Ccj settlement

Mitchel.

Hi

Just trying to understand if I have a ccj from a credit card. which is now owned by reston solicitors ccj is from december 2022 and the default for this was made 2021 by Cabot financial. 

I have no other debts or marks on my credit file.

They've recently emailed me asking if I would be interested in an early resettlement amount with discount. I'm guessing they would then put on my credit file part settlement.

Am I better off taking this or just carrying on paying £50 a month with the debt being £3300 be another 5.5 years and by that point will have dropped off my credit file. 

Thanks
Mitch

sourcrates

Up to you Mitch, no real benefit to you to settle early, judgement will still stay for the full 6 years regardless.

MattMattMattUK

sourcrates said:

Up to you Mitch, no real benefit to you to settle early, judgement will still stay for the full 6 years regardless.

Would the benefit not be in the partial settlement, so whilst it will take just as long to fall off the credit report, the total amount repaid would be less?

sourcrates

MattMattMattUK said:

sourcrates said:

Up to you Mitch, no real benefit to you to settle early, judgement will still stay for the full 6 years regardless.

Would the benefit not be in the partial settlement, so whilst it will take just as long to fall off the credit report, the total amount repaid would be less?

Yes, if the OP has the money to do so, that`s fine.

Mitchel.

sourcrates said:

Up to you Mitch, no real benefit to you to settle early, judgement will still stay for the full 6 years regardless.

sourcrates said:

MattMattMattUK said:

sourcrates said:

Up to you Mitch, no real benefit to you to settle early, judgement will still stay for the full 6 years regardless.

Would the benefit not be in the partial settlement, so whilst it will take just as long to fall off the credit report, the total amount repaid would be less?

Yes, if the OP has the money to do so, that`s fine.

So just so I get the whole idea of ccj right after 6 years if I've not paid off the ccj it falls off can they reapply to court or give me another default?. They also have said they will apply for an order if I miss payments to take my assets.

So my logic then if the above is right I'm paying £50 a month and only have 51 months left of my ccj meaning they will only get £2550 rather than £3300 which is left on my debt.

sourcrates

CCJ`s stay on file for 6 years regardless of what you do.

They are also enforceable for 6 years, if you stopped paying when the judgement dropped off your file, it would then be too late for them to apply to the court for an extension, they must apply before the initial 6 years runs out.

So technically what you say is true yes.

ManyWays

It isnt possible for a CCJ to be marked as partially settled. You must ask Restons if they will agree to mark it as satisfied, they arent obliged to do this and may well leave it so it looks as though you still owe the amount.  

At the end of 6 years the CCJ will go but as you have been paying Restons can still go to court to take enforcement action (bailiffs, deduction from income) against you. 

Mitchel.

ManyWays said:

It isnt possible for a CCJ to be marked as partially settled. You must ask Restons if they will agree to mark it as satisfied, they arent obliged to do this and may well leave it so it looks as though you still owe the amount.  

At the end of 6 years the CCJ will go but as you have been paying Restons can still go to court to take enforcement action (bailiffs, deduction from income) against you. 

so even after 6 years they can still enforce a ccj? 


This is what they put in the letter 

Please note that there may be an opportunity of a short settlement payment to bring this matter to a close. If you think your financial circumstances would allow you to pay a lump sum, please telephone us on 01925 426100 to discuss this further. Please be advised that you will be asked to provide details of your finances as we need to make sure that any such payment would not make it unaffordable for you to buy food or pay your priority bills.

If a settlement agreement is reached and subsequently paid, our Client will update your credit file at the Credit Reference Agencies. Your credit file will show that the account has been partially satisfied. This record will remain on your credit file for 6 years from the date of default.

sourcrates

If within the 6-year limit, a CCJ is on the verge of expiration without the debt recovered, there is a provision to appeal to the court for an extension. Although, to do this the creditor will have to prove clear and plausible reasons why the debt was not recovered within the 6-year period. The evidence must be convincing to the court to get an extension. 

 

E.g., if the debtor was out of the country, it is possible to apply for an extension. However, if the CCJ was simply not followed up within the stipulated time frame it is unlikely the court will grant an extension.