BR, self employment and renting

lilybankrupt

So, my situation is that bankrupty is looking like the only option for me

The thing that is worrying me the most is where to live once my house is repossessed, which is only a matter of time.

I've been to the council who advise that as I don't have children they don't have a duty to house me, once I am homeless I will have 'B' priority, which means up to 18 months on the waiting list.

I have phoned all the housing associations but they all go through the council.

Being both bankrupt and self employed I know I have no chance of renting through an agency, I have scoured the private listings locally and without exception they all say 'no DSS' - many do a credit check too even though privately let.

I have even phoned various hostels but they have specific terms eg addiction problems.

My business (sole trader) is new but doing OK, enough to pay essentials once the huge mortgage etc are gone. But it also requires some space to make, store and pack products - and renting a unit has the same credit checks.

I am just terrified I won't have anywhere to live and therefore won't be able to earn either. Does anyone have any ideas that I haven't thought of?

I will be able to stay with friends very short term I guess but it doesn't solve the problem

Just a final bit of info, I don't have anyone who can stand as guarantor for renting

lilybankrupt

bumping in case anyone has any ideas

NewChapter_2

Sorry to hear about your situation you're going through at the moment. I have used a site before where people advertise rooms in their house, which includes sometimes flats etc. Not sure if I'm allowed to put a link on here but if you google 'spare room' it'll be at the top.

Good luck! It does get better, just take it one day at a time x

alunonhisown

After reading this I feel terrible.
Surely with all the experts on this forum someone must have ideas?
I wish I could help I really do.
Is there family or friends who could help you secure monies for a deposit?
Many Local Councils do a 'Paper Bond' whereas they cover the cost of the bond.
Worth calling your local council, but please act now before it is way to late.
I am sure there are landlords who take DSS, there must be.
Surely a more experienced person than myself will be along to offer some sound advice shortly.
Good Luck with all that you do.
D

lilybankrupt

Thanks for your responses guys

It's such a complete nightmare. I've been scouring the 'spare room' site and today for example there are 15 studios / 1 beds advertised, but if you filter by 'DSS OK' it goes down to nil!

The council's bond scheme thingy would definitely be helpful but only if I can find someone who will rent to someone in my situation in the first place.

I wrote to my MP last night, the response I got suggested that if I were homeless I would be in the top priority band for social housing, this isn't the case - slightly alarming that they don't know how it works :mad:

All I can do is keep looking in the hope of finding somewhere. Being self employed isn't helping so it may be I have to find other work at least until I have got a rental agreement. The other problem is that i run the business from home, so no home = no income. A complete house of cards, and after many years of being perhaps a bit 'right wing' on this stuff I am now realising just how hard it can be

I won't be able to pay the mortgage from next month (well the secured loan bit anyway) so things will start to happen, equally they won't repossess tomorrow so i'm trying to stay calm whilst exploring as many options as possible.

luvchocolate

I am sorry not to be able to help, but in my experience it took 10 months for my property to be repossessed x

lilybankrupt

I am hoping they will take a while obviously! It gives me longer to find something, and also means i'll have clocked up more waiting time on the council register

My 'normal' mortgage is only £250 a month (half a percent above base rate), and i'll keep paying that as long as I can. The killer is the Firstplus secured loan, which for a third of the amount of the normal mortgage is a whopping £1,000 a month.

For Firstplus it's hard to know how they will play it - there is no equity in the property for them so the only benefit of repossession is to get it off their books.

Even if I could afford it, or some of it, my understanding is the OR won't allow payments to them as their loan is effectively now unsecured given the lack of equity. There's also the fact that the payments are way above what rental would be.

For now i'm just hoping I can stay till Christmas - that's the busy time of year for the business so the extra cash would pay for a rental deposit. Also, if I then had to 'close shop' for a few months, Jan to March is the time to do it.

Actually now i've said that i'm wondering how the OR would view extra earnings going to a rental deposit? Let's say I make an extra few thousand over Christmas, but need that to put 6 months down upfront to secure a flat....will that be allowed?