DRO or Bankruptcy?

DogLover15

Hi, i have taken advice from Step Change about my debts but am worried about how i would get another rented property should my current tenancy end if i went down the DRO or Bankruptcy route and if there's a difference between the two regarding a credit check? Apart from that bankruptcy seems more scary! I have 2 children so housing is the biggest worry for me. I know all about the difference between a DRO & bankruptcy but would just like to know about the two types regarding a credit check over the 6 years they stay on record if anyone can help, many thanks.

matttye

They're both forms of insolvency so they're likely to be as bad as each other, as far as I understand it.

Everyone needs somewhere to live so I'm sure you'll be able to find somewhere no matters what's on your credit file. They might just ask for a higher deposit.

aimzee84

Hi..
I had a DRO which discharge 18 months ago. I applied to rent a property but was initially turned down because of failing the credit checks-my only option was to pay six months upfront, which I did, then in that six months saved the following lump sum (I actually found it so nice not having to worry about rent going out every month! Even though it was still going into a savings account!)..

I think the only other way is to go with a private landlord who perhaps won't check-but I think most landlords do now to cover themselves-don't blame them!

The agency did say they thought I would fail the check, declaring it made them happier to think up alternatives though.

How long have you had your current tenancy? Is it a 12month contract? It might be worth asking if you can extend the length of each contract? But I definitely think if you're in a place where a DRO is an option, it's got to be the thing to do-before you sign just have a chat with your agent/landlord :-)