Renting and bankruptcy

dimples73

Hi i don't know if anyone has been in a similar postion or can offer any advice, I am a single parent of two children, i rent privately and have done for the past three years. My ex-partner and i split over a year ago leaving me with a mass debt of £20,000 in my name. I need to move into a new house and can only obviously rent, i am planning on Bankruptcy but dont know if this will affect my being able to rent again, i dont currently work and receive various benfits including Housing Benefit, i have a guarantor to cover me and also my housing payments too.

Will going Bankrupt make it difficult for me to rent again???

Sammy3008

dimples73 wrote: »

Hi i don't know if anyone has been in a similar postion or can offer any advice, I am a single parent of two children, i rent privately and have done for the past three years. My ex-partner and i split over a year ago leaving me with a mass debt of £20,000 in my name. I need to move into a new house and can only obviously rent, i am planning on Bankruptcy but dont know if this will affect my being able to rent again, i dont currently work and receive various benfits including Housing Benefit, i have a guarantor to cover me and also my housing payments too.

Will going Bankrupt make it difficult for me to rent again???

We were (I say were, as looking into companies that buy your property from you, then moving into rented and assessing the situation, will probably be still going BR, but will be able to see the contract when moved in the property) looking at giving up my DH mortgaged property and moving into rented, then my DH going BR.
I've a thread about it on here somewhere, lol.

Advice given to me, was be up-front with the LL or LA in the beginning, explain your situation etc.
It will depend on the initial LL whether they will accept you.

I contacted a few LA, and they have said, 6 months rent up-front, and maybe a guarantor, but they have said it depends on the LL.

Can you not stay in the house you are in currently?

Sam.

Merry_Gentry

I have moved three times now since bankruptcy. I have a guarantor and have had no problems at all - I have been very upfront and honest, explained that the bankruptcy means I have zero debts but that I won't pass a credit check, and so far have had no problems renting for me and my three girls at all.

estelle123

I have never had probs renting either,go into the agents tell them your position before they start showing you things.I use a guarantor,any good LA will agree to this.

anjalorum

We are in private rented but LL is selling we have been looking at other houses . I always tell them upfront about the BR and none have had a problem with it yesterdays agent said that we would just need a quarantor.I always tell them that I want to be upfront as it would show up on any checks and that there is no point wasting either theres or our time viewing properties.

Angiepange

Sammy3008 wrote: »

We were (I say were, as looking into companies that buy your property from you, then moving into rented and assessing the situation, will probably be still going BR, but will be able to see the contract when moved in the property) looking at giving up my DH mortgaged property and moving into rented, then my DH going BR.
I've a thread about it on here somewhere, lol.


We were contacted by a property management co that came round and talked to us about them buying our house including the neg equity in the price and they even mentioned including our debts so we could move out and rent and make a fresh start (and not have to go BR)! Was pretty sceptical but when your desperate you clutch at all straws! Well they have emailed to say they are looking into the finance side which is proving tricky so I have just about given up hope. Not heard anything this last week and they knew our situation is urgent

As for renting not doing that just yet but would agree with all above. Be up front about BR, if you have a guarantor you should be fine, or 6 mths in advance.

Good luck to you

Angie x

dimples73

Hi guyz, thanks all soooo much for your replies, has given me a bit of faith that things will get better, hope all works out for you in the future too, best wishes DIMPLES X

Sammy3008

Angiepange wrote: »

Sammy3008 wrote: »

We were (I say were, as looking into companies that buy your property from you, then moving into rented and assessing the situation, will probably be still going BR, but will be able to see the contract when moved in the property) looking at giving up my DH mortgaged property and moving into rented, then my DH going BR.
I've a thread about it on here somewhere, lol.


We were contacted by a property management co that came round and talked to us about them buying our house including the neg equity in the price and they even mentioned including our debts so we could move out and rent and make a fresh start (and not have to go BR)! Was pretty sceptical but when your desperate you clutch at all straws! Well they have emailed to say they are looking into the finance side which is proving tricky so I have just about given up hope. Not heard anything this last week and they knew our situation is urgent

As for renting not doing that just yet but would agree with all above. Be up front about BR, if you have a guarantor you should be fine, or 6 mths in advance.

Good luck to you

Angie x

Aww Angie,
We have been clutching at straws too, as I have emailed these companies that buy your home from you etc, they've offered £56,000 and we have a mortgage for £76028, I'm ringing our lender tomorrow, and tell them what we've been offered, and they either allow us to sell at that, and pay the shortfall monthly (well hopefully the BR will cover that) or they'll lose everything anyway, I just hope they listen.

Hope you hear something soon.

Sam. x

Angiepange

Sammy3008 wrote: »

Angiepange wrote: »

Aww Angie,
We have been clutching at straws too, as I have emailed these companies that buy your home from you etc, they've offered £56,000 and we have a mortgage for £76028, I'm ringing our lender tomorrow, and tell them what we've been offered, and they either allow us to sell at that, and pay the shortfall monthly (well hopefully the BR will cover that) or they'll lose everything anyway, I just hope they listen.

Hope you hear something soon.

Sam. x

Hi Sam and thanks,

Not sure Sam but wouldnt they want you to sign something to take responsibility for shortfall if they allowed you to sell at a loss? Then i would have thought it couldnt be included in BR? I could be completely wrong so hope someone else might know more?

Angie x

debtinfo

The insolvency service was looking at these schemes to see if they constitute a transaction at undervalue, but i havn't heard anything for a while. Presumably because properties prices have been falling fast

North_East_Derbyshire_CAB

Hi

Here is a link on Mortgage Rescue Schemes that may be useful: http://www.adviceguide.org.uk/index/life/debt/how_to_sort_out_your_mortgage_problems/mortgage_rescue_schemes.htm

Check out the Government run schemes.