| T O P I C R E V I E W |
| panicked-mum |
Posted - 06 May 2009 : 11:43:54
hi, we've decided we're definately going to apply for bankruptcy and have been advised by cccs that if we don't want to keep our current mortgaged property then to stop paying our mortgage to save for deposit/first months rent on a new home. This is all well and good and we have begun this process but how do we approach a letting agent? Do we lie and say we've sold our home and are looking to rent or do we come clean? Will we be required to let the agent know once we've become bankrupt? |
| 15 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 27 May 2009 : 09:05:49
You'll be fine, you're not BR yet so this won't show up on any credit checks that the Agency may or may not do. |
| panicked-mum |
Posted - 27 May 2009 : 08:35:05
Got a couple of viewings lined up for this afternoon,eeeek, quite nervous about about any questions the agency might ask!!!!
We've decided just to say as little as possible. Gonna say we're looking for bigger house as baby on the way (which is true) and just take it from there. If they ask about our current home we'll say we've sold it privately and hopefully change the subject!!!!
That's the plan anyway....'oh what a tangled web we weave'!!!!!!!
|
| ripski |
Posted - 07 May 2009 : 07:36:10
Hi there. Had OR t/c interview yesterday. Great ,non-judgemental, professional
I had missed mortgage payment to pay for major car repairs. Car is essential for work. I am intending missing this mth to get rent deposit together. OR found this accepatable and not questioning at all.
Checks. All my local agencies do these and charge £60!! Refs check , "this is to check with employer you are who you say you are"!! Credit checks are done
My partner is solvent and was going to do this alone to avoid any difficulties or embarassment.I am really fed up with baring my sole. I 've gone though all these emotions with the BR and got through it al. However this is the perhaps the straw that broke etc. We tried an explantion as to why he is doing this alone stroy However there seems to be so many questions maybe it is just nosiness and maybe I am just feeling over the top re this
ripski1 |
| davelvg |
Posted - 06 May 2009 : 22:43:27
Hello,we are shortly going to go bankrupt and also have to find a proterty.We have phone serveral agents and been totally honest with them.So far they have all been understanding and providing we can pay the rent and deposit and have a garrantor who earn £16,000 and over there is not a problem.So honesty is the best policy.Hope this helps.We where also trebling in our boots,and probley will for while yet.Good luck. |
| frosie90 |
Posted - 06 May 2009 : 20:06:52
Hello Panicked-Mum,
I don't have children but I decided to stop paying my mortgage and seek rented accommodation through a letting agency. At the time my credit was not too bad and they did not ask me why I was looking for property. I told them it was because it was closer to work which was a big factor. They did not ask any financially probing questions at all because they were obviously going to carry out a credit check anyway. Passed that etc. Filed for BR about two weeks after moving in to rented. I have included the potential shortfall from my previous mortgage in the BR. Like John said the OR wont be judgemental on you saving the monies from what would have gone to your mortgage. Good luck with it all and keep posting!
|
| John |
Posted - 06 May 2009 : 19:20:37
Hi
just like to add the CCCS comment is wrong.
The OR would not judge you for using what would have been your mortgage payments towards fees, deposit rent etc. YOU HAVE TO LIVE SOMEWHERE!!!
And if there is equity in the property the lenders sale will realise the equity and the lender forced to pass it to the OR.
So the CCCS representatives comments are wrong on that count too.
John White
England Jackman & Spacey |
| beau |
Posted - 06 May 2009 : 17:27:19
hi, im just going on personal experiance, the council did try and say they didnt hav a duty 2 house me and it wasn't easy! but i could not afford to pay the mortgage therefore i had not intentially made my self homeless. there are ways round everything for instance if your partner leaves you then maybe it would be inpossible 4 you to pay mortgage! not that im trying to tell u to do this, also a letter from ur gp would help , my little boy has cerabral palsy and asthma so i had a letter which givs more points with council, i hav also known people get points 4 being depressed, if u hav a medical issuse use it. hope this helps i was pregnant when i lost my house so know how stressful it is, but ididnt declare myself bankrupt until 3yrs later, i was too scared, |
| panicked-mum |
Posted - 06 May 2009 : 16:36:23
Honestly, I think I'll be a nervous wreck by the time we do actually go BR!!! Have now had a long conversation with a mortgage councellor at cccs who has confirmed ok to carry on with our original plan!
I can cope with everything else I think once we've got a new house sorted. |
| gettingoutofdebt |
Posted - 06 May 2009 : 14:58:30
It doesn't really matter if the OR takes a dim view of you not paying the mortgage or not. All he can do is apply a BRU, which would extend the BR and even if he does you will still be in a better position than you are now.
ORs are human and they realise that people need to save to pay the fee and if they are going to lose their home that they need to find somewhere else to live and to save for a deposit. So long as you don't end up with several thousand pounds in your bank account when you have the OR interview it shouldn't be a problem. |
| panicked-mum |
Posted - 06 May 2009 : 13:58:01
had so much conflicting advice! Was told that because we've entered into BR voluntarily that we would be put to the bottom of any waiting list with council as we'd put ourselves in that situation!
Also just spoken again with cccs and they've just said that if we stop paying our mortgage to save for rent/BR fees etc it will reflect badly on us with OR as we've technically given away any equity that could have been shared with creditors. personally we don;t think there will be any equity in the property anyway so now don;t know what to do. It was someone there in the first place who advised us to stop paying mortgage and move out if we didn;t want to stay here! |
| beau |
Posted - 06 May 2009 : 13:52:40
hi hav u or would u consider going 2 ur local council? i lost my house and was classed as homeless, now in a council house with my kids, they also find private rented accomodation and sometimes pay the deposit 4 u. |
| panicked-mum |
Posted - 06 May 2009 : 12:35:55
Thanks again, I'm sure I'll have many more questions along the way!!! It's made me feel better already though reading some of the other posts today.
Perhaps one day when we finally have the BR in place we can start living again :-) |
| gettingoutofdebt |
Posted - 06 May 2009 : 12:26:23
You should find that you will have more money when you are BR than on a DMP. In a DMP you normally pay 100% of your disposable income to the creditors; when BR you will pay between 50% and 70% of your disposable income. This should mean that after you have paid your shopping, car, bills, etc. as well as an IPA you should have some money left over.
It's been a long time since I rented accommodation so I can't really say how in depth the checks/questions are from letting agencies. It shouldn't matter to them why you are looking for rented accommodation but they may ask and you can just say that your family/job circumstances have changed and you want to rent for a while. They shouldn't ask for any proof that you have sold the house as this has nothing to do with them. |
| panicked-mum |
Posted - 06 May 2009 : 12:17:52
We won't be in a position to declare ourselves BR until after we've rented somewhere as been advised to do it in this order so a BR wouldn't show on a credit check when applying. However I'm sure our credit file isn't looking overly healthy as we've been on a dmp for the last 12 months with our creditors.
I think my imagination is running away with itself at the moment. How in depth are the letting agencies questions? or would they simply take what we're saying on face value and go by the credit check or if we say we've sold up would they want proof of this?
I know you probably can't answer this. Really dreading the whole proceedure as we have 2 children to house and another one due in November! Not an ideal situation at all but just decided that 3 years of our kids not having much (on BR) is better than a lifetime on our dmp! |
| gettingoutofdebt |
Posted - 06 May 2009 : 11:53:37
Forgot to say - Welcome to the forum :) |
