The last time

Posted by: @itlega6q0k

Hi all, hope everyone is keeping strong. Today marked the last day of a 2 month relapse having been "sober" for a year beforehand. In the past I had to hit rock bottom before quitting however this time round a series of fortunate events had led me to this point. I have racked up a bank loan, credit cards and have a payday loan. I'm lucky in the fact that I saw sense prior to absolutely draining the last of my disposable income.. today is the day that begins my gamble free journey. 1 day at a time. 

I was hoping for some advice when it comes to payday loans. I have taken out potentially 10 in the last 2 years but never missed a payment and in some instances paid ahead of time. I was wondering if anyone has had experiences with trying to get a mortgage when having multiple payday loans in such a short space of time? 

For some additional context, I had a relapse last year and set up a gambling account in my soon to be wife's name. I came clean to her about it. (once I had lost everything) it (understandably) doesn't make sense to her how gambling can consume someone so much and has told me in no uncertain terms that if I relapsed again that would be the end of us.. which I completely understand given how fragile trust is.. anyways.. we are hoping to buy our first home next year and I'm completely aware that I will need to come clean to her before then especially with payday loans etc. on my credit file. I was just wondering if others have managed to secure a mortgage with multiple payday loans in such a short space of time? 

 

I actually made a post in this forum back in 2016 after hitting rock bottom. It's so disappointing to find that although I've grown, gambling still persists in dragging me down. I'm really thankful that there is a community of people that shares the same affliction as me and hope to learn from your experiences. Thanks in advance. Today is the day I vow to wake up every morning and promise myself I won't gamble, just for today for the rest of my life. 

It's not the pay day loans that are the main issue when applying for a mortgage; it's the amount of money you have left at the end of each month that is "disposable" which can go towards making a payment. Banks are not necessarily looking at loans as a negative (especially if you are on top with payments), they want to make sure you are financially in a position to make the payments. E.G if you earn 5k a month after tax, but have 10 loans and the payment is £100 on each one then you still have 4k disposable so the bank would not have an issue with giving you a mortgage at say 1500 a month as you still have 2.5k left for anything else. If you only earn 1200 a month and your outgoings are 1k the banks see you as a risk as you can't make the payments. A decent mortgage broker wis worth their weight in gold when looking at the right lender with the right risk appetite for your personal situation

My advice would be to try and pay off as much of the debt as possible before you buy the house next year. The more disposable monthly income you have available, the better mortgage product you will be able to secure

Posted by: @itlega6q0k

Hi all, hope everyone is keeping strong. Today marked the last day of a 2 month relapse having been "sober" for a year beforehand. In the past I had to hit rock bottom before quitting however this time round a series of fortunate events had led me to this point. I have racked up a bank loan, credit cards and have a payday loan. I'm lucky in the fact that I saw sense prior to absolutely draining the last of my disposable income.. today is the day that begins my gamble free journey. 1 day at a time. 

I was hoping for some advice when it comes to payday loans. I have taken out potentially 10 in the last 2 years but never missed a payment and in some instances paid ahead of time. I was wondering if anyone has had experiences with trying to get a mortgage when having multiple payday loans in such a short space of time? 

For some additional context, I had a relapse last year and set up a gambling account in my soon to be wife's name. I came clean to her about it. (once I had lost everything) it (understandably) doesn't make sense to her how gambling can consume someone so much and has told me in no uncertain terms that if I relapsed again that would be the end of us.. which I completely understand given how fragile trust is.. anyways.. we are hoping to buy our first home next year and I'm completely aware that I will need to come clean to her before then especially with payday loans etc. on my credit file. I was just wondering if others have managed to secure a mortgage with multiple payday loans in such a short space of time? 

 

I actually made a post in this forum back in 2016 after hitting rock bottom. It's so disappointing to find that although I've grown, gambling still persists in dragging me down. I'm really thankful that there is a community of people that shares the same affliction as me and hope to learn from your experiences. Thanks in advance. Today is the day I vow to wake up every morning and promise myself I won't gamble, just for today for the rest of my life. 

It's not the pay day loans that are the main issue when applying for a mortgage; it's the amount of money you have left at the end of each month that is "disposable" which can go towards making a payment. Banks are not necessarily looking at loans as a negative (especially if you are on top with payments), they want to make sure you are financially in a position to make the payments. E.G if you earn 5k a month after tax, but have 10 loans and the payment is £100 on each one then you still have 4k disposable so the bank would not have an issue with giving you a mortgage at say 1500 a month as you still have 2.5k left for anything else. If you only earn 1200 a month and your outgoings are 1k the banks see you as a risk as you can't make the payments. A decent mortgage broker wis worth their weight in gold when looking at the right lender with the right risk appetite for your personal situation

My advice would be to try and pay off as much of the debt as possible before you buy the house next year. The more disposable monthly income you have available, the better mortgage product you will be able to secure

@andywilliams1187 

Hi Andy, thanks so much for your reply. It has definitely made me feel much better about the situation and provided more clarity on what I need to do/how to do it. I've been in a rut with the whole situation and thought to myself that the damage was already done so why not take out another one and deal with the consequences later.. a real pitiful excuse for gambling more. Your advice is so very welcome and has given me some positivity about the future. Thank you again and hope you are keeping strong 

@itlega6q0k No worries - don't get too hung up either on what your credit score might look like. The usual sites that are out there will usually score you out of 1000 (or whatever their scoring system  is) but these are only an indication. There is a misconception that these services will show your eligibility to get a mortgage but the banks use different software to work out affordability (obviously if you have a really bad credit score with lots of missed payments then it is a different matter). All the banks are interested in are that A: you are not bankrupt and that B: you can show you have managed credit and paid back payments on time & also C: the proposed mortgage payment will not put you in financial hardship

If you already have the money for a deposit, try to clear as much of the unsecured debt as possible as it will reduce your available funds for gambling (in the event you slip) and increase your personal affordability. Good luck with it all hope you get your house next year.