IVA and renting...is it possible!?

jayne23

hiya all, not sure if i've put this on right forum!
Basically i still live with my parents and want to move into a rented flat... however im on an IVA... will this be negative on my credit file!?
and can i rent while on the IVA ( i have had an increase of wages so know i can afford iva and rent!?)
thanks for your help!

thecableguy12

you can do this but you cant go through an estate agent as they will credit check you and will see the iva on the CRAs, I did rent a house once, it was an ad in the paper but the landlord still gave me a valid legal contract and of course could not credit check me. becuase you expensis will be high make sure you work out all your income and expenditure then inform your insolvency practioner but make sure you payments will remain similar

twistle

Hi Jayne.

I started an IVA about 10 months ago and had no problem renting through an estate agent. They did some sort of check on me and I had to get a letter from PayPlan saying my payments were up to date, but it was all just a formality.

Hope this helps and you find somewhere nice to live!

jayne23

thanks guys!! i hope i can...otherwise got to stay here for nearly another 5 years!!!sounds like it may be possible!!:beer: i will give em a ring 2moz!

timberflake

You can rent, but you will probably need a guarantor for the rent. Also, companies like BT will want a £50 deposit because of your history.

louiseesimm

The first place I tried to rent after my IVA had started caused me a few problems. They didn't recognise IVA's and said I was bankrupt and couldn't accept me. The only way this estate agent would accept me was if I paid 6 months rent up front. Luckily my parents helped me out on this one. I had no choice but to move either as I was moving location for a new job. Fortunately, I had some help.
Only other thing you could do is to get a private landlord who doesn't do credit checks. My current landlord (houseshare) doesn't do them, but some do.

Louise

(Debt free - IVA just being finalised!:j)

foulplay13

timberflake wrote: »

You can rent, but you will probably need a guarantor for the rent. Also, companies like BT will want a £50 deposit because of your history.

I'm in this position, and a guarantor was the only way forward...


Unless its a private landlord deal.


:j

property.advert

There are ways and means.

Of course, going private is the easiest.

If with an agency, you could just say you've been out of the country for XYZ years. Thus no credit file (on whatever details and addresses you give them). In this instance, they might ask for 6 months up front rent but you are taking them out of their knowledge zone so be prepared to think for them.

In such a situation, they would likely pass on the 6 months rent to the landlord which is a right non result for you and puts you at risk. Some will accept a higher deposit, perhaps 3 months. This screws up your cashflow but safeguards your cash.

The problem is that most can't be bothered to run the offer past the landlord and they just say no or they make up some rule because they can't think outside the box. If you get a good one, then you can sort something out and to be honest, someone could be a good risk today and a bad one tomorrow in this economy. Having a larger deposit is a sure safeguard against that.

cookie25_2

hi
i'm in a similar situation. i'm currently living at my parents house and was due to move into rented accommodation next week however it looks like it has fell through as I was not accepted by rentshield due to having an iva.I made them aware of this on my application at the start plus the new landlords were aware of this and everything was ok. Had good references from work and previous addresses, !!!!!! of income and had been honest from the start. I was then asked for a guaranor so my mother put her name down.She works for local government, owns her own house and has a good credit history yet we/i was refused. Since then i have sent rentshield via email my last 4 moths wages slips, recent p60, references again and a statement from the people who dealt with the iva saying that i've had it for 10 months and payments are made on time and in full... is this going to sort it? I'm out of ideas now... please help with some sound advice
thanks

camberley

Can say from personal experience it is possible. We went from housing association to private rental as our 2 boys were sharing a tiny bedroom and there was nothing on the housing list. When filling out the referecning forms provided by the lettings agent we declared we were in year 3 of 5 year IVA. We also pre-agreed with my parents that they would act as a guarantor if required. It wasnt needed and it all went through fine. I can see it being an issue if you have just entered into it though!


Good Luck

(Update - maybe not as we are moving again as our landlord wants his house back - new letting agent referenced us for another property and we failed!)

davidgmmafan

I recall reading this thread before, was surprised to see it pop up again. I did research this somewhat as I was, and still am, contemplating and IVA depending how well my DMP goes with creditors.

Anyway I solved the problem by going private but I did find info online from people saying they were able to rent even though they had an IVA. The letter to say its up to date seems to be a common theme and yes some estate agents will ask for six months rent or a guarantor. However I also notice, in the small print re the credit check, the main thing they will knock you back for is adversr credit history which has not been declared on the application.

So my advice is thus, if you are going through an estate agent disclose the IVA before parting with any cash. They will have a fair idea if there is any point applying with thier company. The 'admin fee's are usually non-refundable, and I'm sure this is fair if you've disclosed everything at the outset but that's a whole other issue.