Can anyone advise please?

honeyblonde_2

I'm so sorry if this has been covered before, I have searched but can't find any info on this so far.
We are very close to becoming bankrupt and we will proberly loose the house.My worry is will we be allowed to rent a property? I don't want a council house (not being fussy) as it could be anywhere and I don't want to move my boys from the school they are at, there are quite a few houses to rent nearby.

philnicandamy

Nothing to stop you from renting, I'm in a housing association place and they landlords have been fine with me...bear in mind though some landlords particularly private ones soon as they hear the word "bankrputcy" they'll immediatley require a deposit and references before your considered....saying that i've known a few people here that have sucessfully rented without any problems

honeyblonde_2

Thank you, one worry out of the way!

Scarlett.1974

Hi honeyblonde

You'd definitely be better off securing a rented property before you go BR if at all possible, it can be quite difficult afterwards.

We've just moved into rented and with our less than shiny credit rating, we had to pay 6 months rent in advance as well as the deposit/bond.

If your credit rating is already looking a bit ropey (missed payments on mortgage, loan, CCs) then you might find you'll have to do the same for private rental. Another option is to have a guarantor, we found that that needed to be someone earning 3 x the monthly rent.

Good luck

honeyblonde_2

Thank's scarlett, credit rating is bad, missed IVA payments and mortgage at the moment, been reading some horror stories on here, scared to death right now. Eight of us live here, six children and my hubby and myself, how we could afford to rent a big enough property is beyond me. I desperatly want to stay here.

Richard_S

Hi honeyblonde,

Why do you think you'll lose your existing home?

When you say you've missed mortgage payments; how many and what are the arrears?

Is there much equity in the property?

How much are your unsecured debts?

I hope you don't think I'm being intrusive, I'm just trying to get an idea of what options are open to you.

Regards

Richard

honeyblonde_2

I'll try and explain a bit about my situation and I will be glad of any advice given.Excuse me if this rambles on a bit and please excuse my bad spelling.
We bought this house about 8 years ago and up till a few months back, never missed any payments.Mortgage is £795 a month, we are three payments behind.The mortgage people have been told by me that we intend to remortgage and the arreas will then be cleared, they at the moment are still waiting for this to happen.
We do want to re mortgage but we have an IVA running and have got behind with three payments to them too.
Other debts, since the IVA include£1,600 plumbing supply bills, £890 in van lease payments.
Our debts have risen so high, as we have had only my husband , who's self employed, working, and there is eight of us here.
My eldest has just got a job and is planning to move out soon, my son was living away, but returned home due fall ot and is currently not working but not claiming, he's out looking for work every day, no luck so far.My other daughter is working at minimum wage and gives me £20 a week. I have three young sons still at school.
The equity in the house is only £15,000 and that would not be enough to clear the IVA, the minimum the creditors would accept, is £22,000.
I'm currently waiting to see if the creditors will reconsider a lower amount, I'm told It's unlikely and we are facing bankrupsy I think.
Richard, I rang the debt helpline for your link, but they can't help, unless the IVA is paid off.They were extreemly nice, infact so nice, I was sobbing my heart out.(sympathy kills me)

honeyblonde_2

Is there anyone else in a situation like me, maybe want to chat via msn? I've been on and off all day hoping someone would see this post, It just seems so busy, when your desperate for answers! (apoligies if I sound impatient, I'm just scared)

tigerfeet2006

Sorry HB it looks like your post got missed. It looks like Richard et al are off to bed at the moment. I'll try and remember to bump this for you in the morning.

Hope you get some sleep tonight.

fermi

There will be someone around at some point soon. Its odd, but some days we seem to get loads of people posting with failing IVA's, and other days virtually none.

One suggestion is to have a look at (and even maybe post on) these two forums.

http://www.debtquestions.co.uk/debt_forum/

That has an IVA section and a bankruptcy section. I know of at least one IP who posts on there (probably more if truth be known) and all the other admins, moderators and posters are very knowledgeable.

http://www.debthelpuk.co.uk/cgi-bin/forum/YaBB.pl

One main "Debt help" forum plus a few other chat ones.

At least two IP's post there at times, and again the other adnims, mods and posters are very clued up.

honeyblonde_2

Thank you xx I have been reading about so many people, worse off than me, one inparticular, that lost her hubby I'm going to try and get some sleep tonight and thank my lucky stars, my wonderful, hardworking hubby is just fast asleep on the sofa, waiting till I get tired enough to sleep). Thank's again, especially to those that arn't in debt anymore and come back to advise and you hardworking mods x x