Worried about debt impact on getting a home loan

A Fin24 user is making good progress in paying off his debt, but worries about whether he will be able to get a home loan. He writes:

I was unemployed for over three years and fell into debt. I am currently working and am in the process of paying off my debt.

My concern is that I went to African Bank to make arrangements and was informed I only have one outstanding loan, which I am currently paying off.

Recently I applied for a cellphone contract and was advised I have two outstanding loans.

I am worried about whether I would be able to qualify for a home loan once I have settled these loans, because I closed all my accounts and will finish paying off the loans this year.

Yvonne Viljoen, an ooba consultant, responds:

ooba has partnered with Lucid to assist clients with poor payment profiles and listings.

What this entails is that if the applicant for instance had a judgment, and this debt has been settled in line with the amnesty, Lucid can assist the client to have it removed from his or her credit profile.

Lucid can also advise the client what their credit score is. Once confirmation has been received from all credit bureaus, I would suggest that you wait three to six months to allow your scoring to rectify itself and then apply for a home loan.

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