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| The independent answer to your debt problems | login join |
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euronut
| 01-07-2008 10:56 AM |
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Joined: 24 Jun 2008 Posts: 2 | Morning I have three CCJ's, one which started in 2005 and two in 2007. My husband has just started a new job and with the extra income we may be able to pay off some of the out-standing CCJ's. My first question is how long will the CCJ's stay on my credit file? Is it six years? Should I pay off one of my CCJ's or split the money between the three of them? I am a bit confused about the best way to deal with the CCJ's hence my questions. Jean |
| DW George | 01-07-2008 11:19 AM |
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Joined: 01 May 2007 Posts: 174 My Profile | Hi euronut To answer your first question, your CCJ's will remain on your credit file for 6 years after the date of the judgement and will fall off your file whether it has been satisfied or not. Taking your next question, I would offer a full and final settlement, you have nothing to lose by doing so. I hope this helps. George |
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euronut
| 01-07-2008 12:38 PM |
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Joined: 24 Jun 2008 Posts: 2 | Thanks for the quick response. Does full and final settlement mean that I have to pay up off the total amount outstanding in the CCJ? Sorry for being dumb! Jean |
| paladin | 01-07-2008 08:45 PM |
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Joined: 06 Jun 2007 Posts: 77 My Profile | Hi Jean No your not being dumb. Full and final settlement means that you can make a lump sum offer to your creditors on the condition that they write off the rest of the debt. For example, you owe £15k and you receive a windfall of £8k you can offer the £8k to your creditors as a full and final settlement. This may be attractive to your creditors as there are costs involved in administrating a repayment schedule with no guarantees of a return, you may declare bankruptcy and they'll get nothing. Remember the only questions which are dumb are the ones you don't ask! P |
