Renting - First Time need advice

Wannabesaver_4

Hi All - well following my first post here yesterday and being completely addicted to the forums all day i have made a pretty radical desicion. I have decided to sell my house and release the equity to pay off our debts. As house prices are so good at the moment i hope we will get a good price.

Only thing that is worrying me is this - because we have gone through the CCCS we are "behind" on payments to creditors. Payments start again this month and we have never missed the mortgage payments but i am concerened that when the letting company do a bank reference we will score badly and therefore not be able to rent anywhere. Frustrating as when we pay our debts off with the equity we will have no other outgoings.

One of the creditors we have is our bank accounts as we were advised by the CCCS to move to new bank accounts as our overdrafts were then added to our debt.

Any advice would be really great as i now dont know whether this is going to work????

Thanks!

spunkeyrich

You can always use a Guarentor (spelling) if you have an unfavourable record. This will put the burden of paying on the guarentor should you defalt on payment. Im not suggesting you would but it is a way of renting should you have an unfavourable history.

rich

Wannabesaver_4

Thanks for that - i actually was wondering whether that was true or something i had imagined so thats pretty good. Thanks for that!!!

Gorgeous_George

You may be in a position to offer six months' rent in advance. That should ease your LL's fears.



GG

Guy_Montag

If you rent directly from a landlord they might not bother with a credit check, especially if you are up front & honest with them. Explain that you've had some problems, have cleared the debt by selling up & are looking to rent. GG is right, if you pay 6 months up front & pay each month's "rent" into a seperate account, over those 6 months, you'll be able to pay the next 6 month's rent up front + will have a little interest. After a year or so, the landlord will probably accept monthly payments.

franklee

I sold and went renting. Although my credit record is fine I do have the problem of little or erratic income, no accountant's reference as I do my own accounts and no employer references. I get round this by paying the first six months rent upfront. Then after that I ask to pay monthly. The first agent/landlord accepted this without question as the six months knowing me was enough to satisfy them I was reliable. The second agent/landlord upped my deposit from 1 month to six weeks after the first six months in order to allow me onto monthly payments.

The guarantor option wasn't for me as I'm old enough to take care of myself and my parents too old to be hassled. Being a guarantor is quite a responsibility so not to be done lightly.