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Loans and County Court Judgements

So what is a County Court Judgements (CCJ)?

They are issued when a person fails to pay a bill or repay money they have borrowed and the party who is owed the money has gone to court to enforce payment. This can happen with a secured loan or even with a mortgage.

If you have had CCJ registered against your name while it will give you a record which will affect your future ability to get credit for at least 6 years.

A CCJ effectively outlines how much you need to pay your creditors based on your previous non-payment history. If you still cannot afford repayments then the court will need to adjust the CCJ to reflect what you can genuinely afford.

It’s important that you keep up with payments under a CCJ as if you default then there is a likelihood that you could end up having the bailiffs at the door demanding a payment of sorts.

Having a CCJ will obviously show up on you credit history so no matter what type of finance you need you will find it very difficult to get a low rate loan. When you pay in full, you can have the CCJ marked as satisfied, but it does not come off your credit file.

Even when you have a CCJ some lenders will still provide you with a loan or remortgage. The main problem with these loans and remortgages is they will incur much higher interest rates than if you had a good credit history. Lenders will view your application as high risk and with every right. As the reason you have a CCJ is normally because of non-payment of previous loans so it’s not likely you will be able to borrow a very large amount of money.

Nowadays some companies provide specialists remortgages, which can be used to pay off the debts relating to a CCJ. This will only be possible if the value of your property has increased since the start of the CCJ. This method of raising money can be extremely helpful as it can also allow you to free up money for other purposes.

How does a CCJ affect my credit rating?

Your CCJ will appear on your credit file for 6 years (if it takes you more than 6 years to repay the CCJ, the creditor will re-register it with the credit reference agencies). However, your credit rating will already be affected by the fact you have not paid the contractual payments, which has resulted in you receiving a CCJ. If you manage to clear the CCJ within 6 years you can write to the credit reference agencies enclosing a “letter of satisfaction” from the issuing County Court to have the entry marked as “satisfied” on your credit file.

Conclusion

Having a CCJ was once a great burden on your ability to get a loan or remortgage. However, given the increase in specialist CCJ lenders it is now easier although you will pay the price for previous financial indiscretions by having to pay higher interest rates on your loan or remortgage.

Small Business Loans and the Bottom of the Ocean

After reviewing the current sorry state of obtaining a small business loan, most would conclude that normally reliable bankers and banks have become non-responsive and ineffective when dealing with commercial borrowers. For small business owners, the current process for obtaining commercial loans and commercial mortgage loans has become confusing and frustrating. It has become so bad in most places that it would be appropriate to update the standard Ronald Reagan quote about government solving problems to something like “Banks are not the solution to our problem, they ARE the problem.” In any case, it is remarkable to see how the public is now viewing the banking industry in a totally different light.

The banks which have already received hundreds of billions of dollars in federal bailout loan guarantees are currently the primary target of public scorn. Even bank employees seem to feel this way. A person who was recently employed at one of these banks lost their job and did not hesitate to describe the relief because they no longer worked for this particular bank.

Bankers might have become the new lawyers in terms of public anger and ridicule. There was a joke making the rounds a few years ago about lawyers that has been modified to include a reference to bankers. What do you call 10 lawyers on the bottom of the ocean? (A good start.) Substituting “bankers” for “lawyers” will readily provide a contemporary cultural reference about how far bankers have fallen in the public eye.

The many good bankers who have done absolutely nothing to deserve this ridicule have their work cut out for them to restore a tarnished image. If the good bankers can be more candid in their public criticism of the bad bankers, this is likely to be an effective strategy for improving their public image. It seems increasingly clear that some banks and bankers have acted irresponsibly for many years. Other bankers are likely to be one of the best sources to correct and evaluate this misbehavior. Seeing the innocent bystanders in the banking community speak out publicly about those who caused the economy to implode will be both helpful and refreshing.

The practical need for commercial borrowers to find reliable sources for working capital financing, small business loans and commercial mortgage loans cannot be overlooked when evaluating the growing public criticism of banks. For several reasons this process could be more difficult than it first appears.

First, many business borrowers could have been working with the same banker and bank for a long time. Some businesses might delay longer than they should in firing their bank because of loyalty and friendship issues.

Second, it will not be an easy matter to find an effective source for business finance services even after a commercial borrower decides that a change is necessary. In most cases, it will be prudent for business owners to look beyond their local area in the search for better providers of commercial finance funding.

Fast Christmas Loans to Finance Celebrations!

Christmas is getting close and there is much to be done: presents to purchase, decorations to prepare, family and friends to invite, food to buy, etc. Christmas can really be expensive and more than often extra funds are needed. People resort to different sources of financing being credit cards the most common one. However, that is because most people ignore how advantageous fast Christmas loans are and how they can provide all the financing that someone can need for celebrations.

Fast Christmas loans are a specific type of Christmas unsecured personal loans that are granted right away with no need for credit verifications. These loans provide only small amounts and are not a fixed source of financing. The idea is to provide funds for the holiday to purchase presents and prepare the celebration. Therefore, the loan amount will range between a couple of hundreds and ten thousand dollars but not higher amounts.

Why Fast Christmas Loans

Fast Christmas loans are meant for those who for instance, did not remember to save for purchasing presents and just realized a few days before the celebration or for those who just received a phone call from family members living in a distant place telling them that they will be visiting on Christmas and staying for some days. For such situations and many more that require financing fast and without hassles, fast Christmas loans are efficient and expeditious.

Most fast Christmas loans do not require credit verification and thus, the approval process is quick since the risk department of the banks and lending institutions that provide these loans do not need to intervene in the transaction as they have assessed the risk beforehand. Therefore, these loans are also perfect for those with bad credit, no credit or past bankruptcies on their credit history. Your credit score and history will not be an issue when it comes to fast Christmas loans approval.

What Are The Benefits?

As opposed to others fast cash loans, these loans carry lower interest rates and thus are perfect to replace credit card financing when it comes to Christmas purchases. The interest rates charged are better even on no-credit-check Christmas loans; almost half of the rate charged by regular no credit verification loans that are offered by bad credit lenders during the rest of the year.

Bad credit availability is also a benefit of Christmas loans. These loans can be availed even by those that have delinquencies recorded on their credit report like late payments, missed payments, defaults or bankruptcies. Bad credit and no credit are not a problem if you want to apply for a fast Christmas loan. There are other Christmas loans that require credit verification but not these ones, therefore, your credit score and history are unimportant if what you want is to get approved for a fast Christmas loan.

Summing up, if you want to get approved for a loan quickly, without hassles, with no credit verification for a fair amount and a reasonable repayment schedule, what you want is a fast Christmas loan. And you can obtain one by searching the net and applying to online lenders which will process your desired loan even quicker.