Reduced payments effect on financial checks for the rental application?

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jimmy944
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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?
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luluj
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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.
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Foggy
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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.
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Lisa Thomas
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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?!
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