www.iva.co.uk

Hi,

At the start of my IVA (just over 2.5 yrs ago now) we were stuck in a cramped 2 up 2 down terrace. Neighbours from Hell drove us to put the house up for sale [:(] Fortunately we sold at the peak with the equity being placed straight into the IVA. Renting was a real leap into the unknown but we managed to secure a 3 bed semi “new build” in a thankfully quieter area! The letting agent (a major estate agent) was excellent in bypassing my “IVA issue” by designating my wife as the main tenant with my brother acting as guarantor (only my contributory income was taken into account for the credit check).

We are now moving again at the end of next month to a much bigger semi with double garage/driveway, outbuildings, large landscaped gardens, plus decking & patio areas. I’m 5 minutes cycle from work and the kids school is less than a minute walk away. Even if I’d never got into debt problems and my credit rating was tickety-boo, we would never have been able to afford to “buy” the house we are about to move into. Our monthly rent will go up by £40 but we’ll save that in petrol and some.

Being on the property ladder at any cost vs better quality of life? I’ll take the better quality of life option each and every time! [:D]

David

What a fabulous story to share with forum members - I always advocate that a house is merely bricks and mortar, but a home is where the heart is. You clearly demonstrate that this argument definately has merit - well done to you all.

What a great post! Thanks so much for sharing your story. My sister has recently given up her house because of crippling debt and she is now renting a lovely cottage for a lot less per month.

When our repayments were sky high we could have rented a 6 bed new build for £300 a month less than the mortgage on our 3 bed!.

You have certainly done the right thing for you and your family, well done and good luck [:)]

Hi,

Thanks Swans Girl & Melanie for the supportive comments [:)] Work colleagues often frown and mutter "dead money" when I mention that we rent. However, I shall ponder that thought when I'm sat out on the sun-deck (flanked by palm trees!!) watching the kids go wild in the garden [8D]

David

[:D] I've got palm trees too [:D]

When will everyone realise, that unless you can pay off the mortgage, the house doesn't belong to us.

Ignore those colleagues and enjoy your decking [8D]

aw thats a lovely story

julies right ignore your colleagues

are they as happy? hmmm.... probably not

thanx for sharing your happy news and good luck for your future x[:o)]

At the end of the day it is what you are happy with, and if you are happy renting then that's your choice.

I'd ignore the comments.

If its dead money why is the Sunday Times reports that the city slickers are selling their flats and renting because renting at this time is a better deal - that is what the Sunday Times reported.

The others are right, ignore them. Personally owning is right for us as it's about £150 cheaper than renting round here, but it's each to their own.

I wonder how many people turned their noses up at renting,mortgaged themselves to the hilt,and then lost,or are struggling to meet their mortgage repayments .

I would never turn my nose up at renting if I couldn't afford my mortgage. I just happen to love the house and area I live in and will fight tooth and nail to stay here.

Hi Kallis3,i hope you dont think i was referring to you,it was a genral comment and personal obversation

I rented RAf accomodation for years but always thought I was throwing good money away.
At least once the mortgage is paid off I will see something for my money,you just have to get the balance right.

I would much prefer to buy my own house if we could get a mortgage. I always felt renting was a waste of money.

Another success story here too.

We owned a 3 bed semi in a cul de sac and had pretty dogy neighbours and the neighbourhood kids were horrors (they once urinated into a milk bottle and threw it into my hedge).

We are now renting a 60 year old detached house with ENORMOUS gardens front and rear, we have a veggie plot, which the girls love helping out with and they have so much space to run around and be children in perfect safety.

I also have lovely neighbours. The hubby next door works for a fruit and veg distribution haulage company and he is always been given excess fruit, veg, spuds etc which he in turn passes on to me.

I rent through an agency but have met the owners. They are aware of our situation and have said to us that we can rent here as long as we like and have said we can even buy the property in 7 years or so when we are IVA free and have saved a deposit with the IVA payments.

The local school here is a beacon school too - I am so much happier here.