Author Topic: Debt  (Read 2697 times)

plum

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Debt
« on: Sep 25, 2010, 09:38:56 AM »
Hello


I am a single mum with just under 20,000 of debt, I split from my husband 3yrs ago and since then I have not coped very well, I was on a Debt Plan for about 18mths and then last November they advised me to have an IVA which I have been on since but over the last 2 months I have struggled to pay that, I work full time and my children are not at school any more, they are at college or full time work, although they do pay me rent it is not enough to cover all my debt, I am in a Private Rented House and would like to know if I go Bankrupt how will it affect my renting, will my Landlady want me out?


Thank you

princess76

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Re: Debt
« Reply #1 on: Sep 27, 2010, 04:32:20 AM »
I think having a debt can affect your rent especially that your landlady was forcing you to move to other house. Just tell her to give you a time to pay for your rent. I was wondering where your money goes because you said, you had a full time work and your child also help you in renting your house?

plum

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Re: Debt
« Reply #2 on: Sep 27, 2010, 08:00:45 AM »
Hello


I am not behind with my rent and have never missed a payment.


I only get paid by one of my sons as the other two are still at College.


I work full time but pay 800 pound a month rent and do not qualify for Housing Benefit any more due to my oldest son working full time and the other two have part time jobs.


So my money goes on rent and bills and not alot left.


I just want to know if I go Bankrupt will my Landlady want me out the house?




Thank you

Steven Jackson

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Re: Debt
« Reply #3 on: Sep 28, 2010, 08:50:11 AM »
Hi there Plum
 
If you are struggling to pay your IVA and your are renting, then bankruptcy could well be a good option for you. If you go down the bankrutpcy route, your landlady will be informed but normally if you are up to date with the rent there should be absolutely no problem.
 
If your were to declare bankruptcy, my advice would be to speak to your landlady in advance to let her know what is happening and reassure her that the rent will continue to be paid on time.
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plum

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Re: Debt
« Reply #4 on: Sep 28, 2010, 08:37:36 PM »
Thank you very much I think that is what I will do and see how she is about it but like you say I have never missed a payment as the rent is the first thing I pay every month.


Thank you again




Steven Jackson

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Re: Debt
« Reply #5 on: Oct 01, 2010, 01:19:43 PM »
No problem at all Plum. Happy to be of help. In the current environment, I am sure that your landlady will be keen to maintain a good paying tenant. So as long as you keep up with your good history of paying your rent on time, she should not have an issue. Let us know how you get on.
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debt-buster

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Re: Debt
« Reply #6 on: Oct 01, 2010, 04:02:07 PM »
Plum, I agree with Steven's advice and also wanted to say that if you're living in Lambeth then you can get further assistance and help under the Lambeth Debt Project which is a project being run to help Lambeth residents with their debts.
 
I would suggest one further action, if possible, try saving a little bit a week and also encourage your children to do the same, I know it's tough but it will help in the long run.
 
 

Steven Jackson

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Re: Debt
« Reply #7 on: Oct 08, 2010, 09:40:17 AM »
Hi Plum
 
Debt Buster makes a good point about trying to save a little. There is a cost associated with declaring yourself bankrupt. You will need to pay a court fee of £600 (although this could be reduced to £340 if you are claiming certain benefits). As such, if you think bankrutpcy might be right for you, it would be a good idea to try and start putting money aside to enable you to pay this fee. Of course, once you have made the decision to declare bankrutpcy, you can stop paying anything into your IVA and save this money to pay the court fee. 
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pete88

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Re: Debt
« Reply #8 on: Oct 17, 2010, 10:06:28 PM »
Hi Plum


I agree with Steven on this and as far as your rent goes i wouldn't worry because your landlady has not legal right to evict you based on a bankruptcy only on arrears and even then she may need a court order or maybe that might be Scotland but easy enough to check the law on that

Steven Jackson

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Re: Debt
« Reply #9 on: Oct 20, 2010, 03:29:47 PM »
That is a good point regarding the right to evict Pete88. However, it is also important to point out that if the landlord is concerned about having an insolvent person as their tennant, then one option they have is not to agree to extend the rent agreement at the end of the tennancy thus meaning that the tennant would have to leave.
 
As such, it is always a good idea to be on the right side of the landlord. I have not heard of any landlords actually trying to evict tenants on the basis that they have becared bankrupty. Most landlords are simply concerned that the rent is paid on time.  Past that they are not really bothered in my experiance
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guruishy

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Re: Debt
« Reply #10 on: Oct 20, 2010, 04:20:37 PM »
If your  paying your rent on time , then you have not  broken any part of the contract so it will be illegal and grossly unfair to kick you out.As long as you pay on time and you and your landlady see eye to eye it should be fine.

James Falla

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Re: Debt
« Reply #11 on: Oct 21, 2010, 04:22:03 PM »
I agree with you guruishy. Given that Plum's rent has always been paid on time it is highly unlikely that there will be any problems at all. As Steve has said, most landlords are simply concerned that their rent is paid. As long as this happens, they will be absolutely fine.
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solvemybadcredit

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Re: Debt
« Reply #12 on: Oct 31, 2010, 01:28:59 PM »
Plum, I would have a quick chat with the landlady. It would only cause you trouble if you were looking for houses to rent through an agency, as they would be required to check that information. Although your landlady would know about it, it should not cause problems as long as you pay her.
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James Falla

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Re: Debt
« Reply #13 on: Nov 01, 2010, 06:13:42 PM »
Hi there Plum
 
How did you get on with your landlady? Did you speak to her? It would be really interesting and helpful to hear how you got on as I know many people in similar positions do worry about what their landlords will say if they declare bankryptcy.
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Nancy

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Re: Debt
« Reply #14 on: Dec 07, 2010, 05:23:49 PM »
Hello
Don,t worry friend
Every thing gonna be fine, just make the best decision at appropriate time.