County Court Judgments
by Digital Zone digital marketerDebt can be defined as a sum
of money taken by the borrower from the lender. It is a two-party process that
includes borrowing and lending. The person who borrows the loan is called the
borrower and the person who gives the loan is called the lender. Debt is
commonly used by large corporations or individual to make large purchases that
are not affordable under normal circumstances. While the lending process takes
place, the borrower is placed under a debt agreement by the lending party to
make the transaction legal. The agreement also includes a payment plan that
gives the lending party the right to collect the given amount of money over a
mutually agreed period of time which most of the times includes added interest.
Usually, the debt taken by
individuals includes personal loan, car loans and
mortgage loans. These loans are the most basic and common form of loans any
individual borrows through the course of his life. To ensure that the loan is
repaid to the lender, a loan agreement is signed between the loan providing
service and the borrower. In Wales and England, County Courts hand down legal
judgments that are called County Court Judgements. Judgments related to loans
and other monetary matters are assessed under the Register of Judgments, Order
and Fines. This allows them to check upon the individuals credit and make
judgement in accordance to the credit worthiness.
The alleged debtor is given
fourteen days to decide upon what he or she needs to do while they are sent postal
notification of an awaiting court case. The responding actions can be listed
into four main categories; going to court for a hearing, paying the sum of
money, admitting to have borrowed a smaller amount or deny borrowing at all.
Every response has its own consequences but if one fails to respond to the
legal notice sent by the court a decision against the debtor is made by the
court.
If a faulty debtor is unable
to pay the loan or make payment in response to the court decision the creditor
is then given a right for multiple decisions. The creditor can apply for a
charging order against the debtor. As a result, the court through legal means
would seize property of the debtor to compensate the creditor. Through
attachments of earning the creditor can apply for an amount of money deducted
from the debtor’s salary. This is done by obliging the debtor’s employer to pay
a fixed amount of money each month to the court so that it can be reimbursed to
the creditor. The creditor can also opt for third party debt order. A
third-party debt order means that the creditor would use a third party that
holds any sorts of assets or belonging of the debtor to pay the debt against
the asset or belonging. Lastly, the creditor can also use County Court Bailiff
to get his money back. This process involves a court official that is
responsible for seizing up any or every possession of the debtor to compensate
against the loan of the creditor. The seized possession is taken away and sold
at auction. The money collected is then used to settle or repay the loan.
A county court judgment
remains for six years on the record, if the amount claimed is not paid within
thirty days. There is no way to remove the record expect for paying the amount
that the debtor owes. And late payment dose not completely remove the record
but only puts a satisfied remark next to the CCJ on the credit file. Yet there are
some exceptions. If a wrongful county court judgement is issued or the postal
notification is not received by the debtor due to change in address or any
other valid reason the judgment is discarded.If the debtor is guilty for not
paying up the loan, the entire process is repeated and a new county court
judgement is issued under the updated credentials. Otherwise, the individual is
free to operate in whatever financial way he or she pleases.
When someone receives a
postal judgment, it includes details that are; the amount of money the
individual owes, methods of payment available (full or instalments), who to pay
and deadline for making payment or payments if on instalment basis.
It is advisable that if you
owe money, you should try your best to repay the amount as county court
judgment can negatively affect your credit score and credit file. Records of
any individual can be checked in the checking register by paying a small amount
of fee. Whenever a person applies for finance or credit, it is a common
practice for creditors to check for any ambiguities in the Checking of
Registers records. If there is a case against you, it makes extremely difficult
to have any sorts of finance. A judgment makes it extremely difficult for you
to obtain any kinds of loan especially those that involve high risks such as
mortgage. The impact of county court judgement is only reduced if regular
payments are made to the court as it depicts that you made a mistake however
now you are acting responsibly. The record for a county court judgement that is
resolved within thirty days is automatically cleared from both the file and the
checking registers record.
If you find it difficult for
making timely payments or payments at all it is better to contact to a debt
adviser or mortgage advisor. This is where our company, Independent Mortgage
Brokers, comes in. The adviser is helpful as he can navigate you through the
legal process of dealing with such situations. Adding on, they also help you in
getting flexibility in payments from the creditor by filling legal
notices.Lastly, you can always clear any loan through saving if you have any
but keep in mind that have some extra cash all the times in case of
emergencies.
If any another query visit
here: https://imbonline.co.uk/
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Created on Apr 2nd 2021 11:35. Viewed 256 times.