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CCJs surge shows need for financial help

CCJs surge shows need for financial help

The rise in the number of county court judgements (CCJs) has shown that customers still need help with debt management and provision for access to financial products, according to Equifinance.

The Registry Trust has found that there were 419,510 CCJs during the last six months, a year-on-year increase of 13% and the highest level for a decade.

Equifinance, however, maintains that this does not mean that these customers are a high risk when it comes to secured loans. By looking at each case individually, it was possible to provide access to finance that in the longer term allowed the client to get their budget back on track.

The second charge mortgage lender felt that the aim was to ensure the customer arrived at the desired outcome with a good payment record and future access to other financial products they need.

“The Registry Trust figures show that there is still a need for lenders to provide products to help a growing number of people with debt problems,” stated Tony Marshall, managing director of Equifinance.

“The FCA [Financial Conduct Authority] has already highlighted this requirement for financial access and it’s something we take very seriously at Equifinance. 

“It’s also important that secured loans help customers in these circumstances and are used to meet their longer-term financial goals.  

“The lender also needs a degree of security, but if these underwriting issues can be balanced, specialist lenders are in a good position to help more customers struggling with debt.” 

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