Can you get insurance with County Court Judgements?
If you've been unfortunate enough to ever have a CCJ made against you in your past, you'll no doubt be aware of the chaos it can cause to your financial life. Many people struggle to get mortgages or insurance because of County Court Judgements, yet there are still a large number of people who don't fully understand what they are and how they can affect you.
A County Court Judgement can be made against you by a company owed money for their services by you. In most cases, this will be a credit card company, or a financial institution that you took a loan from, who have decided to chase you up for money after several missed payments. Other examples can include providers of utilities such as gas and heating companies or electricity suppliers.
Though normally left as a last resort, these days County Court Judgements are becoming more and more common, with just under one million of them expected within 2011 due to the increased financial pressure many individuals are finding themselves under.
After unsuccessfully contacting you for payment, a company will usually then take the measure of having a summons issued for your appearance in court where it will be attempted to have an arrangement arrived upon that will see the company paid their dues in a way that suits all parties. This arrangement is what is commonly referred to as a County Court Judgement, or CCJ.
A CCJ will have a huge affect on your credit score, resulting in a huge hike in premiums and interest rates for those seeking insurance or mortgages.
Although many regular lending institutions will have no interest in your custom while you are paying off a CCJ, there are some lenders who can help. These are referred to as subprime mortgage lenders, and although they may be able to provide you with the services you require, their rates will be far in excess of regular lenders - often causing your overall financial situation to spiral out of control, so be careful!