Are we going to be stuck here?

emma-uk

Just a rant but if anyone has any words of wisdom to help us I would really appreicate it!

OH and I earn a combined salary of £39k, work full time in jobs that are as secure as they can be with no outgoings and a 1 year son. We have lived in our rented 1st floor 1 bed flat for 6 years and are "perfect tenants" according to our current rental agency. Suitable property where I live is like hens teeth and we have managed to get in first with putting a holding deposit down on a 2 bed (after 12 months of looking!) The rent on the new property only accounts for roughly 30% of our outgoings.

So now the bad bit. I am the main salary earner but I have bad credit. We used our savings in February to settle my IVA early so we could start to look forward to building a better future for our Son and ourselves, starting with getting him into his bedroom! The LA for the new property have said that they are happy for the tenancy to go ahead in my OH's name as he passed the credit check with flying colours only but due to the 40% letting ratio on his salary he doesn't earn enough so we need a guarantor earning 21k+ with great credit as the LL can not get insurance to cover loss of rent with me on the agreement due to the fail on my credit check. Do you think we can find someone? No! OH's Dad is retired, his Mum only works P/T as does my mine and my Dad is on sick pay as he has Leukemia. Our siblings don't earn enough and there are no other family. I don't have many close friends and the only one I can trust who does earn enough has not got great credit. We have no one:( I have got to point where I feel like asking the LA if we can put my salary down as the OH's. Theye have been good and said that they would be more than happy to have us given our past rental history and income but we need the guarator to proceed.

So despite having a cast iron reference and more than enough desposible income to pay it looks like we are going to loose it. God knows when something else is going to come up and even then we are going to hit the same problem until my credit score gets better. We are registered with the council but hold out no hope there as we both work and can afford to rent privately!!!!! Are we ever going to get a break?

carefullycautious

Sorry to be blunt but why are you raging about a matter that you have put yourselves in. Its your fault you have bad credit no one elses. These are the consequences to your actions.

You will now need to improve your credit history if you want a chance to move on in life.

Take a long hard look at your needs versus wants. Therein lies the problem

martindow

I'm going to be rather blunt too.

Bad news first is that there are going to be repercussions from an IVA . You will need to build up an improved credit rating and this will take time. It is probably best to stay where you are and build up a good cushion of savings.

Good news is that your son is very young and although a two bedroom place would be nice it is not essential or that urgent. Have you looked at the layout of your flat? Could you use the living room to sleep in with a sofa bed perhaps?

I think you have no option to accept the position you are in, forget about moving for a few years and use lateral thinking to make the most of the space you have.

Good luck and I hope it all works out for you in the end.

housebuyer_abc

I have a great deal of sympathy with your position, but I think the others are correct, you put yourself into this position, it really isn't anyone else's job to get you out.

I know you think that it seems so unfair that you don't get a second chance, the reality is you do, but it takes six years for that chance to be started.

This post should really be pasted as a reply to all the credit card posters who say - "I'm just going to default on my loan, I'm not buying a house so it doesn't matter" - I think your position proves that paying your way really does matter.

ALP2010

Emma, good luck, I do wonder if some people on these forums get a bit of a kick out of telling 'numpties' how it is.

I totally understand your rant, even though the 2 replies above are spot on it is clearly a very emotional situation for you.

My wife got into a bit of a financial trouble a few years ago and vowed to get out of it which she has done. It is a grind but with the right motivation you can get your credit record better and turn it around. It will be sweet when you get there.

All the best.

RAS

Hi

Unfortunately you will have to declare your IVA whenever you are asked for the rest of your life.

have you however done your post IVA credit update? Go over to the IVA forum for information.

sugarpants_2

Hi Emma

huge hugs. Im renting with my hubby and 2 kids and have done for 7 loooong years now (yes, i hate it cant you tell?!).

I had a friend who was in simular situation to you and she managed to rent not throught a LA but found property through her local paper. So no LA fees,checks etc.

Have you tried this yet? You must be getting so cramped in your 1 bed flat hun. where do you live?

princeofpounds

If you can, offer to pay rent up front, 6 months if possible.

This means that you present no credit risk to the landlord for the entirety of the secure portion of your tenancy. He doesn't then need to rely on the judge's discretion to award a section 8 eviction if you then start to default, he can just use a section 21.

It would also enable enough trust to be built up so things remain sustainable.

You should also state all the above to the potential LL. Credit scores are a totally arbitrary decision- a wise LL might be able to rely on their own judgment rather than just follow a blind rule.

Albiebabes

Hi Emma,

I can see your dilema and agree with Sugarpants and Princeofpounds. Either try and pay 6 months rent in advance or perhaps try a private landlord from the local paper etc.

What I disagree with is some of the advice that you have put yourself in this situation and you should deal with it.

I would also say that none of us are perfect and I'm sure we all have our crosses to bear and I would have thought when someone comes onto this forum asking for help, they should not be met with negativity.

Good luck Emma!:)

emma-uk

Carefullycautious - I fully understand that this is my fault and that the blame only lies at my feet thank you. I truely hate myself for allowing it to get as bad as it had and wish I could turn back the clock but I can't.

Martindow - Thank you, I hope it does too, I need sleep as he wakes us up several times a night and I don't want him still sharing with us when he's bringing ladies back;)

RAS - I am awaiting the certificate of completation so I can start doing so. Not too much longer I hope but I do use that forum, some of the regulars on there are fantastic.


ALP2010 - There are a few like that on here! Glad everything has worked out for your wife.

Sugarpants - Private LL don't seem to exsist here! I've placed ad's in the local papers and gumtree but nothing. It is cramped and we have no outside space at all but luckily there are some parks around here.

princeofpounds - We used what savings we had to clear our IVA and have started to build them back up but a bit off the equivilent of 6 months. We have built up a fantastic trust with our current LA and they have provided a glowing reference for us, it's just a pity the property is not with them.

Harbour_Lad

Maybe if you can hang on a bit longer a suitable property will come up with your current letting agents?