Will we be able to rent with a lousy credit history.

[1stlifeline]

We are selling our house. After months of trying to save it we have decided that the hassle of all our debts will be eased if we sell and use the collateral to make some 'full and final' offers.
However, whats worrying me is how we will find accomodation when the sale goes through. We ae not eligible for council help and want to rent privately but Im worried because we wont have good references after all our problems.
We will have collateral in the house and so will be able to pay a fair amount of rent up front b ut will the agencies accept this. If not I dont know how we will find somewhere to live.

[1stlifeline]

P.s. Slightly off topic but baffling me! Why, when I start a threaddoes it always show in the forums with a tiny title instead of bold like the other threads?

[Alphageek]

I think if the landlord / letting agent do not accept your referenced (ie credit check), then you would have the option of paying 6 or 12 month's rent up front.

I would PM MrShed and ask him to pop on this thread and offer advice.

He helped me with a query I had on renting a while ago. He seems to know his stuff.

Good luck.

[1stlifeline]

Thank you for the reply. I live in hope they will accept a few months rent in advance.

[Lula]

As an aside, do you have a list of your creditors with amounts? have you written to them all asking for a CCA to ensure that the debt is enforcable, if they dont have these then your bargaining power is greatly increased as the debt will be unenforcable in its entirety

[1stlifeline]

Hi Lula.

Yes I have asked for a CCA for the debts with the intention of getting a better bargaining power. As yet Im still waiting for the replies having only had a reply from one of them at the moment, but I live in hope!!!!

[Lula]

When did you send them? and can you scan them and post them on here (with your private details taken out) so that the "experts" can take a look and tell you if they are indeed enforcable or not

[Alphageek]

Hi 1stlifeline, sorry I just looked at your post count and thought you must be well in to CCA and S.A.R - (Subject Access Request) request and claims etc.

I should have read some of your threads.

Certainly do as Lula suggests and never give in to the DCA bullies.

I have CCA'd all my credit cards and non of them had valid agreements and one company with whom I had a closed loan account have just agreed to pay me back close to £500 in unlawfully levied charges.

I don't know you situation well enough to say for sure, but I would be willing to guess you will have a high proportion of unenforceable debt. With the help of fellow CAGers, you will be in a stronger bargaining position then you think you are now.

Also, keep in mind that Full and Finals will still result in what I would call adverse CRA data being recorded. So, that might not be your best option in any case.

[1stlifeline]

Also, keep in mind that Full and Finals will still result in what I would call adverse CRA data being recorded. So, that might not be your best option in any case.

Does that really matter if I dont want to obtain any more credit in the forseeable future. I was thinking the benefits of getting rid of my debts at a reduced rate would outweigh the drawbacks or am I missing something.

[Alphageek]

The problem I would have with that position is the word "foreseeable" - I don't know what I am doing tomorrow, never mind for the next 6 years.

Of course, it's your call as to what you think is right for yourself and your family. I just think selling a house is a drastic step to take and I (personally) would only do it as a last resort.

[Lula]

Also, you can ask, that as a condition of the full and final settlement, they erase any adverse markers on your CRA file.

[mrsc]

Hi 1st Lifeline,

It is possible to rent with a bad credit history,we had to a few years back,after out home was repossessed by the Bank.

[1stlifeline]

Of course, it's your call as to what you think is right for yourself and your family. I just think selling a house is a drastic step to take and I (personally) would only do it as a last resort.

I do agree and its something we have tried to avoid. But, we have a secured loan as well as the mortgage and the payments have increased so much since we took it out (daft thing to do I know) that we just seem to tread water all the time and work from one bill to the next. At least if we sell we will pay less for rent and be able to clear some debts and have some kind of life again.

[1stlifeline]

Hi MrsC. Do you rent privately? Did you have trouble getting a place or was it relatively easy to do?

[mrsc]

Hi,

We don't actually rent now as got a mortgage ( yes paying high price for it but one day hope to get a normal mortgage again) we rented a small flat first for a year no problems then we moved to something a bit bigger and more suitable and again had no problems the first one was a private rent as like you we were worried we would be turned down,after that we rented a couple of places through a Solicitors/Lettings agent ( we ended up paying more renting than buying just the way the market was at the time)

Hope this helps

[Monty2007]

Hi

Letting agents do undertake credit checks and are really looking for CCJ's rather then a poor credit rating. I was also worried having three defaults and a terrible credit rating but with reasonable references from previous landlords was able to get a property to rent. As long as you are not unemployed or have CCJ's and can get a good reference then you should be ok.

[mrsc]

Hi again

We had a lousy credit historyand 1 CCJ, we also had a reference from my Hubby's new employer.