First Time Renting - 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

climbgirl

Well that could be a problem if your credit score isn't good, agencies will do credit checks and I don't think there's a lot you can do about this.

One option is to rent privately, private landlords are less likely to do credit checks than an agency....

Other than that, I'm not sure how you'll get around it. Perhaps someone will come along who's been in a similar situation? If you can show that all debt is cleared with the house equity and you have no more outstanding debt, agencies might take more kindly to you!

cattie1

would you consider council houses? although depending on your area there may be a long list-there are no credit checks adn the rent is often cheaper, you are also would be entitled to benefits should anything go wrong (e.g. loss of a job)
places like 3 rivers (if there is 1 in your area) take people on regardless of credit checks.
good luck with whatever you decide.

joeblack066

Check out https://www.gumtree.com for private rents in your area, my son found a great property thru there. Debs

LauraFlora

Hiya, I dont know if this is of anyhelp to you, I have rented through an agency before and they wouldn't let us pick a property as they said our earnings weren't enough, I was fortunate enough to be in the position to pay 6 months rent in full before we moved in.
The house Im in now is a new build and we are with a private landlord this time who wasnt too keen on our lovely labrador moving in!! So we put a larger deposit down. But the private landlord didnt do any credit checks at all, and to be honest its been alot easier ..... and cheaper than using an agency!!! I have found him to be much more flexible, Ive found private Landlords just want decent people who aren't going to trash their house!...+ the added bonus of no agency fees this time!!

Wannabesaver_4

Thanks for that Joe i will check it out.

Laura - where did you look for private rents? i am guessing not through a estate agent? sorry never rented before!