Let’s face it: we all eventually borrow money from someone we know once in a while. We also request financial assistance from lending companies and traditional financial institutions. Most of the time, we can pay for these cash matters. But what happens if you fail to do so? There are a couple of legal issues you will have to face. One of them would be a CCJ or county court judgment. Trust us. You do not want a CCJ on your record, especially if you have plans regarding credits and funds in the future. Let’s find out more.
What Is A CCJ?
A county court judgment is something a creditor or lending company can file against you should you fail to pay the money you owe them. Once a court agrees with your creditor, you will end up with a CCJ. That means you will have to settle the issue by paying the money back.
The neat thing about paying back is that you can come up with a term or condition. Courts can consider the payment method, and most creditors can be flexible, as long as they get their money back. You can do any of the following:
- Pay the money back one-time and full
- Pay it later on an installment basis
- Dispute the amount you have to pay
- Claim that the creditor is the one who owes you money
You have to settle a county court judgment if ever you receive one. Once you do not meet the judgment’s terms, you will face grave consequences. In some cases, you will have to give up your belongings so you can pay for the debt. You can find out more tips and things you can do to handle a CCJ on credit file by going online.
Who Or What Oversees County Court Judgments?
Your CCJ will go straight to a public database that we call the Register of Judgments, Orders, and Fines. However, your judgment might not end up in the database if you do one of the following:
- You get to pay the amount contained in the CCJ within one month of its declaration.
- You prove that the county court judgment is nothing but an error. Once that happens, the order will void or desist. This concept means it will not go to the records.
However, if ever the CCJ goes to the register, it will stay there for up to six years. Any individual – you or a total stranger – can take a peek at the register after paying a small fee. Since it is public information, people will be able to see your details, including the following:
- Name
- Address
- Case
- Court order number
- Amount of money you have to settle
One neat thing about this concept is that viewers will not know who you have to pay.
How Does It Affect My Credit Score?
Once a CCJ hits the register, it will appear on your credit report. What does that entail? Well, having such a mark on your credit report reduces your overall credit score. You will have difficulties applying for credit, as service providers will take a look at your rating. Once they see the CCJ, they might be reluctant to give you a green light or signal. A CCJ can also reduce your chances of getting additional loans, credit cards, or even a bank account. Some companies will also check your credit report before they hire you for a job.
What Happens If I Ignore The Court Judgment?
When you have issues paying the amount, you might get tempted to ignore it completely. But once you do, you will eventually face legal consequences. A lender can request authorities to visit your home and ask that you pay the debt. If you cannot, they will instead opt for collateral. Say farewell to your widescreen television set.
Another thing that can happen is for you to discuss the judgment. You can settle for a payment method that is not too stressful for your end.
How About If I Get To Pay, But It Goes Over A Month?
The good thing about it is that you are free of debt forever. The only downside is that doing so does not remove the order from the local registry. The judgment will still appear under your name for six years. What you can do is apply for a certificate of satisfaction. This certificate proves that you have paid the debt in total. Even if companies and entities see the hit on your credit report, they can brush it off once they see the certificate of satisfaction.
As A Conclusion
It is never a bright idea to leave any pending county court judgment rotting away in the register. You have to settle it before things get out of hand.
