4 Year old CCJ

Hopeless_saver · 13 May 2017 at 5:35PM

Hi!

I have a 4 year old CCJ for £4350 which I have paid off £5 a week since the moment I got it. However my credit score has not budged in the last two years that I have been checking it, I get the odd month where it increases a few points but nothing drastic. Will it be the full 6 years before I see any massive improvement e.g. is there an age band where it starts to be less prominent i.e. after 5 years your credit score get better?

Really hoping someone has some answers as its difficult to keep motivation and constantly worrying about it when I see no bright future for such a long time.

bazzyb · 13 May 2017 at 5:43PM

Your credit score is meaningless. Lenders look at your credit history rather than your score. The CCJ will show on your file for 6 years, and as it has not been paid it will show as 'active' rather than 'satisfied'.

sourcrates · 13 May 2017 at 5:46PM

Why are you worried about something so meaningless and that only you can see ?

Nothing will change until the CCJ falls off your credit file after the full 6 years.

Go and live your life.

GarthThomas · 13 May 2017 at 5:57PM

Is there no way you can find to pay it off more quickly? Evening or weekend work, getting. A better paying job, ebaying any old possession she that you don't use any more?

Hopeless_saver · 13 May 2017 at 6:05PM

GarthThomas wrote: »

Is there no way you can find to pay it off more quickly? Evening or weekend work, getting. A better paying job, ebaying any old possession she that you don't use any more?

I have 5k in savings for a mortgage so far and my job isnt badly paying, I just dont want to over stretch myself and it make no different to lenders. For example, it will drop off anyway in 2 years so surely paying the 5 a week is better, whilst earning interest on an isa?
I intend to pay this ccj debt off, its not a case of avoiding it

Or would you not agree?

bazzyb · 13 May 2017 at 6:39PM

Hopeless_saver wrote: »

I have 5k in savings for a mortgage so far and my job isnt badly paying, I just dont want to over stretch myself and it make no different to lenders. For example, it will drop off anyway in 2 years so surely paying the 5 a week is better, whilst earning interest on an isa?
I intend to pay this ccj debt off, its not a case of avoiding it

Or would you not agree?

I don't see how taking 17 years to pay the debt off makes any sense if you can avoid to do it sooner.

The CCJ showing as satisfied will be much better on your credit history than showing it is still outstanding, surely that will be of benefit to you if you're planning on getting a mortgage?

Richey_ · 13 May 2017 at 6:45PM

When you go for a mortgage banks will ask you about outstanding debts and very probably ask to see your bank statements. Even if it drops off your credit reports it's very likely the bank will find out when you declare debts, outgoings and show bank statements. You don't have savings when you have this debt - it wipes your savings out. Pay off the debt then start saving real savings. This will guarantee the bank will not know after the six years are up

Hopeless_saver · 13 May 2017 at 7:19PM

Thank you Richey_ I hadn't thought of that before. The debt needs to go, I see that now... Just going to hurt a hell of a lot seeing my little savings egg go to nothing! haha. Like a plaster though i guess.. .just rip it off!

Richey_ · 13 May 2017 at 8:21PM

Genuinely wish you all the best, it's a hard slog. I got a mortgage 4 years ago with a default still showing. Just makes it more work but not impossible. Only tip I can give us to make your self in as strong and attractive as possible an just be totally honest as if they find it and you haven't told them, it makes it so much worse / harder

4 Year old CCJ

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