Hi everyone,
I'm wondering if anyone know much about debts and mortgages etc. Or could they point me in the right direction to the right people who could offer advice.
so with my 3 years of being a CG I have wracked up £5000 debt on credit cards, £1000 to a family member, and payday loads being used for the last 6 months. I have never missed payments to my credit cards and cut them up last year so I couldn't use this them. The cards are slowly and steadily being payed. I set up a standing order as soon as I borrowed £1000 off of a family member, and that gets payed every month. What concerns me is the payday loans. I currently owe £1050 to these loans which over the next 3 months will be payed off.
I have never missed a payday loan payment, and they always get payed before they are due or on the due date. I am not worried about paying these back, but what really scares me is that in the next 1-2 years myself and my husband want to get a mortgage.
We have a decent deposit, and my husband has an excellent credit rating. My credit rating is pretty poor as I have applied for the payday loans every month for 6 months and it has really harmed my credit rating.
Now the fog of gambling is starting to lift I am so scared that these payday loans are going to cost me a mortgage.
When we apply for the mortgage everything will be payed off, and I have taken lots of steps to overcome my gambling problem once and for all. I know there isn't a magic wand but I am determined to overcome it now.
Does anyone know who I can talk to who would know if past payday loans say 1-2 years old will stop me from getting a mortgage?
im so scared I will never get one now and getting a house for my family will be ruined all because of my gambling. I don't know why I didn't think clearly about his before, but I was consumed and In the throwes of the horrible addiction. Any advice would be fantastic.
thank you
Hello Hopeful25,
Some of our forum users have posted positive feedback about using free professional debt advice services like the National Debtline 0808 808 4000, StepChange 0800 138 1111 or PayPlan 0800 280 2816. There are other free professional debt advice services detailed on our links page: http://www.gamcare.org.uk/about-us/links-other-support-agencies
Take care,
Forum admin.
Hello Hopeful25,
We moved your post from the debates section to this 'Overcoming' section as it seemed a more appropriate place for it.
Thanks,
Forum admin.
Thank you for the replies. I am not so much worried about paying off the debt as I am on the consequences of having had payday loans on my credit file when I look into mortgages in 1.5-2 years. I just want to know if anyone has been successful at getting a mortgage with payday loans in the past on their credit file
Hi there I think the fact that you have had payday loans is OK if you have paid them back in full, I don't think it would do your credit rating any harm once paid off. It shows that you are a responsible borrower (the default rate on these loans is very high which is part of the reason why the interest rates are so high). There are other relevant forums you could post the question on , there's the consumer action group forum (debt section) and also the moneysavingexpert forum. I'm sure you would get confirmation there. If you google them you will find them. If you have a mortgage in mind then that can help with your recovery from gambling as it gives you something to aim for, to work your abstinence towards. The only other thing I'd suggest is that if you have a decent deposit that you pay off the loans sooner rather than later - as soon as possible - due to the high amounts of interest they charge. This will save you money in the long run.
Just stay positive and persevere to things you haven't done yet. you can do it. Good luck and godbless
We are available 24 hours a day, every day of the year. You can also contact us for free on 0808 80 20 133. If you would like to find out more about the service before you start, including information on confidentiality, please click below. Call recordings and chat transcripts are saved for 28 days for quality assurance.
