They reveal
what loans you have now or have held in the past, and how efficient you
were at repaying those loans. Your history is credit scored. The loan
companies use the score when assessing any loan applications that you
make.
A County Court Judgement (CCJ) ordering a property repossession has a
huge negative impact on your credit score. Even if you manage to stop
the mortgage repossession before it gets to a court hearing.
The fact
that you have had mortgage arrears with your home loan company will be
recorded on your file.
Together, CCJs and arrears make it very
difficult for you to obtain credit in the future for a period of about
6 years.
The
social consequences
This
study by the Joseph Roundtree organisation
explored
the impact of repossession on households with dependent
children.
It found, not surprisingly, that the experience can have
distressing and enduring social, psychological and health consequences
for both parents and their children.
Keep
your family life stable and credit rating healthy
By
acting to stop
a property repossession well ahead of
falling into arrears you can maintain a balanced family life, along
with a healthy credit score.
At the first sign of financial trouble you
should take action. For advice on how we can help you stop
repossession Contact
us,
You're guaranteed a friendly and
helpful response. |
