When you are a person who is bound with the mark of CCJ then no one believes you in terms of handling any responsibilities. It is because once you have failed the test of managing things then it becomes very difficult to gain the trust back. Similarly, when you do not stand on the pedestal of managing the finances in a decent way, it can cost pounds in good numbers. Let just take the case of the individuals who are dealing with the restriction of CCJ.
First of all, before starting the discussion, why people fall under this category, it is important for us to know its full form and meaning in depth. It stands for County Court Judgement and this happens to the people who are not able to return their borrowed amount and skip most of the instalments.
This constraint is known to be the most severe on because once you get trapped in this, then you need to store loads of determination because it can take time to dissolve properly. If we keep the concern of solving the restriction aside, let us just talk about the people who are in need of extra financial assistance. If you are the one who is looking for some financial assistance then CCJ loans with no guarantor can be an option for you.
You can also read Situations you need to borrow money for business with CCJ
LET JUST MOVE FURTHER TO KNOW MORE ON IT:
When a person is called CCJ bound?
It is the constraint which restricts the people from getting acceptance when they need money the most. It is the phase when an individual does not return the amount and skips his or her payments. This stage brings the lender to perform some strict actions against the borrower which is called CCJ. It is the order from the court to return the amount otherwise, the person has to stand in the court for settlement purposes.
What are the consequences of this order?
It is known to be a strict action taken against the borrower when he or she is not returning the amount on time. The consequences are the same if you apply have applied from offline sources such as banks. When a person does not return the amount the first targeted section is the credit score. The credit score holds a very big value in terms of getting a loan further.
Not only that, if have you applied from the source direct lender, they also check the worth of the credit score. Therefore, it can be assumed your finances are not worthy to make any future purchase or to get a loan. The path of buying any new commodity crosses the subway of credit score. Lastly, do not forget about the penalty added on the unpaid amount. Therefore beware of this constraint.
Is there hope for improvement?
Yes, this the time when you should recall the motto of encouragement: where there is a will there is away. With the help of a new vibe towards the betterment of finances, you can improve the ratings of the credit score. Therefore, by just following these steps you can solve two purposes:
First is you can improve the financial stability and second is, you can get over with the mark of CCJ. These two things are only possible if you are determined with your gut to make each pound’s worth.
- Collect all your pending dues papers in a file and assess it in front of the court.
- Present your situation that why you were not able to return the amount with valid proofs
- Make sure that you have savings because that can help you to go through your emergencies and to deal with a monthly budget.
- If you know that you can return but due to some reason you were not able to do so. With your first or second notification, you can return the amount. This process can save you from rushing to court and its proceedings.
- Lastly, the immediate step you can take to solve the financial trouble is that call for advice to the loan holders specialist. They can serve your satiation in the best possible way but do not think you can escape all the owed amount will get a return and that depends on your determined mind.
There can be many reasons which must have held you back to return the amount because no one wants to fall in the debt trap. On that note, if you are looking for some financial assistance then you can anytime use the lender’s resource to solve your financial situation.