The number of CCJs in England and Wales fell by 13% in Q3 of 2018, compared to the same period in 2017. The average value of a CCJ also fell to £1,337 in Q3, which is a record low. Though the number of CCJs has fallen in the last quarter, it is still historically high with over 275,000 judgements issued.
Despite this, CCJs are being issued for smaller offences, meaning it is now easier for consumers to receive CCJs. As this CCJ trend continues, the rise of consumers with interesting credit records will continue to climb.
According to the latest figures from Registry Trust, registered CCJs hit a record high in the first quarter of this year – more than double the number during the same period in 2015. For those who received a CCJ during this time but haven’t since, they now have at least six months since a CCJ was recorded on their credit file. For mainstream lenders, this is still too recent to qualify for a mortgage with them. But for specialist lenders, a six-month track record demonstrates that a borrower has overcome their credit difficulty and there are likely to be many affordable options available.
Many people with CCJs may automatically write off their chances of getting a mortgage, be it to buy a new home, invest in property, or remortgage. So, during a traditionally quiet period, it may be worth making it clear to those with CCJs the options they have available. This will not only provide new hope to your clients, but provide you with new business too.