Renting after bankruptcy!!!!!

sillywithmoney

If me and my wife are both bankrupt and leave our current owned property, would we pass a credit check with the agent to go into rented?

We presume not - so if anyone has any experience of renting after bankruptcy, i would be extremely greatful for advice!!!!!!

Many Thanks in advance!!!!!

Chris

Sunny_Bear

a lot of people move before bankruptcy so that you dont have to say anything and are settled before you go BR.

Personally, we moved 2 months after my bankruptcy and were only looking at private lets, such as on gumtree etc. Didnt want to go through an agent as they charge a fortune and most probably would have wanted 6 months up front. They just needed a reference from my previous landlord, who didnt know about the br, and my work with how long I had been there and how much I got paid. Has been no problem at all!!!

Paulgti6

Would be interested in knowing the answer to this aswell!
not sure what would happen if you tried to rent with an agency, i assume they all do credit checks? does any one know of any agents that allow BR's?

tigerfeet2006

It's not the agencies that allow or do not allow BR's but the actual landlords. The agency will do a credit check and then will make a recomendation to the landlord and it is up to the landlord to say yes or no.

Usually if you can offer 6 months rent up front and/or a guarantor then you will have few problems.

We have had several posters secure properties after BR in private and through agencies.

Another thing you can do is write a letter to the landlord explaining your situation and the fact with no debts you ar ein a very good position to make sure the the rent is always paid and on time.

Rictina

We were totally upfront with the Agency to start with about the Bankruptcy, we even have 2 large dogs to add to the trouble. The agency said that if they got a bank reference ,(good old co-op cashminder a/c, which I had just opened a month before in preperation) & paid 6 months upfront that would suffice.

Plan everything ahead, thats the key.;)

Good luck, remember cash is king.

Rictina.

empty_wallet_2

We were already renting before we went BR so no problems but should we wish to move or have to then i think we will have to stay with the same letting agents as others we have contacted recently have said they would want 6 months rent in adavance, not quite sure how you are supposed to find 6 months + deposit when you are either about to go BR or are BR, that would have meant us stumping up £4,987.50 + £100 moving in fee + £120 credit reference before moving in.

Some friends of ours managed to find a private rental that didnt do any checks, however we couldn't find a private one suitable.

paulc19

It will vary agency to agency. One agency wouldn't even entertain us because i was on a DMP when we moved here. The problem is most of us can't get our hands on 6 months rent up front. A good landlord's reference is always a plus, most will almost certainly ask for a guarantor. Personally i'd say a bankrupt should be quite a good tenant with no outstanding debt commitments and a desire to make a fresh start and do things the right way. One thing that was said to us when we were looking to rent was that 'as long as you're honest we can usually find a solution!' I think it's best to ring round a few and explain your situation and see what they say. Good luck.

nervousmother

I work for an agency. It is a legal policy to do credit checks. We have had a Bankrupt fail credit checks (of course they all do) then go on to rent with us with no guarantor and no six months up front. I think on that occassion it was down to the only default being the tax man.

As a rule if anyone fails the credit checks then they will either have to supply the six months rental up front or a guarantor.

Obviously with me being in my position I would let every BR rent, but unfortunatly it is not my call. I do know though that BRs are more likely to pay the rent and on time!

My advice to anyone who knows they are to go bankrupt would be to:

To secure rental housing before BR date

Or to stop paying mortgage and save like mad for 6 months rental

Provide a guarantor

Use a private landlord who wont do credit checks

tigerfeet2006

Kateylove this is a 4 year old thread so I not sure why you have ressurected it with a plug for a company.