Need to rent - lots of debt

Dell2u

Hi
I need to move out of my parents house and find a house for myself and my son. I have been at my mums for best part of 4years. Rented briefly for 8 months prior to that. I know I have lots of debt but have steady job (same employer for 24 years) and never missed any repayments of debt.


Will credit checks by agents show the debt and refuse me, or will steady job be the clincher?


Will reference from employer be sufficient (last landlord/agent was over 4 years ago and I was actually week late with rent one month) so would be scared to ask them for reference.... Any thoughts welcome.

Edi81

How much is a lot of debt?
What is your income? Are you planning to claim housing benefit for your new place?

The landlord / agency won't see the level of debt - just if you have CCJs.

I am wondering if moving out is the best thing. This time living with your mum should have been ideal to reduce your level of debt(I hope you have been doing this) and I wonder if you really can afford to move out.

Dell2u

PS I'm on £24K per annum and hope to rent something @£700/month

Edi81

Not sure how the insolvency people will deal wit this as it may be perceived to be you doing your creditors out of what they are owed.
I would suggest you post on the bankruptcy board where you may get more useful feedback on your plan.

Guest101

This sounds like a terrible idea.


The LL would find out eventually that you are bankrupt and you'll not be able to rent anywhere else for quite some time.


I have to also ask, why haven't you paid off you debt?

EmmyLou30

Dell2u wrote: »

Think 'deceive' is harsh yes. As have already seen on forum, some landlords would rather have someone who is bankrupt and clear of debt than someone with poor credit history. You don't know reasons for my circumstances ... and we cant turn the clock back, only learn from our mistakes.

If you think you're able to find a landlord who would take someone recently bankrupt and free of debt then you should do that, be clear up front about your circumstances. I think it is deceitful to tell a landlord one thing and then be another. I understand we all make mistakes and it seems you have been trying to put things right, but writing it off seems an easy way out that will almost certainly limit the number of landlords who would rent to you.

csgohan4

who's 'some'? If I was a LL, there's a reason for these credit checks and a straight decline from me, that's for sure because of you history of not managing finances very well.

Effect of bankruptcy must be lightly taken:

https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/is-bankruptcy-right-for-you/checklist-is-bankruptcy-right-for-you/

sparky130a

Dell2u wrote: »

Enough debt to be going bankrupt with, but I'm keeping up the repayments for few months then going to apply for rented house. When in house I'll go bankrupt so will have no debt...... (or very little repayment toward debt) and rent will be priority bill obviously.


So agency will just look at income and possibly bank balance?

You do realise the full ramifications of going bankrupt?

I got a CCJ at 19 because i was a t1t and foolish.

I paid the price for that for 7 years. Whatever leads you to believe it's a clean slate with no consequences you're misguided.

It took me a decade to properly get back on my feet financially and be accepted by mainstream lenders offering reasonable rates.

elverson

Dell2u wrote: »

PS I'm on £24K per annum and hope to rent something @£700/month

You can't afford £700 a month on your income.