Renting Question

craig2000

Hey There

Quick question for you guys! (this is to settle a discussion though and I highly doubt will come to anything)

I have just recently entered an IVA, which obviously ends all hope of credit etc.

But what if I wanted to rent a small house that I could now in theory afford? Would my credit rating spell an end to this or would an estate agents still be willing to to let me rent based on a good set of bank statements and proof that I can now afford it?

Thanks

Craig

BadgerFace_2

A private landlord may well let to you on the basis of bank statements etc.

As for letting agents; I would think most referencing companies would "fail" you on the IVA, it is seen in the same light as bankruptcy. Six months rent in advance should secure you a rental though I would have thought.

robcauson

It'd very much depend on the letting agent or landlord. Be careful of generalisations saying that private landlords will let you in without credit checking; this isn't always the case.

With an IVA on the cards you'll fail a reference if it's carried out by any of the major letting service providers, so your best bet is to be up front with the letting agent or landlord and explain your situation. They may carry out the reference anyway, to look at the rest of your circumstances, but agree to accept you notwithstanding the result of the credit checking. This could be on the basis of an advanced rent payment, but perhaps not. It may help if you explain how an IVA works, because the point of it is that it ensures you have money to spend on the essentials such as rent, before paying your creditors. As long as they believe you will pay the money put aside for rent to them, and not the local pub or whatever, then you're in with a chance.

Not everyone will go for it, but if you're open and discuss the options with the right agents you'll more than likely find someone who will be willing to take you on. After all, it's the landlord's property, so it's up to them if they want to put you in a property. The agent is acting on their behalf, so they might well think it's best not to put someone with an IVA in, but if they can see that you're being honest with them they might take the view that it's worth checking to see if the landlord will take you. Especially at this time of year when the market is generally quieter.