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12 Dec 2014
Before this recession, aptly named the credit crunch, many people and companies alike seemed not to care about CCJs. Whilst the threat of obtaining a CCJ was always present and indeed actually obtaining a CCJ was commonplace, people/companies cared less about having a so-called “black mark” against their credit history. Many lenders seemed to apply little weight to a person/company’s credit rating when deciding whether to lend, meaning that many debtors obtained credit easily.
However, since the beginning of the recession, more and more lenders and companies are carrying out detailed credit checks prior to lending or entering into contracts so as to minimise the potential risk of the other contracting party not being able to repay the loan or fulfil the contract as required.With this in mind, the threat of a CCJ has never been more powerful.
The number of CCJs against businesses in England and Wales has halved in the five years since 2009, recent figures reveal. There were 53,795 CCJs issued against businesses in the first half of 2014, which is a 10% decrease from same period in 2013, and less than 50% of the Judgments recorded in the first half of 2009. The total value of these judgments also fell to a new low of £194m, compared with a peak in excess of £510m in 2009. Such figures are proof that debtors are becoming increasingly mindful of the risk of losing business due to a “live” CCJ, meaning that more and more creditors are being paid before the CCJ is won.
Utilising our cash collection/debt recovery services is a cost effective solution to collecting unpaid debts and can seamlessly support in house credit control departments. We pride ourselves on using a team of top legal cash collectors and solicitors who will help your business with debt collection for a price that will suit you – we even work on suitable cases on a no win no fee basis.
Contact Nicola Moorcraft to discuss further 01633 244233 or email Moorcraft@hevans.com
Harding Evans is a trading name of Harding Evans LLP, a limited liability partnership, registered in England & Wales (registered number: OC311802), authorised and regulated by the Solicitors Regulation Authority (SRA number: 419663).