debt news - CCJs number jump sharply in Q3 2016
Posted: November 6th, 2016, 5:47 pm
Last week there was a pretty alarming rise in the numbers of CCJs announced, up to 90,000 in September. This wasn't just an odd month, numbers have been going up consistently since April and they are now 50% up on a year ago.
I've been talking to a number of people to try to get a feel for why this is happening. It's hard to argue that things have suddenly go more difficult.
CCJs often lag actual macro economic problems by 4 or 5 years - first some one defaults, then after a couple of years waiting for the person's position to improve the fed up lender sells the debt to a debt collector. Who then waits another few years hoping things will get better before taking court action in the lst 6 months or so before a debt becomes statute barred. But it's hard to see why things got a lot worse in 2010/11 to cause the current peak.
Somewhat reluctantly - because I don't like making people worried that debt collectors are going to be difficult - I have concluded that the increase has to have occurred because debt collectors are going to court more readily. More information in my article here: http://debtcamel.co.uk/ccj-increase-2016/.
I've been talking to a number of people to try to get a feel for why this is happening. It's hard to argue that things have suddenly go more difficult.
CCJs often lag actual macro economic problems by 4 or 5 years - first some one defaults, then after a couple of years waiting for the person's position to improve the fed up lender sells the debt to a debt collector. Who then waits another few years hoping things will get better before taking court action in the lst 6 months or so before a debt becomes statute barred. But it's hard to see why things got a lot worse in 2010/11 to cause the current peak.
Somewhat reluctantly - because I don't like making people worried that debt collectors are going to be difficult - I have concluded that the increase has to have occurred because debt collectors are going to court more readily. More information in my article here: http://debtcamel.co.uk/ccj-increase-2016/.
