The world of modern Financial has become volatile. The market is fluxing overnight, and the instability has a rising trend because of pandemics, Russia Ukraine war, and several other factors. This changing world can bring you a nasty surprise of County Court Judgment, also known as CCJ.
The volatile state of the market puts personal finances at risk. A well-adjusted person finds himself or herself in financial turmoil. A person with a good credit score falls into bad credit because of emergencies.
A lender can only help you so much, and if you are not able to pay in time, you might face CCJ. However, there is a silver lining. Few options or deals are available on CCJ loans from direct lenders. You don’t have to declare bankruptcy despite the judgment.
CCJ and Legal Rights to Overcome Financial Volatile
People who have an emergency, personal or financial, often fail to pay up their loan amount. They end up with CCJ. If you are one of those people with CCJ, do not worry.
Know your rights and stay strong. As they say, “this too shall pass”. Following are the legal rights you have.
- It is the Legal Right of yours to the Balanced Proceeding
Despite the fact that you were unable to repay, the balance proceeding is your legal right. You have the right to watch the complete procedures and give present your side.
A balanced proceeding in county court is within your legal rights, and you must practice it.
- It is Your Legal Right to have a Fair Asset Valuation
If you think you will fail to repay still and end up in bankruptcy, you still have the right to a fair appraisal of your property if your asset is lost to the bank.
The lender must give you a notification outlining the fair market value of your assets before selling them. You have a right to know the reserve price, the auction date, and other pertinent information.
The bank calculates your asset’s value. If you believe the asset is undervalued, you can object to the current auction.
- It is Your Right to Get an Adequate Notice
As a borrower, you are classed as a non-performing asset if you are way past due (NPA). After this, a lender cannot legally acquire your asset. Instead, he must first issue a warning period before taking you to court.
If you cannot repay even after the notice period, the bank may now continue with an asset sale. Your lender or bank must also send notification of sale to you.
- It is Your Legal Right to Receive Humane Treatment.
You deserve decent treatment regardless of how huge a loan amount you borrowed, and it is your right. Lenders may occasionally use collection agencies to force debtors to repay their loans. It is critical to note that the agents are not permitted to break any laws or cross any boundaries.
Lenders use third-party agents who can contact defaulters at their home, place of work or any other location they specify. They can only take such travels during working hours.
They are not permitted to transgress the rules of decency or civility at any cost. It is within your rights to denounce the agents if they threaten or humiliate you or your family members.
- It is Your Legal Right to Try and Find another Loan.
So, you got slapped with CCJ. You can still get a loan. No law prohibits you from getting another loan if you have a CCJ.
Acceptance or approval depends on the lender. Some lenders are considerate, offering loans despite having a county court judgment. These are called CCJ Loans.
What are CCJ Financial Loans?
When a lender fails to repay the loan amount and interest within a given time frame, the lender has the legal right to file the issue in county court. This results in a county court judgment against the person.
The CCJ remains in your credit file for six years. So, people who have a CCJ, anytime in the last six-year, fear that they might not get any financial support in time of need. This fear is not baseless, but CCJ loans are available for individuals who need them.
CCJ loans are the loan amounts given to people who have been served with a County Court Judgment at a specific interest rate that might be higher. You see, most lenders rely on automated systems to make lending decisions.
But some lenders review loan applications personally. This is where you can find some financial support. These lenders can also provide loans at very poor credit against security or reasonably high-interest rates.
The CCJ loans have plenty of benefits. Some of these are listed below:
It can consolidate your old loans.
It also gives you a new chance to rebuild your credit report to your advantage.
Not to mention these loans can help you in times of emergency.
If you need a CCJ loan, do thorough market research and get one.
So, here it was.
People who have encountered a personal or financial crisis frequently fail to repay their loans. Consequently, they are sentenced to CCJ. Do not be concerned if you are one of the CCJ sufferers.
People generally perceive that having a CCJ on record prohibits them from getting another loan, which is not entirely true. Many lenders provide humane treatment and understand your needs.
They will provide you with a CCJ loan. These loans have plenty of benefits, including improving your credit score. Isn’t it wonderful?
And don’t forget, the option of guarantor loans from direct lenders is always available if nothing works. Just find a guarantor who trusts you. It could be a family member or a good friend. Make sure you pay up in time so your relationship is not ruined over the loan.