Payday Loan Anxiety

spm_alt

Thanks for the updates stonehedge.

I am in a similar(ish) position having fallen into regular PDLs whilst at University and in the 18 months following, but haven't lent from them in 18 months (and don't plan on applying for a mortgage for at least another 18 months) so your story has helped calm me down about them. I hope all goes well with the rest of the process and you enjoy your new home!

Thrugelmir

stonehedge wrote: »

I thought I'd post a final update here for completeness.

We received a full mortgage offer from Accord with no queries about my previous payday loan history. In fact, the only underwriting query was why my wife tends to pay off her credit card in full a few weeks before her DD is due :P

Whilst nervously waiting for the decision I studied my credit report more closely and saw that I took 33 payday loans between Jan 2010 and Jan 2013. I can't believe that I became so dependent on them but as I mentioned above, my low income and poor discipline are what convinced me to start my company and turn my fortunes around.

I can categorically confirm that the advice above is correct. Payday loans aren't the end of your mortgage hopes IF they were historical and you have shown signs of financial improvement since. A good broker is invaluable too.

Thanks to everybody for the advice.

Time does heal. Providing lessons are learnt. :beer: