What does a Judgement mean for me?

T

Toodles

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HI there, I am just wondering if anyone can tell me what this actually mean for me. I am having trouble paying my credit union loan and the last months money has simply not been there to pay them, as i paid overdue household charge, plus Local property tax on our principal house and investment property.

So i rang my credit union to say I didnt have it and that i was having trouble paying them. I am in regular contact with them as my payments havent always been regular but they do know i have been trying. I got a call today to see had my position changes as she was going to meeting this evening and would have to report to the board on my case. I asked what would happen and she said that they would probably place a judgement on my loan but that she would contact me in a few weeks to see had things changed (Currently have two houses on the market, both getting some interest as have drastically reduces prices in order to create interest)

What id really like to know if anyone can help is - what does this judgement mean to me, what is the process and what could happen?

Thanks for reading
 
" place a judgement on my loan"

They can go to court and get a judgement which just confirms that you owe them the money.
It would be the first stage in a long process.
But if you can't pay, you can't pay.


It's highly unlikely that they will spend money getting a judgement if they think you are doing your best and not trying to scam them.

When they get the judgement, they could then get a judgement mortgage which means registering it against your property. But if your properties are in negative equity, it has no practical consequences. If your property is sold for more than the outstanding mortgage the solicitor would have to pay any balance towards the judgement mortgage.
 
Thanks Brendan, she did ask me today how much my mortgage was and also how much my house was on the market for so they know from my figures that there will be a shortfall on the mortgage.
 
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