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Home / Debt Questions / Paying back CCJs?

Paying back CCJs?

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I have been paying back a county court judgement (ccj) for over 2 years. I now want to pay it back completely to allow my credit score to start improving, will this work or am I best off just paying it back monthly which will take me 2 more years?

The reason I want to improve my credit score is that my mortgage fixed term ends in 2 years and I want to get a good rate if I change lenders. Could I get an early settlement amount from the solicitors?

Answer

You may be able to get an early settlement, although its not as likely as a normal debt. With a normal debt, they offer a lower amount to encourage the person to pay up. With a CCJ, you have been ordered to pay anyway, so they don’t need to offer incentives. Some do though, so its worth a try.

Its not going to make that much difference in terms of credit whether you pay now, or over the coming months. When you pay in full, you can have the CCJ marked as satisfied, but it does not come off your credit file. Having it satisfied is better obviously than it not being, but either way it still has a big negative effect on your credit. You aren’t going to be clear until 6 years after the CCJ was added to the credit file.

It is probably best though to clear it, purely because its one less bill to pay, and you do get a sense of release when its paid off. You can then put it behind you and move on.

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