Number of CCJ’s doubled in the last two years
The number of people taken to court over their debts has almost doubled over the last two years according to figures released by the Registry Trust this week.
The number of CCJ’s has topped 247,187 in the first quarter of this year and is set to reach one million over the year, which will be the highest rate ever recorded.
CCJ’s are issued against borrowers who fail to keep up repayments on mortgages or other credit commitments, like store cards, loans and credit cards.
Should the borrower fail to pay the amount agreed by the court, the bailiffs are then called in.
Chiltern’s Simon Duffy said, “With collection agents now able to enter property to seize belongings and banks seemingly keener to take action to preserve their profits, more and more people are suffering from the effects of burying their heads in the sand and falling behind with their payments.”
He continues, “The CCJ lasts on your credit record for 6 years, making future borrowing difficult, so it’s important to contact your creditors, or seek professional advice as early as possible should you fall into difficulty.”