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Debt consolidation, home improvement

How Can a Homeowner Secured CCJ Loan Help Me if I Have Poor Credit?

Do you have a bad credit history including a county court judgment?

If so, you are not alone. According to Credit Action, 1,359 County Court Judgements (CCJs) were issued every day during the second quarter of 2010. If you have a CCJ, finding a secured homeowner loan can be tricky. Many banks and building societies are reluctant to lend to you if you do have a CCJ – even if it is for a small amount or it occurred after a dispute.

However, you do have options. Homeowner CCJ secured loans are available and these loans allow you to borrow the money you need - secured against your home - even if you don’t have the best credit history.

Here are three ways a homeowner secured CCJ loan can help you.

1. Provide money needed to clear debts

A County Court Judgment (CCJ) occurs after one of your creditors (someone you owe money to) applies to the court to enforce payment of a debt that you owe. A CCJ is registered when you receive a letter titled ‘Judgment for Claimant’ and is recorded on your credit file.

CCJs often arise if you are suffering with debt problems. If you owe money to one or more creditors then a homeowner secured loan can help you. Despite your CCJ, a lender can still agree an amount that will help you pay off the County Court Judgment debt in addition to other money that you may owe.

You can secure a loan on your property, repay the debts that you owe, satisfy your CCJ and then make a one affordable payment each month to your homeowner loan.

2. Allow you to borrow in spite of your credit history

Finding a lender who will agree a loan for you if you have a CCJ is difficult. Even if the CCJ was for a small amount several years ago, many mainstream lenders might still decline your loan application – even if you have maintained your credit impeccably since that time.

If you have been denied the credit that you need to consolidate debts or to fund a new car, a holiday, cosmetic surgery or a wedding, then a homeowner secured CCJ loan could be the perfect answer.

These lenders appreciate that many people do have County Court Judgments. However, they can still lend you the money that you need in spite of your impaired credit.

3. Help you rebuild your credit profile

Once you have a CCJ registered on your credit file, it can be hard to obtain loans, mortgages or credit cards. Not being able to obtain a loan also means you cannot improve your credit history by demonstrating that you can responsibly manage your debts.

A homeowner secured CCJ loan allows you to rebuild your credit history. If you make your monthly payment regularly and on time, you will soon build up an improved credit profile. You can then prove to prospective lenders that you are capable of managing credit responsibly.

So, if you are struggling to get the loan you need, you should consider a homeowner secured CCJ loan. Whatever your credit history and however many CCJs you have, find out how a secured loan can help you.

Don’t let the stress of debts or bad credit get you down – consider a secured CCJ loan today.

To use your home to raise money at a competitive APR, please fill this homeowner loan form.

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