question category: CCJ

How will a CCJ affect my credit rating?
Submitted on: 28th Oct 2008 by Non-Member | Total Answers: 1

Will I be able to get a loan if I have a CCJ and will it affect my credit rating?

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Re: How will a CCJ affect my credit rating?

A CCJ will be on your credit file for 6 years. Having a CCJ will dramatically affect your ability to get loans, credit cards and other forms of finance, and if you do, the finance will be expensive with APR's often set at over 30%!

If you have just had a CCJ awarded against you, pat it quickly. A CCJ that is paid within 30 days will not appear on your credit file.

If you clear the CCJ by making regular repayments to your creditor and finish repaying the debt. You can send a 'letter of satisfaction' to the credit agencies and they will mark the debt as 'satisfied' on your file. This will make finance more accessible and cheaper again. A 'letter of satisfaction' is obtained from the court that issued the CCJ.

Submitted on: 29th Oct 2008 by TA Member

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