Reduced payments effect on financial checks for the rental application?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
Posts: 1
Joined: Thu May 11, 2017 9:53 pm
by jimmy944 » Thu May 11, 2017 9:53 pm
Hi. My partner & I have IVAs & mortgage. We're both now well & working but have been paying a very reduced mortgage amount & very reduced IVA payments whilst trying to recover from a very difficult couple of years. We are now days off completing our house sale & intend to rent-subject to usual checks. My question is although our debt Managers & B/Society are aware of reasons for reduced pymts to them will this affect financial checks for the rental application?
User avatar
Forum Expert
Posts: 9761
Joined: Sun Dec 09, 2007 6:54 am
by luluj » Thu May 11, 2017 11:46 pm
Your iva will show up on any credit checks conducted but there are options to get around any issues such as a guarantor or payment of a larger deposit to show your good for the rent.
User avatar
Forum Expert
Posts: 23212
Joined: Fri Dec 17, 2010 11:14 am
by Foggy » Fri May 12, 2017 6:47 am
As Luluj says, there are difficulties, due to the IVA (which would overshadow anything else on the credit check. However, some landlords are sympathetic. You would probably find it easier to rent privately, rather than through an agency, as many private landlords do not credit check, but rely on references.

BTW -- I assume that you have discussed the sale etc with your IP and agreed a split of the proceeds.
User avatar
Lisa Thomas
Industry Expert
Posts: 5851
Joined: Wed Dec 03, 2014 10:26 am
by Lisa Thomas » Fri May 12, 2017 8:33 am
Is there equity in your property?

I presume you know you will have to pay it over in to the IVAs?!
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 20 guests