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CCJ repayment - advice please
Blackfish_2
Posts: 3 Newbie
Hello MSE,
Last week a Judge told me to repay an amount of money that I did not believe I owed. (I believed the money was a gift -the details are complicated).
The only way I can pay back the order is to take out a loan. Clearly I would like to do this before the 28 day period expires, such that the CCJ can be cancelled. I can afford a loan and would like to do this as cheaply as possible.
However I think my only opportunity to do this would be to transfer the money from a credit card, then to apply for a lower APR loan to pay the cards off ASAP after the CCJ is cancelled. This feels rather risky and scary - will I be able to apply how soon will I be able to apply for a loan? (can I apply for one now?) Servicing the CC interest could get tricky if it is delayed. My credit score prior to this was 999 and I have no other debt (exc mortgage).
BF
Last week a Judge told me to repay an amount of money that I did not believe I owed. (I believed the money was a gift -the details are complicated).
The only way I can pay back the order is to take out a loan. Clearly I would like to do this before the 28 day period expires, such that the CCJ can be cancelled. I can afford a loan and would like to do this as cheaply as possible.
However I think my only opportunity to do this would be to transfer the money from a credit card, then to apply for a lower APR loan to pay the cards off ASAP after the CCJ is cancelled. This feels rather risky and scary - will I be able to apply how soon will I be able to apply for a loan? (can I apply for one now?) Servicing the CC interest could get tricky if it is delayed. My credit score prior to this was 999 and I have no other debt (exc mortgage).
BF
0
Comments
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How much do you earn?
How much do you owe?
What do your credit files say (not the score)?
Do you have an established credit history?0 -
Owe 7k, take home 2.5/month. Have not yet checked files since the judgement, but previously there was not much to say - have always paid off everything, inc phone, mortgage, never missed a payment. Credit card used regularly and paid off regularly.0
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I think that, if you are able to get a loan and it suits you to do so, then you are right to get that CCJ cleared within the time limit. If you don't you will not get any decent credit for some time to come. If you cannot afford the loan then you can always ask the court for time to pay, which is a legally binding order on both parties. That will means the CCJ stays though.
Either way now you have judgement against you the debt needs to be sorted and you are quite right to be addressing the issue promptly. Be warned that once the time limit for expunging the CCJ has expired you will not be bale to remove it. There is no flexibility. Make sure you can prove the date the debt was settled - maybe by using a bank transfer.0
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