Terms and Conditions

Loans for homeowners with CCJ's county court judgements.

Unfortunately there is no getting away from the fact that having a CCJ registered against you will change the options available to you when looking to obtain finance. The fact that the courts have reviewed a previous debt will certainly be taken into consideration by any lender you may apply to for finance.

So how will it be taken into consideration?

Most lenders will use a credit scoring system. This is usually a computer-based process whereby the information from your application and credit file is input into a computer and a numerical score is determined, effectively rating the application. The parameters of the scoring system will be designed to match the important requirements of each specific lender putting greater emphasis on the key issues most important to that lender. The benefit of this system is that for the lender and the borrower it is a swift way to determine a suitable product for an individual.

And how will this affect me?

If you have previously obtained a CCJ, Should this be a reflection on your current circumstances? Also how can a computer understand the reason for the CCJ? Are you likely to have problems again and obtain further CCJs? This is unknown but a
Computer-based credit scoring system will decide by using historical results taken from a wide range of circumstances to decide the likelihood of a future outcome, rather like horseracing!

The point is, if you have CCJ from the past showing on your credit file, a computer based credit-scoring system will not be able to establish the reason, your score may be reduced and your rating diminished resulting in you failing to qualify for your required loan.

This may seem unfair as you may know that the reason behind the CCJ was beyond your control and unforeseen. You have always had good intentions to repay any credit you arrange.

An Example

Now, lets say the reason you were unable to pay your debt that resulted in a CCJ was an unfortunate one,

For example, you may have become unemployed due to being unable to perform your working duties after having an accident and you have no payment protection insurance on your loan. Your income is gone and household bills are still coming in. Due to the fact that your essential outgoings are exceeding your income and you are unable to make your loan payments, a CCJ is registered.

Two years later you have been back in work for 12 months, you are paying your bills and things are back on track you have cleared your debts and repaid the money owed relating to the CCJ. You require finance but the CCJ registered against you is stopping you get the loan you want. This is the because your application and credit file details that have been input through a computer based credit score system that will only view the CCJ record not know the reason behind it and possibly view the applicant as a higher risk.

So if I need a loan what can I do?

The GOOD news

Edwards & Associates has access to specialised lenders. Lenders who understand that in today’s environment when finance is used more commonly, hiccups and problems can and will often occur, but there may still be a need for finance in these cases. These lenders will look at an application regardless of its credit history and use a more human approach to lending.

Obviously you will need to meet certain criteria but through speaking with you, these types of lenders aim to build a relationship with their customer and try to understand the reasons behind their previous credit problems and then make a decision if the application is suitable.

This is great news for customers as it gives us all an opportunity to make the purchases that we want but sometimes cannot afford from our savings.

These types of lenders will on occasion use interest rates that are higher than your standard bank loan and will be rates they feel reflect your circumstances. You should always be clear about the terms of any agreement you enter into. It is important to note however that taking out a loan and repaying it well will be a way of having a positive impact your credit rating and will help you in future obtain finance at better interest rates.

So apply now and let us find a lender that WILL provide you with the loan you are looking for.

To apply click here

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All loans are subject to status, written quotations are available on request. We also offer a range of plans where rates may differ from 7.3% APR variable to 29.9%APR variable according to your circumstances. However most of our clients qualify for a typical APR of 12.9% APR variable

Loans for homeowners with CCJ's county court judgements.

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.