CCJ Repayment options

[ES1990]

It looks like I will be getting a CCJ unfortunately. It is a large amount £39000 from a failed business debt which I personally guaranteed.

Sorry I don't have much experience of this so just want to be clear how it works?

If the CCJ is granted and I cannot pay by the other methods what are the options?

Could I pay monthly? I would only be able to afford about 150pcm so would take over 20 years? Is that an option on these. I don't want to face having my house repossed as I have 2 young children?

[PallasAthena]

Payment by installments is possible but usually I'd expect it to have been agreed either by the creditor before it gets to the stage of a CCJ being issued, or for the court order, the CCJ, to state what the installment arrangements agreed by the court are.

Can you give us some more information please.

You say "It looks like I will be getting a CCJ" but what stage has this got to? Has the court hearing taken place yet? If not has a date been set?

Have you taken professional advice on whether you have any defence to the claim?

Have you attempted to negotiate payment by installments with the creditor? Have you provided them with details of your financial circumstances?

[atticus]

The judgement creditor may well seek a charging order over your property. If they are particularly hard-nosed, they may take bankruptcy action.

Can you raise money by remortgaging?