MORTGAGE WITH CCJ's
County Court Judgements (CCJ's) can arise through misfortune or bad spending habits, but whatever the reason they end up playing havoc with a person's credit rating. In these circumstances what one could do with is an in depth consideration of the situation and a viable financial reconstruction.
If you have assets you will almost certainly have to put them up as security to tempt a lender, of which there are plenty around who specialise in this sort of lending. The best of these will listen sympathetically and consider the would-be borrower's employment record and ability to keep up with the repayments in the future.
You may be paying off debts at a high rate of interest but if borrowing a large sum, enough to remove the burden and leaving you with comfortable payments each month, if that does the trick, then you may find life a lot more bearable. If your home is already mortgaged it would quite probably mean replacing it with another mortgage on different terms and over a longer period.
The time for action of this nature is particularly right if a large amount is owed against credit cards, which is usual when a would-be borrower has CCJ's, and they carry very large interest rates, even when compared with an unsecured loan from a bank.
However a mortgage or re-mortgage is without doubt going to be at a more sustainable rate of interest. Then the total interest and the total cash flow paid towards the debt is lower, enabling the debt to be paid off sooner, incurring less interest overall. In practice, many people incur large credit card debt because they spend more than their income.
If that habit continues they will not benefit from replacing their mortgage because they will simply increase their credit card balances again.
It cannot be stressed too highly that whatever the cause of your present situation, whilst a new mortgage may give immediate relief your behaviour with regard to spending has to be almost beyond reproach. The mantra might be "change your mortgage change your spending habits".
Sometimes people become so desperate to rid themselves of the anxiety caused by their situation that they grasp the first opportunity without taking due care and sign up to mortgages that are far too high and with companies that are could be described as almost predatory in their desire to take advantage of a vulnerable client.
Charleswold are well aware of this practice and are well able to steer the would-be borrower in the right direction. Your whole purpose in life is to avoid bankruptcy and losing your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
All loans and mortgages are secured on property. Think carefully before securing other debts against your home.
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