of its history – CCJ loan specialists understand their situation and therefore can keep their rates as favorable as possible for you.
What to look out for:
You can not hide the fact that you will pay more for a CCJ loan than for a standard loan rate charged at the standard (although this should work as a better deal than if they were accepted by a conventional lender). So look around to find the best deal you can. You may charge a fee to your loan arranged – you may need to pay to get the loan if your financial situation is very bad. They should also be aware that the CCJ loan providers do not always offer the rate you can see advertising. They will look at your individual situation and – the worst thing you look financially – the more you will pay. It is difficult to get the best deal sometimes, when you have financial problems – for example, you may be linked to an agreement that does not let you pay the loan early without paying a hefty fee, for example. If you can, try to find a lender with some flexibility here – you can find the vacation pay to be a useful addition too. One of the problems many consumers face is the CCJ loans that accept more than they can afford. If you find that you can not make regular payments then we run the risk of judicial procedure – with a guaranteed loan – could see you lose your home. Obviously this can not happen with an unsecured loan, but its lenders still be able to take action to recover their money. At least one may find that your credit rating falls further if you have problems with delays or non-payment. Even if you know you can afford your repayments, you might want to look at the payment protection insurance in case something unexpected happens, like losing your job or having an accident, etc.
Alternatively, you could try to take advice from a conventional lender to see where we are – but, a CCJ loan may be your best and only option.