Renting a House with Bad Credit

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Hay

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Post by Hay » Thu Oct 03, 2019 10:48 am
Hi.

So, I was asked by my landlord to move out.
My IVA decision is due next Friday so I am yet to find out what my faith would be.

It's a very stressful time and a lot of tears were involved.
I have since been looking at little studios/one bed flat to rent, and the agents all asked me if I have a bad credit.
As it stands now, I am not sure if I have a bad credit. I am about to miss the direct debit (that I was asked to cancel by IVA company) today, and I don't know if I should be saying yes to the question or no.

I don't know what to do. Do I tell them and get them to reject all my application? Do I explain? Do I just say no as nothing has been set in stone yet?

kallis3

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Post by kallis3 » Thu Oct 03, 2019 10:54 am
Have you tried private landlords - they don't always credit check. It could be that you need either a large deposit upfront (usually 6 months rent) or a guarantor.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Thu Oct 03, 2019 11:32 am
If you pass a credit check today .. you pass !! The only worry I have is whwere are you going to get the deposit / advance rent ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

magicsam

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Post by magicsam » Fri Oct 04, 2019 10:15 am
I'm pretty sure they can only see publicly available information like CCJ's and insolvencies so the odd late payment will not cause you any problems. The reason I was given for this is that they are not registered with the FCA so are limited in what they can access.

Hay

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Post by Hay » Fri Oct 04, 2019 3:13 pm
Thank you for your messages.

First, I spoke to the IVA company, and they said it is fine to go ahead with the creditors meeting and let it pass/fail because it takes 8 weeks for the credit record to update? - does it mean I can safely go through the credit check in the meanwhile? Or is it best to cancel it for now? Could I take no debt managing action for a month or so until I find a place?

Second, when they do a credit check, will they see the high debt I have and reject the application? I keep trying to find private landlords and it's proving difficult with the deposit etc. I don't have that money.

Third, I was approached by another IVA company UKMoneyAdvice. They are apparently affiliated with Creditfix and the verification and IP happens with them. They were shocked about my rate of 500 per month (not a viable option for me) and says they will bring it down to 200. They told me to cancel the IVA meeting next week so that they can put in an application. According to them, my creditors do not get the monthly contribution and I&E details until the meeting. Now, my current company disagrees and says the creditors have already received the forms prior to the meeting. This means that they will see the old I&E and see the differences etc. There are discrepancies as my IVA company kept reducing down every part of it because it went over the maximum? For example, they said food max was at 220 or something whereas the new company says it was at 340.

I would very much appreciate your help. I'm about to be homeless and a failed IV.

kallis3

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Post by kallis3 » Fri Oct 04, 2019 3:35 pm
Another company should not cold call you and they cannot say what creditors will accept or otherwise. Your creditors will already have received your proposals. I would be very wary about going with anyone else if you haven't done any research.

Do you have anyone who could act as a guarantor?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

kallis3

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Post by kallis3 » Fri Oct 04, 2019 3:46 pm
Don't cancel your meeting!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Fri Oct 04, 2019 4:53 pm
The new company are being creative with the truth and they cannot go into figures without a full check of your situation. Also the I&E and debt details get circulated to creditors at least 21 days prior to the meeting, not at the meeting !

Incidentally, the guideline figures for food, for a single adult are around £225 max and £355 for a couple.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Fri Oct 04, 2019 5:18 pm
I wonder if this 'new' company is actually genuine or just using that name as I doubt Creditfix would do that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Fri Oct 04, 2019 5:22 pm
Fri Oct 04, 2019 5:18 pmkallis3 wrote:
I wonder if this 'new' company is actually genuine or just using that name as I doubt Creditfix would do that.
Possibly a packaging company.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Fri Oct 04, 2019 5:24 pm
Could be - but they shouldn't cold call and say they are affiliated with anyone.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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