CCJ about to expire - options for remaining debt

snappybadger

I have a CCJ from a loan with Northern Rock (now passed to NRAM) which is due to come off my credit file in July. I still owe about £20K and am paying monthly about £40 as set by the court in 2007.

I am wondering what my options are with this debt as it's going to take another 15 years to clear at this rate. If I were to just stop paying it either now or after the CCJ drops off my file what are NRAM likely to do? Can they seek another CCJ?

I could potentially get a family loan to make a low settlement figure but just wondering whether I even need to do this if I could possibly walk away from the debt somehow?

I would appreciate your thoughts/advice! TIA.

antonic

If I am right, as a CCJ has been granted against you, it will always show on your CR file.

Unless you pay it off, it will always show as "Unsatisfied" but NOT collectible.

It may be in your best interest to pay it off because a satisfied CCJ looks better than an unsatisfied one.

suburbanwifey

A CCJ will only stay on your credit file for 6 years, then it will in fact drop off and disappear. The poster above me is wrong.

Once the CCJ drops off your credit file you could then cease payment.

fermi

The CCJ may no longer be on your report, but if you cease payment the creditor is still able to seek other forms of enforcement. Baillifs, charging order, attachment of earnings, etc.....

(I have also seen it claimed that they can apply to re-register the CCJ, meaning it would go back on your credit report. I'm dubious of that claim, and can't reacll ever hearing of it done, but.......)

If this is going to tale 15 years to pay, that equates to about £7,000 at that rate?

Can you get money to do a F&F?

Do you have other debt? If so, how much and what status?

matttye

suburbanwifey wrote: »

Once the CCJ drops off your credit file you could then cease payment.

As Fermi said, the CCJ remains in-force, it just is not displayed on credit files after six years.

eyeopener2

I've heard that a creditor can go back to court to have the ccj reinforced but they would need a very good reason to convince a judge. I've never seen it happen on any of these boards or other debt forums.

Doesn't apply in this case though, as fermi says.

Angry_Bear

eyeopener2 wrote: »

I've heard that a creditor can go back to court to have the ccj reinforced but they would need a very good reason to convince a judge. I've never seen it happen on any of these boards or other debt forums.

Doesn't apply in this case though, as fermi says.

Just to clarify, they only need the "very good reason" if there's been a 6 year gap with no payments and no attempts to enforce the CCJ. The OP has been paying so that isn't the case here - and the creditor would probably be able to get bailiffs/attachment of earnings etc. with very little fuss if the OP stopped paying.

snappybadger

Ok thanks everyone. I think I will try and get a F&F agreed. How likely do you think this will be with NRAM and the fact that I have been making regular but low payments? If they don't accept and I just keep making the regular payments, once the CCJ drops off my file am I right to assume my credit rating will improve? Or will creditors still be aware of the largely unpaid ongoing debt?

eyeopener2

Angry_Bear wrote: »

Just to clarify, they only need the "very good reason" if there's been a 6 year gap with no payments and no attempts to enforce the CCJ. The OP has been paying so that isn't the case here - and the creditor would probably be able to get bailiffs/attachment of earnings etc. with very little fuss if the OP stopped paying.

r

Very true.

snappybadger

Sorry fermi - the reason I said 15 years is because I have one other debt which I am paying off at a higher rate (am on a DMP) this will be paid off in Oct 2016 so after that I can redirect that payment towards this bigger debt, reducing the overall term. This other debt (default) will also fall off my credit file this year.

fatbelly

snappybadger wrote: »

I would appreciate your thoughts/advice! TIA.

Comply with the court order and keep paying £40 per month. You were fortunate to get that order on such a small amount against a large debt.

But you do need to look at the bigger picture, as Fermi said. Maybe start a new thread with a statement of affairs.