www.iva.co.uk

My hubby and i are considering selling our house, can anyone tell me how difficult it is to rent a house with an agent while you have an IVA? Obviously our credit record is shot but prior to the IVA and during we have never missed payments on anything.

Any advice welcome.

A few forum members have managed to rent whilst in an IVA, hold on and someone will be along shortly to help you. Viki X

If you are going to sell your house whilst in an IVA, and move into rented accomodation, presumably you are going to use the sale proceeds to offer a full and final settlement? if so, I would negotiate retaining some money to put down as a rental deposit. That ought to do the trick with any prospective landlords.

Melanie's advice re. holding onto some of the sale procedes as a deposit is wise, most landlords will be happy if you are offering good security. Failing that, if you have anyone who would be willing to act as guarantor, that also helps. We've rented for some time and moved whilst in the IVA. Have found that the best policy is honesty, and whilst it's a litle embarrassing, worth just stating the situation and seeing what they say. Agencies themselves don't seem to have too much of an issue with IVA's, those that do simply refer to the vendor to see whether they have any problem with the idea. So far we've never been declined, but then we do offer 3 months rent up front, and have rferences from previous landlords showing no missed payments over 15 years, and like you, can demonstrate that we never missed a single payment to anyone, for anything, prior to entering the IVA.

Good luck with the move if you decide to go ahead, hope selling isn't too much of a prob where you are.

Martin

Thank you for your advice. I think you're right about being up front - I think I'll start getting some references together and putting the feelers out with some agencies. I am worried about selling the house though as I can't see us ever being able to get a foot on the housing ladder again. Unfortunately I can't see any other way round.

Rather than a F&F have you looked into a 60 month IVA and getting a interest only mortgage. At least that way you can keep your house.

We have a 60 month IVA already and we have quite a competative mortgage rate already, I've approached a couple of different financial advisers and even on a repayment only they can't beat our current mortgage payment.

You might get a variation between what the increase would be and what your paying now if you speak to your IP.

It seems a shame to sell up, when you could just sit the 5 years out in your own home