Debt Consolidation is not the Only Alternative
COUNTY COURT JUDGEMENTS – BASIC FACTS AT A GLANCE:
County Court Judgments, as per the UK law, relate to the monetary debt problems as pending between two or more parties involved. Abbreviated as CCJ, the county court judgments could play an influential role in defining the debtor’s credit ratings in times to come. Booking a slot in the Register of County Court Judgments for six years, which happens in an eventuality of no debt settlement within a month from the date of issue of county court judgements, is certainly not desirable. This is because, the Register of County Court Judgments, serves as a substantial base for the UK based credit agencies and other relevant setups like banks, organizations, etc., to forward any credit. Negative county court judgments records in fact, are the most detrimental episode in the overall mess of debt problems. A substantial credit ranking influencer, the Register of County Court Judgments, therefore demands serious attention.
The CCJ Process:
County court judgments are pertinent, and the relevant UK laws therefore are
aptly defined to ensure fair proceedings to all concerned. The process begins
when one party files a claim in County Court, to demand the pending debts. It is
a legal channel to demand the outstanding. What follows is intimation from the
court on the claim and a County Court Claim form, to be filled in by the debtor.
This form as sent during the process of county court judgments includes all
information on the calculated claim amount with the breakup. This form is also
an opportunity for the debtor to clearly state his stand on the claim and thus
try sorting out the associated debt problems.
The County Court claim form must be replied to within 16 days of the receipt.
Reply options include acknowledgment receipt, defense form or any other
associated documents enlisting the desirable course of action, for the loan
repayment. Based upon the reply and court hearings (if at all happen), the
County Court passes, the County Court Judgments, giving out the details on the
amount to be paid with the specified time limits extended. The County Court
Judgments, also have provision for loan combination, wherein all debt problems
are accumulated in one bundled and handled likewise. In this eventuality, the
debtor pays a stipulated amount to a common source, who then divides it
according to the various claims. This sequence of the County Court Judgments is
referred to as administration order.
What next?
As stated earlier, if the dues are not settled within a month, the Register of County Court Judgments would be updated to include the debtor’s details. The same would be kept in records for a period of six years. With this in forefront, the viable route to avoid bad credit ranking and eventual debt problems is to repay at the earliest. Claimant’s solicitor would accept the payments. But if one cannot pay, the claimant can take the proceedings a step further and the next step of County Court Judgments would dictate even higher costs than he earlier defined settlement.
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