County court judgements still on the rise
The amount of county court judgements has risen once again and currently the figures are at the highest that they have ever been. The problem is said to be down to a constant struggle with consumers to keep up with credit cards, store cards, high mortgages and loans. People these days seem to have more than one type of debt and that is when the problems can really start. Just one missed payment can set off a string of events which can then lead to a massive debt problem.
Lenders have simply had enough of the bad debt craze and so they are now making an example of people and taking out county court judgements against them. It is thought that there is just under a quarter of a million judgements out against people today. Now if more and more people continue to get into debt it is thought that the figures will rise dramatically up to one million county court judgements.
Obviously this is not great news for the lender either as there is every possibility that the consumer will have to declare themselves bankrupt. Then the lender would get no money back at all and that is obviously not what they want. They would much rather come to an agreement but if one cannot be met then they will take out a county court judgement.
The thing with a county court judgement is that bailiffs then usually get involved and there is often nothing worse than bailiffs turning up on your doorstep. So if you do end up with a county court judgement then things do not look particularly good.
Overall the number of bad debt does seem to be decreasing a little but it is still a big problem. With lenders becoming tougher with consumers it is more than likely that there will be a large rise in the amount of people claiming themselves insolvent.