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Get a Secured loan with CCJ's
If you need to raise funds by way of a secured loan and have CCJ's registered you may think you can not get a second mortgage or a secured loan - in today's market a secured loan is sometimes easier and less costly than a remortgage. We have listed below some useful information about getting a secured loan with CCJ's.
What can I use a secured loan with CCJ's for?
You can use the secured loan for various things, some borrowers want a secured loan to consolidate debt, others want a house extension and others just want that dream car. Whatever your needs, requirement and budget there are plenty of secured loan options available and more than likely one to suite your needs.
In certain instances borrowers want to raise funds via a secured loan for 
business purposes - this is perfectly fine and feasible as long as you bear in mind some lenders do not allow secured loans for this purpose. If you are in any double if the secured loan lender would allow you to raise funds for your purpose simply fill out the form on the right and we will call you back.
Will a secured loan with CCJ's allow me to raise enough cash?
That depends on how much money you need, what you want to use the money for, what your property value is and how much you already owe against your property as well as your income. Secured loans may allow upto 100% or sometimes upto 125% of the property value, but if there are CCJ's registered on your credit file you may be better looking at a lower loan to value product such as 85%, 80% or even 75%. Secured loans will normally allow people to borrow as little as £5,000 up to as much as £100,000, again depending on property value and other notes mentioned above.
If you are looking to consolidate existing debts with a secured loan then the way a lender will work out affordability will change as they will need to bear in mind the debts you are looking to consolidate. This will mean that you may be able to borrow more as the monthly payments for the debts to be cleared will not be taken into consideration when the lender is working out affordability and repayment of the new loan.
Will repaying CCJ's with a secured loan will I pay more interest?
Typically, when bad debt has meant a county court judgment (CCJ) has been registered no further interest will be added, although additional fees may be added if further payments to the bad debt are not made it is unlikely more interest will be added, as a secured loan will incur interest then it stands to reason you will normally pay more over the secured loan term as opposed to just paying the CCJ's or bad debt until they are cleared with normal repayments. That being said, there are also cost implications to leaving bad debt registered on your credit file - if you are considering a secured loan you may also have a 1st charge mortgage which will mean that due to the bad debt (CCJ's) registered you will be paying a higher than normal interest rate and very likely higher fees every time you remortgage. Clearing the CCJ's and any other bad debt will mean your credit rating will improve as the CCJ's will show as satisfied on your credit file.
So whilst there will be more interest to pay on a secured loan you may save money in the future if bad debts are consolidated with the secured loan, the money saving will come from the lower mortgage interest rate and fees which borrowers normally benefit from with no bad debt.
How do I know if I can get a secured loan with CCJ's
There are a number of things you can do, the most important and most sensible would be to speak to a secured loan broker who specialises in adverse credit applications - they would be better able to advise on what you may be able to achieve with a secured loan with CCJ's registered on your credit file. You can also get your credit report, this will confirm if any CCJ's are actually registered and if so, when they were registered and how much the CCJ's are for. These two things should be enough for you to make an informed decision as to whether a secured loan is right for you.
