A County Court Judgment is an order by a county court for one party to pay a sum of money to another party. This usually occurs because a dispute over an alleged debt has not been settled by the parties outside of the court system. County Court Judgments are also called CCJs and having one against your name can affect future mortgage applications.
If you have a CCJ on your credit history you will most likely be unable to apply for a standard mortgage product. Instead, you will be regarded as have an impaired credit file and will only be able to apply for a bad credit mortgage product. This can make life difficult for potential borrowers as bad credit mortgage products typically charge higher fees and interest rates than their standard counterparts. It is also becoming more difficult to find products targeted towards home owners with impaired credit.
It is therefore vital that any disputes over debts are settled outside the court system. This could be through any number of solutions such as a full and immediate repayment of the debt, and arrangement, or a debt management program. However if the parties cannot come to terms the debtor may apply to the county court to settle the matter one way or another.
Contrary to popular belief, contesting a debt in a county court will not automatically lead to a CCJ being entered on your credit file. If this were the case people would not be inclined to dispute a debt in a county court that they genuinely believe they do not owe. Similarly, if the court rules that you are to pay a sum of money to another party and therefore enter a judgment against you, your credit file will also avoid having a CCJ entered onto it if you pay the creditor within one month. This also helps encourage people to fight their creditors if they do not believe they owe them money ? even if you lose, your credit file can escape without any impairment.
Therefore, if you have a judgment entered against you, it is vital you pay the money to the creditor as soon as possible. If you fail to pay within one month, details of the judgment will be entered on the Register of county court judgments. A negative entry will appear on your credit file and will remain there for up to six years. This can make it difficult to obtain credit in the future and you may therefore be relegated to apply for bad credit mortgage products for many years to come.
If a judgment is registered against you there is still a chance to have the impact to your credit file softened. By paying the debt after the initial month has expired, you can apply for the entry on the Register to be marked as satisfied. While the entry will remain on the Register and on your credit file, lenders will be able to see that you have paid the debt and rectified the situation. Ultimately, however, it is wise to pay the debt within one month of the judgment to avoid future complications.
Bad credit mortgage products are not as widely available as they once were so it is more important than ever before to keep a clean credit file. If you are being chased for the repayment of a debt you should first do all you can to come to terms with the creditor outside the court system. If this fails and a county court issues a judgment against you, the debt should be satisfied as soon as possible.
The credit application form for business to business is a great tool for small business owners, sales and marketing managers and entrepreneurs as well as anybody else who is connected with business in any way to apply and obtain credit. Used by most companies, it provides a lot of functionality for managing the sales and marketing activities of the company and has been designed specifically for making the credit business successful. The credit application, along with credit history keeps tabs on the customer's past performance history in conjunction with an analysis program, helps calculate revenues, and costs.
Typically, the credit application form is an uncomplicated form that requires the following information:
-The name of the company applying for credit -Years in business that the company has been in -Complete address and phone numbers -Nature of the company e.g. sole proprietorship, partnership or corporation -Names, title, address, phone number of partners, principals or corporate officers -Names, title, address and phone numbers of financial contacts -Names, account numbers, contact names and titles, phone numbers of bankers -Names, contact names and titles, phone numbers of trade references -Signature and date certifying that the information provided is true and accurate
Once the information has been entered into the credit application form, the company can use it as a determining factor in extending terms. Also used in this determination are the monthly cash flow statements, monthly sales projections as well as reporting milestones and accomplishments for each potential customer. All this information generates better service from the company and is used to report and assess the customer's past credit performance.
According to the terms and conditions of the credit application for businesses, the customer must ensure and warrant that the purchases he makes are intended mainly for use in the business and not for personal and family usage. In addition, the customer agrees to pay interest at an agreed-to rate of interest. In case the customer's check is returned from his bank, he shall agree to pay a fixed charge on these returned checks. The customer also assures the company extending terms shall be paid within reasonable time and in case of litigation and disputes, the customer shall bear the expenses for attorney's fees as well as other legal fees.
The credit application form is a complete document that requires detailed information that should be duly filled out; such pre-formatted forms are readily available in the market and it makes good sense to buy these inexpensive documents rather than try to reinvent the wheel and get caught in the tricky business of making one from scratch. These low cost, exhaustive and detailed forms have already had experts and lawyers draft them to meet any eventuality and so afford a reasonable cost-effective solution to finding an appropriate form that does not take time to fill, and fits individual needs adequately.
Both Michael Sterios & Wade Anderson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.