Pay off CCJ or not?

System

This discussion was created from comments split from: DMP mutual support thread part 13 !!.

fatbelly

You are in a dmp. Your credit file is shot so that's not a consideration.

Who got the ccj? Was it a parking fine?

MeadowsVale

The CCJ will only stay on yor credit files for 6 years. After that you'll be clear.

I went from having a CCJ and 2 defaults to then getting a mortgage after they dropped off.

ManyWays

Can I ask what you will be paying to the DMP, because it it isnt much, then you may be eligible for a DRO which would clear all your debts including this CCJ

ManyWays

Who is your DMP with and are the £110 payments easily affordable?
With 20k of debt and in social housing, a DRO or bankruptcy would be better options for you, to clear all your debts including this CCJ. Then you can start saving a deposit if things get better and then think about a mortgage when the CCJ and DRO/insolvency are off your credit record. At the moment you have no chance of clearing the DMP debts and saving a deposit, the CCJ doesnt really change this. 

ManyWays

Where could you get the money from to repay it in full?

MEM62

ManyWays said:

Where could you get the money from to repay it in full?

Littlebigmoose said:

I only have £2k saved for emergencies. 

...........................................

EssexHebridean

Presumably the debts in the DMP already have defaults showing on your credit file anyway - when are those due to drop off (6 years from the defaults date)? Unless you’re a good way into the DMP then I assume you already have a fair few years of your file being a bit of a mess anyway - I don’t think stripping a big chunk out of your emergency fund just to save the extra bit of time that the CCJ will affect things is a great idea to be honest. 

Does your budget allow for you still being able to make at least a small payment into your EF each month? 

MeadowsVale

Littlebigmoose said:

MeadowsVale said:

The CCJ will only stay on yor credit files for 6 years. After that you'll be clear.

I went from having a CCJ and 2 defaults to then getting a mortgage after they dropped off.

Thanks for your response. Did you ever try to get a mortgage during the CCJ period?

No as I wasn't looking to move at the time. I only decided to buy a new house after my debts were gone and I had secured a higher income.