I have been advised to enter into an IVA

[katupnorth]

I have been advised to enter into an IVA. I currently rent a house. I have no intention of moving but if the landlord returns to UK in the next 5 years and wants his house back, will I be able to rent another house? One advisor told me to cross that bridge if I come to it but I have 2 young children and cannot risk not having a roof over our heads. The advisor also said that as long as I keep to the same rent amount, it shouldnt be a problem but rent goes up every year and the house we currently rent is fairly cheap.

[pbeck]

It may well cause a problem if your new landlord does a credit check, however, IVAs are seen as more financially responsible than bankruptcy, so if you are asked to leave and find another property, then a perfect rent and IVA payment record should persuade the new landlord that you are a good risk. If you are with a letting agency then probably they would be able to find you another property on their books without a credit check.

Your rent will probably not rise each year by much more than inflation, so hopefully your earnings will grow likewise. Obviously if you do have to leave then you would be expected to rent a new property of similar cost.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist

[peppermint]

I am also in a cheap family rented house but if i get an iva could i take this with an eviction note form my present landlord to the council and be able to aply for a council house as i would not be able to afford a deposit/rent up front?

[peppermint]

cont.....

for a new rented home?

[pbeck]

You should get your deposit back from the old landlord which will cover the deposit on the new place.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist