ccj and blacklisting

[lab1986]

hi just need a little help
im currently in my 3rd year of an �80 a month loan and for 2 years paid off on time every time but now im in my final year,i lost my work in the building trade and just cant find work of any kind at the moment so im having extreme difficulties paying my debt,I for sure can not afford �80 a month wilste on job seekers allowance.A mate of mine got taken to court and had a ccj,is this the only option or would the bank understand and reduce my monthly payment wilste im unemployed,Also i still live with my parents and they was worried about their house getting blacklisted is it possible for my parents house to get blacklisted because of my unpaid debt?
i apretiate your answers,from a very upset man :(

[CheekyChops]

Until you ask your bank, no-one can predict what they will say. A CCJ is way down the line at the moment, if you stopped paying, the bank would probably sell the debt to a debt collection agency first and you may be able to make an arrangement with them. Then iIf you don't keep to the arrangement, they could take you to court and get a CCJ.

Whatever happens, your debt will not have any effect on your parents, addresses don't get blacklisted.

[lab1986]

cheekychops i realy apretiate ur answer,uve realy helped thank you

[Buenchico]

As CC states, a CCJ is a long way off. Simply tell the lender that you can't meet the regular payments and they'll probably agree to suspend the interest charges and accept lower payments. (Alternatively, they'll sell the debt to an agency which will probably do the same thing).

However as soon as you do this your credit rating will 'go through the floor'. (That happens as soon as you indicate that you've got difficulties in meeting your financial commitments, not when a CCJ is granted to the lender).

Credit reference agencies aren't allowed to blacklist addresses, per se. For example, someone who moves into a house shouldn't find that they're denied credit because the previous occupier had financial problems. However they are permitted to link together the credit ratings of people living at the same address if they believe that a financial 'association' exists between those people. (For example, a husband could be denied credit because of his wife's financial difficulties). The credit reference agencies might be entitled to assume that such an association exists between you and your parents. If they found that they were unfairly being denied credit because of your financial problems, they'd have to submit a 'notice of disassociation' to the credit reference agencies.

Chris