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Payday Loan 'risk To Mortgage Applications'

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http://www.bbc.co.uk/news/uk-25098810

Taking out a payday loan could endanger people's chances of getting a mortgage whether or not they had difficulties repaying the cash, the BBC has learned.

Nearly two-thirds of brokers contacted by trade publication Mortgage Strategy for Newsnight had a client turned down for a mortgage after a payday loan.

A record of a loan will remain on a credit record for nearly six years.

Business Secretary Vince Cable said borrowers would receive warnings under future advertising regulation changes.

According to evidence gathered by Newsnight, many mortgage applications have been instantly declined and credit scores adversely affected after people took out payday loans.

Great news for the housing recovery. Use a payday loan and your credit rating is shot.

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Another headline not supported by the story.

So long as there are

( a ) people with payday loans, and

( b ) people who are turned down for mortgages,

it seems reasonable to suppose there will be an overlap between the two sets.

All that's happened is that someone asked the banks about that overlap, got the inevitable answer "yes", and blew it up into a headline.

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Getting a mortgage is the most important thing in your life.You have to "fulfill a dream" of "owning" a home.

In order to get the maximum number of suckers into the Ponzi, Government is trumpeting the above and of course, they constantly need more mortage "eligible" new suckers to sustain the Ponzi.

They do not want any pay day loan lenders to compete with their crony banks on the High street.

Hence, use the blackmail/fear of not "being able to get the mortgage" in order to get suckers away from payday lenders.

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Payday loans and being irresponsible, poorly organized, bad with money being linked.... strange concept although I think only recent recourse to these sorts of lenders would be considered a 'black mark'

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Payday loans and being irresponsible, poorly organized, bad with money being linked.... strange concept although I think only recent recourse to these sorts of lenders would be considered a 'black mark'

I think you'l find it's the borrowers that are the problem.

If there was no market for it, no one would do it.

The borrowers problems are being caused by the high cost of living...therefore the root of the problem is the very people who are saying it should be stopped.

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