www.iva.co.uk

A question about renting in a year or two..

My partner and I are wishing to buy our first new home in around 3-4 years time (quite a while I know) but have been informed we should rent a property first to get some sort of reputation of paying our rent on bills on time as we both currently live with his parents and pay cash in hand.

The problem on the other hand is that I have been in an IVA (May 2016), I made a full and final settlement (October 2017) and have received my completion certificate (November 2017) but understand my IVA won’t come off my CR till 2021. But the problem is we need to be at least renting a one bedroom property by then!!!

I am really worried as letting agents have to do CR’s and obviously mine is affected. Do anyone know the terms of what happens in the situation? My partners situation, his CR is brilliant. He wouldn’t be able to put his name on the tency himself as he techianlly wouldn’t earn enough on his earn and for a couple to rent a 1 bedroom property here the income has to be at least over 20k a year and ours are quite over

Tia for any help and advise!

The credit file will be trashed unto 2022 !

You, as you guess, will fail any credit check. Even though it is marked completed it is still there and will cause you to fail the credit check. This can sometimes be overcome by offering a larger deposit or rent up front, or a guarantor. But, apart from the failed search on record, you will priobably find you have to pay a hefty admin fee for the search, just to rub salt into the wounds.

Many private landlords do not credit check -- so that might be worth looking into.