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fredjn
Starting Member
30 Posts |
 Posted - 18 January 2010 : 12:19:15
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Hi its us again we are still hanging in there almost paralized by fear about taking the steps toward bankruptcy, my husband needs more surgical procedures and is in the middle of a disciplinary at work with regard to his sick time (he is a transplant patient). Anyway we now realise that we must get a rented place and let the house get repossessed. But when we book a viewing for a rental what do we say? The truth or just say we've sold etc?
Our debts were rolled into a managed loan by the HSBC but we won't be able to pay this or much else if our income goes any lower, anyway when we move we will go bankrupt following this to cover the shortfall.
Thanks
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 18 January 2010 : 13:03:59
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Hello Fredjn
If you are going into the private rented sector following a bankruptcy or a proposed future bankruptcy, its far better to be up front with any potential landlord about your credit rating, you can tell them something they will find out anyway. Tell them that you want to be upfront, and that you have a financial past that was frought with problems however you are now facing those problems head on with voluntary bankruptcy, or have already dealt with them through bankruptcy. which will get your affairs in order, so your new tennant will not only take good care of the property but will also be financially fit again so the rent is affordable.
Secondly as to being fearful of the bankruptcy, you have to realise your husband not only requires surgical procedures to make him physically better, he is also financially ill, and bankruptcy in his position is a dam good cure to get financially fit again, so go for it.
Finally if this is what you are going to do, it may well be a good idea to stop paying the loan, to save it for rental deposit. |
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xmas baby
Average Member
537 Posts |
Posted - 18 January 2010 : 13:34:59
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Hi fredjn,
I declared BK last March and I informed my landlord myself, knowing that the OR would be writing to him anyway. I thought it would be better him hearing it from me personally. He was very sympathetic and wished me all the best and as I had never been in arrears with the rent and always been a good tenant, there was no problem. As long as landlords get their rent, there really should not be a problem to be honest. You should look at the rental agreement though, just in case there is a clause regarding bankruptcy. most agreements don't include this clause though.
xmas baby |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 18 January 2010 : 13:55:44
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Dear Xmas baby
I think if you are already in occupation then its a bit different, ie the landlord already knows you, and you have some sort of relationship, however Fredjn is not at present in that position and is looking to go into the rented sector where they will face issues about credit worthyness |
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xmas baby
Average Member
537 Posts |
Posted - 18 January 2010 : 14:04:55
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Yes, you are quite right. However, I think it is slightly easier if you go into private renting rather than through a letting company. Private landlords do not tend to carry out a credit check, but letting agents almost certainly would. I have spoken to several letting agents and one wouldn't even contemplate taking me on as a bankrupt, whereas the others would be prepared to, albeit with 6 months deposit (they're having a laugh), or a guarantor. Either way, they would still charge you an administrative fee of a couple of hundred pounds which is non refundable, if the landlord decides you are unsuitable for his property. Aren't letting agents just wonderful? I would love to get out of the flat I am in at the moment, and I could quite easily afford a decent flat through the numerous letting agents, but I am forced to stay with a private landlord because of their petty and discriminatory clauses.
xmas baby
xmas baby |
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fredjn
Starting Member
30 Posts |
Posted - 18 January 2010 : 15:56:34
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Thank you both for your speedy replies. I will start to sound out some agents about our circumstances and see what happens! Thank you
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 18 January 2010 : 16:25:08
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not all agents are the same try the small independants as they are more interested in YOU rather than the book of rules
Richard |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 18 January 2010 : 16:29:50
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Good luck with the property hunt and remember xmas baby made a good point about letting agents, they have a duty of care to landlords so they may shy away from you after realising the credit problem. Just a suggestion a small advert (lineage) in the local newspaper classified Wanted house to rent column telling what you want, and where you may get landlords approaching you, for example,
Wanted to Rent
3/4 bed home
Ready to move
tel xxxxxxxxxx
Just a suggestion, it has worked for some of my clients. |
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fredjn
Starting Member
30 Posts |
Posted - 18 January 2010 : 19:18:49
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Thanks for that it's a good idea and certainly worth a try I feel a bit silly being so scared of all this but I have managed to tell some of my family my plans today and they were supportive so that is good and one of my hurdles got over!
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 18 January 2010 : 22:26:41
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excellant true family and friends will rally around you.
what does your work union or trade union say about the sickness, yes accept that all companies are trying to minimise sickness.
My father had a heart transplant many years ago, his work where absolutly fantastic, surely a letter from the main consultant will help the company calm down
good luck
regards Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 January 2010 : 10:43:41
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I can remember telling my mum that I was looking at an IVA and she was great, which really surprised me. When that failed and I told her I was going BR she shocked me even more by saying 'don't worry, everyone's doing it!'
Good luck to your husband with the disciplinary, it sounds as though his company are being very harsh xxx
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
30 IPA payments made, 6 to go - the end is in sight! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 19 January 2010 : 14:33:06
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Hi
Just reading the threads.
Try an independent estate /letting agent - the large corporates will be far more strict with regards to your credit history and record.
I used to house BR tenants and I have to say, they always paid on time. I was one of a small number that did so though. I know that one or two of the landlords I worked for may not have been too pleased!! Hey ho...
I wish you well. If you have any issues related to your housing situation in a wider sense, post back and I will see if I can assist with ideas. Regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
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fredjn
Starting Member
30 Posts |
Posted - 19 January 2010 : 18:22:48
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Hi and thanks again for your replies and support. Just a couple of things we are unsure of what to say to agents - as yet we have not missed any payments and would not stop paying the mortgage until we move into rented accomodation. Our credit score should be ok. We want to rent before my husband loses his job or is sick again which we know isn't too far away. Do we say we have sold or just living with relatives? Or do we say what we are planning to do? plus do you have to pay two lots of council tax? one on your rented home and one on your house that is being repossessed?
Thanks in advance.
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 19 January 2010 : 19:25:11
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Hi again,
You do have some choices it appears.
You could say that due to the uncertainty of the economy, you are thinking of selling and renting for a few years. Again, over the past few years of the recession, as an estate agent and letting agent, I have seen many people who have done just that.
It may be that they were having trouble "under the surface" and did not say to us at that time.
I recall one tenant who was subject to a forced sale - they did not tell me that - in the end I found out as news does travel in the profession - it did not make any difference to me as the agent - the rent was paid....
I think you should consider the market place for rental - carry out a few viewings and see what is out there and then decide - a white lie does not hurt - although, you would not be lying anyway as things are tough there for home owners and when the interest rate start to climb... so say just that - you are a bit worried about mortgages rising - and they will, I can assure you - it may not be for 2/3 years, but it will go bang!
I wish you and yours good health and lots of quality time in a less stressful environment Richard 
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
Edited by - Housing on 19 January 2010 19:27:36 |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 19 January 2010 : 19:31:24
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Hi again,
A quick p.s.:
I suspect that if you do overlap then you will have two council tax bills to pay - although, you could qualify for a 50% abatement on one of the homes - there are provisions if people have two homes and occupy both in some exceptional circumstances.
A few years ago, I lived in Devon as my principal home and was working in the London area Mon - Thurs - I got 50% off the London (well Surrey) council tax
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
Edited by - Housing on 19 January 2010 19:32:25 |
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gentleb
Starting Member
1 Posts |
Posted - 19 January 2010 : 20:22:43
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hi there you are doing what i did so i thought i should let you know my experience so far. to cut a long story short i bought a place which became a living nightmare; i was hounded day and night by a nut case council tennant neighbour, so many things, no sleep very long story. i had the flat on the market for 2 years with no joy. in june 2009 i suffered a complete nervous breakdown because of the stress of living with constant parties and harrassment and little assistance from the police and council. i spent 5 weeks in a psychiatric hospital and gradually recovered. i came out of hospital, packed my belongings and viewed a few properties. i told them i had a mortgaged flat which i was renting out - i honestly can tell you they weren't interested so don't worry. i have been here 6 months and am getting well again and am happy and safe at home now. my flat has gone to court and the possession date is very soon :-) i am pleased as it is a huge strain as i am sure you know. i have got the fees together almost to go bankrupt for other debt (cards and loans, mainly money spent eating out, staying out, doing anything to avoid going home, plus admittedly spending beyond my means. i will be declaring bankruptcy very soon and am very scared but i had no choice. the shortfall will be at least 50k and after everything i have gone through i need a fresh start.
i am nervous about my landlord as i am so happy at home, have a secure job and have never been late on my rent but i'm scared anyway.
i had missed a couple of mortgage payments and card/loan payments when i was credit checked for my rental place and was fine so try not to worry. we get one life and do what is right for you and what is right for you now. it will all work out in the end. xxxx
also i got 6 months reduced payments on my council tax but don't worry about that just yet, move as soon as you can and things will sort them selves out in time. |
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What should we say?
