When viewing a decision one of the available tabs is called 'legal'.
The purpose of this tab is to provide a loans officer with further information on County Court Judgments (CCJ) and forms of insolvency.
For example, a referral may be returned because of a recent CCJ, but you'd like to know the value of the claim, the date it was issued and whether it has been repaid.
Similarly, a policy rule may not have been triggered if the applicant has been bankrupt but the insolvency took place sometime ago. You may want to know whether a form of insolvency has been granted and how long ago it took place.
Clicking on this tab provides the following information:
Insolvencies
Insolvencies include bankruptcy, Individual Voluntary Arrangements and Debt Relief Orders.
If any form of insolvency has been reported in the last three years it is shown here as 'yes' or 'no'.
Details of insolvencies are kept for up to seven years. At the bottom of the tab you will see the type of insolvency, the date it was issued and the date of discharge.
You can read this article for more information on insolvencies.
County Court Judgments The tab returns the total value of CCJs that have been issued against the member in the last 36 months.
The name of the court returned will be one of two types; the County Court Business Centre or a local court.
Judgments claimed at the County Court Business Centre will more likely to have been issued by creditors. Judgments claimed at a named local court are more likely to have been issued by an individual.
The date of the judgment is provided, together with the date of any satisfaction.
A CCJ being satisfied is a good indicator that the applicant is trying to clear their debts.
Any CCJ paid in full within one month can be removed by the debtor, therefore CCJs showing as 'satisfied' will have been repaid after more than one month. This can show that the applicant has made a proactive attempt to resolve their debt problems because the letter of satisfaction is a County Court application that costs £15.
Previous tabs covered in this series: Applicant tab, The bureau tab, The indebtedness tab & The regular payments tab
Suggested reading: Understanding risk