Getting a loan with a CCJ - likelihood?

foxy-stoat · 22 May 2018 at 10:11AM

You dont need to drop £10K of money you dont have on a reliable car - spend £2000-£3000 of your deposit and build it back up again and put off getting a mortgage for another year or 2.

ciderboy2009 · 22 May 2018 at 8:25PM

OP - you don't mention any credit card balances etc - are there any?

Regardless, attempting to get a £10k loan and then a mortgage 6 months later is total madness.

jimbo747 · 22 May 2018 at 11:44PM

If you've had a ccj the last thing you should thinking of is more credit.

Candyapple · 23 May 2018 at 11:49AM

georgiaclairepatrick wrote: »

I've been talking to lots of people about the likelihood of being accepted for the loan as I don't want a ding on my credit report because I was rejected. My current bank account is with HSBC which I have had since I was 11 years old (14 years with the same bank). I've been told by friends and family that i'm more likely to get a loan with HSBC as they 'know me', however, after doing lots of reading, it isn't looking like I will be able to get a loan with my current CCJ and also that HSBC are 'picky lenders'. My friends and family think i've been fear mongering myself and but I think i'm just being informed.

I just want to know if anyone can shed light on the likelihood of being accepted by HSBC for a 10k loan with a CCJ? Or has anyone had any positive/negative experiences with getting a loan with a CCJ?

Yes HSBC are very picky lenders. I highly doubt they would offer you a loan with a CCJ, and if they did, the APR would be sky high rates.

You can however do a soft search with them which won't affect your credit history to see what they say:
https://personalisedloanquote.hsbc.co.uk/

In all my years on here of reading threads I can't say I've ever come across a thread where someone has had a CCJ and applied for a loan successfully - they've all been rejected and resorted to trying payday lenders or loan companies where the APR is in 20% or 30% range and even then, only for like £1k or £2k.

As has already been said, if you are going to be applying for a mortgage in the next 6 months you absolutely do not need any hard searches on your file - let alone a new £10k debt.

CakeCrusader · 23 May 2018 at 1:16PM

You're better off using the cash that you have saved to buy a car, saving up for a deposit, then applying for a mortgage once the CCJ has dropped off your credit file. It will take a while, but it's going to be difficult to get a mortgage while it's on your file, and you may find that you're stuck with a lender who specialises in customers with bad credit, so it will cost you a lot more money in the long run. The older the CCJ is, the less impact it might have.

ReadingTim · 23 May 2018 at 1:27PM

georgiaclairepatrick wrote: »

I will be using that money in the next 6 months to put a deposit down on a house so I can't really touch it unfortunately. I think I may have to just get another 'banger'!

Eh? You're worried that a CCJ means you might not get a car loan, but aren't worried that it's even more likely to mean you won't get a mortgage...? I think you've got your priorities a little mixed up my friend...

Getting a loan with a CCJ - likelihood?

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