There’s a lot of information out there about reclaiming money from debtors, and a lot of it centres around County Court Judgements. This is because CCJs are enforced by the courts, and there are legal ramifications if a debtor does not adhere to the payment terms. Below, we have taken a look at CCJs and the process involved in getting one.
What is a CCJ?
A CCJ is a County Court Judgment, and it’s a type of court order given in England, Wales and Northern Ireland. A CCJ is given when someone owes money and they have failed to repay. It’s by no means the first step in the debt collection process, and a CCJ is only issued after numerous attempts of seeking repayment have failed.
How Does the Process Work?
When someone owes you or your company money, and you have been unable to make a payment arrangement with them, you can apply for a CCJ. Before you do this, you must try to come to an agreement with the debtor. If they do not respond or an arrangement is not made, you can send them a default notice. This is to let the debtor know that legal action will be taken if they don’t repay what they owe.
Once a CCJ has been given against the debtor, they will be ordered to pay the money back. The CCJ could include payment terms, which take into account how much the debtor can afford to pay and when. They might be ordered to repay their debts immediately, or they could be given the option to split the repayments into smaller, regular amounts.
If a debtor doesn’t stick to the terms set out in the CCJ, further legal action can be taken. This could include a Charging Order being issued, an Attachment of Earnings Order being issued or bailiff action.
Do I Need a CCJ?
A lot of people make the mistake of assuming that a CCJ is the only way to get a debtor to pay, but this isn’t the case. You don’t actually need a CCJ in order to get your money back from a debtor, and there are other ways of doing things. Getting a CCJ against a debtor is a slow, costly and drawn out process. For a lot of people, seeking the help of a debt collection agency is more effective.
How Can I Claim My Money Fast?
At Cobra Financial, we understand the importance of reclaiming a debt quickly, which is why we can get started on your case within 48 hours. Plus, we have a high success rate. Instead of going down the CCJ route, you can hand everything over to our experienced debt collection team. To find out more about how Cobra Financial can help you to recover a debt, get in touch with our experienced team or give us a call on 0151 526 4222.