Want to move out of parents` before BR

samzak

Hi
Im now in about 6 months arrears on my unsecure debt (around 30k)
I currently live at home but am desperate to move out and start renting somewhere now that i am finally in a position to have saved up my BR fees and the deposit and first months rent for a flat. However im not sure how my very bad credit rating (defaults etc) is going to affect me being able to rent somewhere as i know that credit checks are done so i was wondering if anyone has any advice as to what i should do?
Do i explain my situation and be honest and hope they will accept me as i have the fees upfront or do i wait til after filing BR? (but no-one would accept me then would they? ) I would be gutted to get turned down as i dont know what the next step would be. Any advice appreciated thanks.

DON79

Hi Samzak, better to get somewhere before going BR. do be honest about it with any landlord or letting agent, not all will take the chance but some will. and you are in a good and strong position, having the deposit etc already saved. can any of your parents act as a guarantor for you?

should add that my OH has defaults and he managed to get a rented place privately twice with letting agents in two years, so it can be done! hope it works out for you. sorry keep adding to this, am sure he told them he did not have a good credit rating too!

samzak

Ooh thats great! Im sure if i`m honest and upfront someone will give me a chance.
Thankyou :-)

DON79

to be honest samzak, if you can show that you have the money and that you are holding down a job which can pay the rent, I am sure landlords will be happy to have someone to help them pay their mortgage! no one can afford to be turning a tenant away just now in my opinion.

just make sure that your landlord is ok tho as well as a word of warning, you don't want to find somewhere and then find that the landlord is facing repossession proceedings and you will then have to move again. not sure how you could find this out exactly tho.

and make sure too that your deposit is protected in a tenancy deposit protection scheme - landlords must now protect deposits by law - it is illegal for them not to do so. and find out which scheme it is protected in too just for your information when you do come to move on.

Hope this helps!

lekyuk

I know it sounds obvious. I owed a few quid after being a student and the best thing I ever did was stay at home and save and pay off the debt as much as I could month after month. Painful but after a few years I was debt free.

DON79

yes but not everyone can live with their parents forever! I know I couldn't have stood it for much longer, depends on what your parents are like. So I moved out with my sister. we both deserted home at the same time! :rotfl:

samzak

well i`m 26 and really need to think about moving out!
im in way too deep with my debt. i was working just to pay debts and have nothing at all left at the end of it (living off credit cards just to feed myself getting deeper and deeper in debt, u know how it is!) and i couldnt go on like that. i got behind with payments after a difficult year personally but am now back on my feet and it seems the perfect opportunity to move out really! BR doesnt bother too much as i have nothing to lose. just a nice fresh start and a well earned lesson when it comes to money! Thats life i suppose!!
Thanks for the advice guys.

fiveyearplan

If you are going to rent through an agency be honest with them about your credit rting because you have to pay for the credit check so if they already know the landlord only wants people with squeaky clean rating you will have lost that money and its over £100.