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Not necessarily.
We recently helped a client demonstrate that their County Court Judgment (CCJ) had been satisfied and updated on their credit file – but it wasn’t as straightforward as simply filling out a form.
While the debt had already been paid, getting the record corrected required time, persistence and the right evidence.
A CCJ doesn’t automatically mean your property finance options are off the table. It’s important to understand the circumstances and explore what can be done before assuming the worst.
A lender will however, require that it is reported as satisfied (paid) for a lender to consider a loan or mortgage application.
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The Client’s Situation
Our client approached us looking to refinance their buy-to-let property, but they had an active CCJ that hadn’t been satisfied.
The client had already paid the outstanding debt but wasn’t sure how to formally satisfy the CCJ and update their credit record – this was something we were able to assist with.
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The Challenge
Was it easy? In one word… no.
It wasn’t simply a case of filling in one form and waiting for it to disappear. The process involved:
- Contacting the relevant parties.
- Understanding exactly how the judgment had been registered.
- Obtaining supporting evidence.
- Completing the correct documentation.
- Following up throughout the process until a decision was made.
It took time, patience and persistence.
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The Result
The key takeaway
Don’t assume that a CCJ either shown as satisfied or unsatisfied on your credit file removes all of your options. Every case is different, and understanding the circumstances behind a CCJ can make a significant difference to your available options.
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How can Advocate Finance help?
If you have a CCJ on your credit file and you’re unsure how it affects your mortgage options, or whether anything can be done about it, we’re happy to have a conversation.
Whether you’re purchasing your next investment property, refinancing your portfolio or arranging commercial finance, don’t assume a CCJ is the end of the road – Let’s explore your options first.
We provide a FREE assessment on all our services.
Please contact me directly for more information, or use the Get in Touch With Us Today feature at the bottom of this page.
