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Cleared Wonga loan without defaulting will it affect a future mortgage application?


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Hi,

With hindsight I stupidly took out a loan with Wonga recently, I paid it back in full without defaulting. My question is someone has told me even though I never defaulted on this loan it could stop me getting a mortgage for another 6 years as the record of this loan stays on my file for that long. Is this correct? I would expect to apply for a mortgage inside the next couple of years, will the wonga mark stand against me now? I am gutted if this is the case.Please advise.

Thank you

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Hi, from what I've read some lenders will take a dim view of any payday loans as it shows poor financial management, I don't think they will help your rating but every lender has there own criteria, you might be ok.

 

I've had tons of them stupidly enough so I know by taking them I've trashed my rating.

 

I got some info on natwest criteria and they won't bother about them if you haven't had any in the past year, they also disregard defaults and satisfied ccjs after 3 years.

 

Might be worth talking to a mortgage advisor before applying see what they say

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  • 2 weeks later...

Hi,

 

I've unfortunately taken a loan with with wonga, quick quid and payday express and within the period of taking these loans i did apply for a mortgage and it didn't adversely effect me as I was accepted... the fact that you paid without defaulting goes a long way but i can't say for sure whether it will go the same way for yourself, depends upon your credit history of course.

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Also remember that a lot of the time, PDL's never actually mark a credit file at all. Other times they do. If you cant see it on any of the 3 agencies reports, then you should be Ok.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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  • 4 weeks later...
Also remember that a lot of the time, PDL's never actually mark a credit file at all. Other times they do. If you cant see it on any of the 3 agencies reports, then you should be Ok.

 

This is true, I recently paid for a credit report and of the 3 payday loans I had taken with 3 different lenders only the one from wonga showed up, not that it stopped me from getting a mortgage either way but it's good to no.

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