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Need a loan but will it affect my mortgage?
Lucyeccy
Posts: 1 Newbie
Hello,
Just wondering if anyone can help? Looking at my credit it isn’t too bad no defaults of ccjs it is really just my credit cards I have 2 one is £1750 and one is £1050 and then I am also in my overdraft by £500.
I am really embarrassed by this but being naive I didn’t think of the consequences and got excited at just spending money on holidays and clothes. I now want to pay these off but it’s so difficult with the apr being so high.
I have been pre approved on a £3000 ZOPA loan so I can pay off these debts in one and then just pay for the loan over 2 years as what I am paying now works out around the same anyway but the debts will be paid off quicker.
I am also saving for a house but I am worried a Zopa loan will make that difficult as I know people who get pay day loans are not credit worthy at all.
Is Zopa loan a payday loan and will this stop me from getting a mortgage (which will only be in the next 2-3 years)
Will this help me get my credit back on track by paying off my credit cards and paying a loan instead?
Any help would be much appreciated!! Thank you
Just wondering if anyone can help? Looking at my credit it isn’t too bad no defaults of ccjs it is really just my credit cards I have 2 one is £1750 and one is £1050 and then I am also in my overdraft by £500.
I am really embarrassed by this but being naive I didn’t think of the consequences and got excited at just spending money on holidays and clothes. I now want to pay these off but it’s so difficult with the apr being so high.
I have been pre approved on a £3000 ZOPA loan so I can pay off these debts in one and then just pay for the loan over 2 years as what I am paying now works out around the same anyway but the debts will be paid off quicker.
I am also saving for a house but I am worried a Zopa loan will make that difficult as I know people who get pay day loans are not credit worthy at all.
Is Zopa loan a payday loan and will this stop me from getting a mortgage (which will only be in the next 2-3 years)
Will this help me get my credit back on track by paying off my credit cards and paying a loan instead?
Any help would be much appreciated!! Thank you
0
Comments
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Hi Lucyeccy and welcome to the forum
My advice is not to get a consolidated loan via Zopa. Having a consolidated loan usually ends up with the doubling of debt, if you have not first addressed the weaknesses you have with your monthly budget. What APR has been pre-approved by Zopa?...I have been pre approved on a £3000 ZOPA loan so I can pay off these debts in one and then just pay for the loan over 2 years as what I am paying now works out around the same anyway but the debts will be paid off quicker.
Will this help me get my credit back on track by paying off my credit cards and paying a loan instead?
My suggestion is to start another thread on the Debt-Free Wannabe board. You could post up your Statement of Affairs (SOA) there too. You will get lots of advice regarding budgeting.
You need to stop using your overdraft, as it could be withdrawn without notice.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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