Topic: A little bit of help

[Smith00]

Explore all possible options like loan modification, debt consolidation and refinance before filing for bankruptcy.

[Steven Jackson]

The issue here Smith00 is that Jlees33 is in an IVA which is failing. Given there is c£15,000 of equity in the property, it seems likely that the IP will push for bankruptcy to release this. As such, the question is how to best manage the situation if this happens particularly in terms of the house. As such, I am afraid, loan modification and refinancing are not options.

[jlees33@fsmail.net]

thanks for you help it looks like we are definatley going down the bankruptcy avenue.
 
How can we rent when all agencies need credit checks?  other than local authorities (it would take us years to be housed by the council) what other options do we have??

[Sovereign]

Hi JLees,


Renting is comparatively easy particulalry if you arrange it before you go BR. If you fail the credit check they will ask you to find a guarantor for the rent. This could be Mum/Dad another relative or good friend who will pass the check.


Make sure that ALL potential problems are dealt with before you go to Court.


Best of luck.


Steve

[Steven Jackson]

Hello Jlees33
 
Given that you are already in an IVA, your credit rating will already be affected so there is nothing you can do about that. You should be up front about it with the letting agents you speak to. Tell them that you have had credit issues in the past and so the credit check may not come out well and ask them what the options are. As Sovereign says, one solution is to get someone to act as guarantor. An alternative is to pay rent in advance but given your situation, that may not be possible.
 
I also suggest that you come clean with the letting agenet about the fact that you may well declare bankruptcy. If this happens and you are already renting, they will be told anyway and so its better for them to hear it from you rather than out of the blue from the official receiver. That way you have the opportunity to explain that there will be no issue with the rent payments.