I want to stop drowning

debtaghh

Morning,

I managed to speak to an estate agent yesterday and asked about bad credit and renting a property and in conclusion it’s what I thought. It would cause an issue esp as there are not a lot of properties available why would they rent it to someone with bad credit. He said the only option would be, to rent direct from ads in the paper, which doesn’t really happen where I live. I really don’t know what to do.

System

If you are looking for new private rented see if your local council have a accredited landlord scheme, could you downsize to a smaller house to save some money .

I have checked my balances and both my credit cards are 2.25% min payment , I overpay each so have never really looked before .

debtaghh

Cumbria_lass wrote: »

If you are looking for new private rented see if your local council have a accredited landlord scheme, could you downsize to a smaller house to save some money .

I have checked my balances and both my credit cards are 2.25% min payment , I overpay each so have never really looked before .

Thanks. We are paying the cheapest rent in the area, there are five of us in a 3 bed house. We have big age gaps so not really sure how a smaller house would work.

I looked last night and all our other ccs are 1% minimum , I do worry from what the lady was saying that they will all go up to 2.25% which will mean an extra £700 per month.

enthusiasticsaver

The usual minimums are between 2 and 3% with a few still using 1%. I think Tesco is 1% but with interest rates rising and the worry about high unsecured debt it may well be they will all gradually move to the industry standard. I haven't read anything though but as CL says a lot of them do have 2.25% plus interest so this will pose a big problem for you if your deals expire and you can't move them. What do you pay monthly on minimums now on all of the cards combined?

debtaghh

enthusiasticsaver wrote: »

The usual minimums are between 2 and 3% with a few still using 1%. I think Tesco is 1% but with interest rates rising and the worry about high unsecured debt it may well be they will all gradually move to the industry standard. I haven't read anything though but as CL says a lot of them do have 2.25% plus interest so this will pose a big problem for you if your deals expire and you can't move them. What do you pay monthly on minimums now on all of the cards combined?

We pay £545 approx on minimums. All of our ccs are 1% or less apart from the one bc that was on 2.25%. I may be naive but as they were all that percentage amt it didn’t even occur to me that wasn’t the norm.

enthusiasticsaver

Any chance of your parents suspending their repayments so you could use that in the meantime towards the Barclaycard minimums?

If you stay put in your present house it won't matter if your credit record is bad. Depends on how secure your rental is and whether there is any chance the rent could go even higher.

WannabeFree

debtaghh wrote: »

Morning,

I managed to speak to an estate agent yesterday and asked about bad credit and renting a property and in conclusion it’s what I thought. It would cause an issue esp as there are not a lot of properties available why would they rent it to someone with bad credit. He said the only option would be, to rent direct from ads in the paper, which doesn’t really happen where I live. I really don’t know what to do.

I haven't fully caught up yet so didn't want to post but

When letting agents credit check they only see public information. They won't see if you're behind on a credit card etc. They see CCJ's/Fraud markers etc. They won't see a full credit check like you see/when applying for credit.

debtaghh

enthusiasticsaver wrote: »

Any chance of your parents suspending their repayments so you could use that in the meantime towards the Barclaycard minimums?

If you stay put in your present house it won't matter if your credit record is bad. Depends on how secure your rental is and whether there is any chance the rent could go even higher.

No my parents are extremely difficult when it comes to money and don’t have any understanding.

We have no security in our current house as our landlord won’t give us a contract as they say their life is up in the air so they can’t guarantee how long we can stay here. I don’t think it will go up as it would mean a new contact.

debtaghh

I have worked out that if my husband’s barclaycard changes as well to 2.25% we will be approx short of £580 in Jan. I have a spare £300 and was wondering whether I should keep for January or put it on a cc if yes which one?

debtaghh

WannabeFree wrote: »

I haven't fully caught up yet so didn't want to post but

When letting agents credit check they only see public information. They won't see if you're behind on a credit card etc. They see CCJ's/Fraud markers etc. They won't see a full credit check like you see/when applying for credit.

I didn’t know that, thanks. Although if we did a dmp that was one if the questions when we applied for our current house.