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Some basic info re Debt and CCJs

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  • Some basic info re Debt and CCJs

    I have a more complex question to post later re Westcot chasing a loan, however answers to the below might solve some of the problems prior to me composing.

    When and how does a debt get to appear on your Credit Record?
    How long does it stay on your Credit Record for?
    Does it have the same effect on your Credit Score re applying for a loan/mortgage as a CCJ?

    Regards

    Robin
    Tags: None

  • #2
    Re: Some basic info re Debt and CCJs

    ooops, sorry, posted this in wrong Forum, how can I move it?

    Robin

    Comment


    • #3
      Re: Some basic info re Debt and CCJs

      Originally posted by Ratilio View Post
      I have a more complex question to post later re Westcot chasing a loan, however answers to the below might solve some of the problems prior to me composing.

      When and how does a debt get to appear on your Credit Record?
      When you have failed to meet contractual payments, usually 3 to 6 mints after first missed payment.
      Originally posted by Ratilio View Post
      IHow long does it stay on your Credit Record for?
      6 years.
      Originally posted by Ratilio View Post
      IDoes it have the same effect on your Credit Score re applying for a loan/mortgage as a CCJ?
      Depends on the lender, some will only search the last 3 years for credit cards or loans, for mortgages they are likely to search the full 6 years. But not everyone can search the CRAs, while the trust online record of CCJs can be searched by anyone who pays the fee.

      Comment


      • #4
        Re: Some basic info re Debt and CCJs

        Originally posted by Ratilio View Post
        ooops, sorry, posted this in wrong Forum, how can I move it?

        Robin
        You'll have to ask Site Admin to move the thread, users can't move threads.

        Comment


        • #5
          Re: Some basic info re Debt and CCJs

          A debt should actually appear on your credit file anyway and updated monthly with a balance and a 0 to show there are no arrears. If you miss a payment one month then you get logged as a 1 and so on. When you reach a certain level of arrears (as noted above) you are likely to be sent a Default Notice that gives you advance warning that they will default the account if you don't pay a certain amount (usually the arrears) by a certain date. After that point they are likely to register the account as in default, which registers score 8 and stays that way.

          Basically there are 3 forms of negative data that can appear:
          Numbers for missed payments.
          A formal default.
          A CCJ.

          Credit scoring varies with firms but its likely that any default or CCJ will block you getting most automated loan applications. Mortgage applications are looked at more thoroughly and they are likely to study details, and some will offer mortgages maybe at a higher %.

          All credit scores and defaults should fall off the record 6 years after being put on and a closed account completely goes 6 years after the last entry. CCJs will stay on until they are settled.

          Comment


          • #6
            Re: Some basic info re Debt and CCJs

            Thanks to all comments.

            Kafka:
            CCJs stay on until they are settled?

            I was of the assumption that they disappeared after 6 years!

            Comment


            • #7
              Re: Some basic info re Debt and CCJs

              Originally posted by Ratilio View Post
              Thanks to all comments.

              Kafka:
              CCJs stay on until they are settled?

              I was of the assumption that they disappeared after 6 years!
              They drop off the public record so no longer affect your credit record but you still have to maintain agreed repayments or the creditor could go back to the court to enforce the CCJ via a CO, attachment of earnings or bailiffs.

              Comment


              • #8
                Re: Some basic info re Debt and CCJs

                Thread moved x
                "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

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                • #9
                  Re: Some basic info re Debt and CCJs

                  A key difference between defaults and CCJs is that defaults can become statute barred if you go for the Limitation Period (6 yrs unsecured, 12 years secured [in Eng & Wales]) without paying anything or formally acknowledging the debt. If you reach that period the debt is still technically owed, but it has become statute barred and noone can then take legal action for recovery, so basically you can tell anyone chasing it to bog off.

                  A CCJ is still a legal debt for as long as the terms of the judgment have not been fully satisfied. I hope this clarifies.

                  Comment


                  • #10
                    Re: Some basic info re Debt and CCJs

                    OK, thanks,

                    Just one more thing...

                    If someone has a CCJ going back 5 years or so, for about £550, how do they go about paying it off, who does she contact?
                    Since the CCJ being lodged against her, she has had no contact with claimant trying to claim, i.e. bailiffs etc

                    Would it be possible to contact claimant to arrange reduced payment for this in an effort to mark CCJ as paid?

                    Or is it now fixed and the only way it will be removed from her CR is to either pay it or wait another year and it won't affect her CR?

                    What if claimant is dead, or untraceble?

                    Comment


                    • #11
                      Re: Some basic info re Debt and CCJs

                      And.. If a company applies for CCJ, say £1000, and in previous negotiations with them they said they would accept £500, but I can only afford £300, can the judge say that I only have to pay £300, and then if I pay that £300 within 30 days, do I then not get CCJ against me?

                      Comment


                      • #12
                        Re: Some basic info re Debt and CCJs

                        I would think not if it was case everone would wait for a CC summons after offering to pay less than one third of debt?

                        Comment


                        • #13
                          Re: Some basic info re Debt and CCJs

                          Originally posted by Ratilio View Post
                          And.. If a company applies for CCJ, say £1000, and in previous negotiations with them they said they would accept £500, but I can only afford £300, can the judge say that I only have to pay £300, and then if I pay that £300 within 30 days, do I then not get CCJ against me?
                          If the creditor was willing to accept your settlement offer then surely they would discontinue proceedings against you. If it gets to court and you can't afford to settle in full, you'll be ordered to pay a certain amount every month, so even if you don't have the £500 or £1000 available at the moment (if you did, you could settle and avoid court), you would be expected to repay that amount over a period of time via monthly installments.

                          Comment


                          • #14
                            Re: Some basic info re Debt and CCJs

                            Ideally you would always settle before court, even if the litigation has started. If there is a judgment you will be saddled then with settling that amount eventually, but you can challenge the amount up until judgment as well as you can contest the whole debt. It is possible - even if you get a judgment against you - to convince the court that you don't owe the full amount of the claim.

                            What is always important is to keep up communication if you think that litigation is a possibility, and always have everything in writing as proof. You could always send a nominal amount each month (even £1) so that they cannot say to the court (as they often do) that you are trying to avoid the debt and are not trying to settle it.

                            Comment

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