credit check

[jane.l]

we need to find a house to rent ASAP, I have booked to view one on Monday, was the earliest appt they had! I am very worried as they require a credit check if we want to take the house, we have just started missing payments and creditors have been notified of our plan for an IVA. How quickly will our credit rating drop to rubbish? As far as I know it has been excellent but for the past week, we have not paid anything! I am sooo stressed, cannot concentrate at work or sleep!

[Storm]

The information available to most rental agencies is minimal and generally includes things like CCJ's, votors roll, bankrupcy and if the IVA was in place.

They can't see for example that you haven't paid your credit card in the past couple of months. (This is only available to financial institutions and similar who 'supply information'.

The best thing to do is be honest and open. If asked admit you have had financial problems but have the matter in hand.

(There is no such thing as a credit rating or credit score ! - Lenders and credit providers look at the information from your credit report and interpret whether you are likely to pay or not)

You have an advantage - you will be face to face with somebody and first impressions count. Don't appear nurvious, don't make an issue out of your credit report, show confidence at your ability to pay the rent and as importantly that you will take care of the property.

[jane.l]

thanks for that, feel a bit better, I was looking on the estate agents website and it says they use a "specialised research company to check on potential tenants ability to pay"!!! Yikes! it got me really worried, I just wish we could view the house earlier, there are a couple of other houses on their books I'd like to look at too, so I just wondered if I could ask them to do a check now on the chance that we would probably take one of them? I cannot discuss it with hubby as hes away for the day!!!!!!!!!!!!!!

[Marshalsea]

we have just started missing payments and creditors have been notified of our plan for an IVA. How quickly will our credit rating drop to rubbish?

Judging by what I received in the post today, very quickly. I missed my first two credit card payments two weeks ago, so what did I receive today? An invitation to apply for a new credit card (I forget the name of the company) at an APR of... 39.9% [:0]

Haven't received such an offer before, so I suspect my credit rating may now be a little impaired. I can't help thinking this kind of marketing ought to be illegal, although you have to admire the company for being so quick off the mark.

Richard

[freelili]

Jane,

What a nightmare you are going through, I really feel for you. Do whatever you think to give you some peace of mind, if youre handing money over, have everything in writing. Have a rant, have a run, let it all out and then have some fun, you have done all you can for today. I will be sending postive vibes your way on Monday.
Good luck

LILY

I asked God for a solution and have to live with his reply.

[Storm]

Did it say who they use ??

Try not to spook them.... they may ask to do an employment check or see a couple of payslips if they are looking at affordability.

To help you sleep a bit better credit providers supply information monthly normally towards the end of the month so if its there today it will be the same info till the end of March.

[go_4_broke]

Jane, you have nothing to worry about.

Your 'missed payments' are only going to make the teensiest dint in your credit record in the short term even if the rental people could see it.

As storm says don't worry them by poking them into doing an urgent check or they might think something is REALLY up. They probably won't do a check anyway until you have made a deposit?

Worry if you have not got sorted in 3 months time, when you will already have posted back saying what a nice place you have found.

-Best


'5 years sticking my head into the Lion's mouth of debt !'

[jane.l]

well, hopefully we can still view the house to rent on Monday, we have 2 cats and it seems hardly anyone in this area will accept cats in a rented house. The estate agent has asked the owner of the house and she is discussing it with her husband, estate agent said to view the house as planned, have the checks done and we may have to pay a larger deposit, 'cos of the cats, so we may be able to have it, fingers crossed!

We have told them we both work and IF the cats did any damage, we would of course pay for it, but our cats are quite good really, they are pedigree house cats, neutered, de-flead, de-wormed. They are adults and just spend their days eating and sleeping, oh, to be a pampered kitty, with no worries!

[go_4_broke]

Jane, if you can find a place that has been on the market for a while they might be more flexible as there is nothing worse for a landlord than an empty property.

I worked for us (even got £100 a month off the rent) but unfortunately the cat didn't make it past the end of the first year !

-Best


'5 years sticking my head into the Lion's mouth of debt !'

[jane.l]

theres a real shortage around here of houses, to rent or buy! they don't stay available for long, thats how we got into debt in the first place,I think! The first house we bought, we lived in for 10 years but the area really went downhill so we moved but at a loss, the house had fallen in value so we got loans to cover that, we rented a house, which we now own, but paid way over the odds for it!!!! and had to get a 120% mortgage. Theres a few agencies with some 3 bed houses but they all say NO PETS, its really frustrating. I went to CAB and was told we would have virtually no chance of a council house as, by not paying the bills, we are deliberately making ourselves homeless! They were most unhelpful, I only went for some housing advice but all they were interested in were my debts and the whole mess I am in and were quite judgemental in their attitude, I thought

[go_4_broke]

Bad luck on that Jane. I think the CAB probably got the wrong end of the stick. I mean if you could pay all your debts you would wouldn't you, so it's a case of can't, not won't.

But I wonder if you got that sorted out with them (or more to the point with the Council) it would make a lot of actual difference to availability, you might want to check that with them as you don't want to find out the hard way.

You're probably better off plodding on with the private sector, or maybe try a Housing Association?

-Best


'5 years sticking my head into the Lion's mouth of debt !'

[scaredkez]

jane i am in the same predicament re housing myself, i am going br and the waiting list on the council for my area is 12 yrs, to go with a letting agency i will have to pay 6 months in advance where do you get that from will have to look at private lettings
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[jane.l]

We viewed a house to rent today, its a new build, something I have always wanted but will probably never own now! Anyway, they have agreed to take the cats for a higher deposit but we still have to wait until tomorrow for the credit check! God I am soo nervous, hoping its going to be ok

we looked a private house that was advertised in the paper last week, it was awful, rotting window frames, etc, am I being too picky? I just could not live there, but may have to if the credit check comes back bad! Never felt so panicky, what if we get the tenancy but then in a few months have to go bankrupt? Will they find out and end the tenancy?

[go_4_broke]

Some tenancy agreements contain a clause allowing them to end the tenancy if you go Bankrupt, but this is really only there to make it easier for them to boot you out if you are seriously behind with the rent. If you are not, they would be mad to do it so it won't happen.

-Best

'5 years sticking my head into the Lion's mouth of debt !'

[thebear29uk]

Hi all

Can anybody tell me if letting agencies regard IVA's the same as BR. I currently rent and may need to move with work soon. If I am in an IVA by then will this affect my chances of renting through an agency? I was looking online today and saw something about when the credit check comes back negative you can ask someone to be guarantor. Jane if that is the case is there anyone you know who would be willing to do this for you.

Thanks

Dave