I had my IVA approved in January 2011, until I went down this route, I had never defaulted on any payments to anyone.
I currently rent my flat and my partner rents her home, we want to move in together and get married eventually. I have been at my flat for 11 years, am gainfully employed with the same employer for the last 10 years.
We have been upfront with local letting agencies re my IVA, we are very able to pay any rent in our bracket, but we have been told that the letting agents will rent to some one with an IVA of either £1,000 or £1,500, as if you have an IVA of more than that it effects the landlords insurance on the property...... It sounds wrong, any ideas anybody????????
Some letting agencies may want a large deposit and some may not. You could also try renting privately without involving agents and perhaps getting references from your current landlord/lady.
It's true! I was told this and did some research. Landlords have insurance that pays out when a tenant defaults...and given our financial history of defaulting we are uninsurable for this because the risk is too high. Someone with very big algorithms worked this out seemingly without ever thinking about the real world. You can mitigate your risk with a double deposit, guarantor or six months rent up front. But honestly, the easiest thing is probably for your girlfriend to rent in her sole name. Congrats on moving in together x
We tried to rent somewhere and even had 6 months rent upfront but we were still refused. We were totally upfront with the estate agent about the iva but I think they were just being sneaky and just took the reference fee. One of the other letting agents said they would talk to the landlord about it first before taking our money so I think it does depend on the landlord.
That's really good advice...be upfront. I found an estate agent I clicked with and then spent time explaining about IVAs and how rental payments are a priority. I also told them I would fail their credit check and would only pay them money to proceed if we could go forward knowing this wasn't a problem. I got the flat by agreeing a double deposit and my dad is a guarantor x
A few months ago whilst still in the IVA we was accepted. We told the letting agent everything before hand and they said apply in usual way and landlord would decide and if not accepted then would recieve full refund of fees. Landlord accepted with a gaurantor. No extra deposit needed, just £50 for gaurantor credit check.
