which catagory does an IVA fall into

[boysteve]

I am having to move house for personal reasons but I am currently 1 year into an IVA. My new landlord has sent me a form to fill in, one of the questions is;
"Have I any CCJ's, Court Decrees, Bankruptcy or Administartion orders?"
I am presuming yes but which catagory does an IVA fall into as it asks for more details

[MelanieGiles]

Hi boysteve and welcome to the forum

You can comfortably answer no to that, as an IVA does not fit into any of those categories. If you feel that you ought to disclose the IVA, which after all is merely a contract for repaying your debts with your creditors, then you could disclose it on the form, but this may jeopardise your tenancy.

[boysteve]

Hi Melanie,

Many Thanks for that. I do not know whether it would jeopardise my new tenancy or not. They do check my credit history apparantly. I told them that "I don't have the best credit history" so I hope I havn't been too honest! My parents are willing to act as guarantor's which I am hoping will solve any fears that my new landlord may have should he/she discover the IVA on my credit file.

[Adam Davies]

Hi
I would inform them that you are currently in an IVA,it's best to be totally upfront.
You should have no problems if your parents are willing to stand as guarantors
Regards

[ianmillington]

Given that they will check your credit rating, I think it best to disclose it.

[luluj]

When we went into renting we were advised that if we did not disclose from the outset then when the credit check failed it would affect the tenancy. Be prepared though to have to find six months rent up front AND a deposit!

[boysteve]

Thanks for the advice so far. I worried now that I will be asked for 6 months rent up front. There is no way I can afford to do this and I cannot keep up my IVA repayments where I am.

[luluj]

We used the bank of "mum" for the 6 months - she knows that she won't get it back until after the IVa finishes but at least she knows we have a roof over our head! We then pay our rent into a savings account each month, until the next 6 months is due then pay that straight over etc etc -it's one way of always have some money to fall back on if things get really hairy one month !

The Parents Bank is alwaysa friendly one - it's either that or you might have togo back and live with them - I think they would financially help you out!

[Adam Davies]

Hi Boysteve
I would think that guarantors will be enough,without the six month deposit
Regards

[luluj]

Sorry Andy but three lettings agents all stated that although we could provide guarantors coming out of our ears they still wanted 6 months rent up front to secure the property

[boysteve]

OK, andydavie thinks that guarantors will be enough but luluj's experience says not.

Well I have my current landlord who can vouch in his reference that there has never been any late payments from myself of rent for the entire 6 years that I have been here. Even when I was missing credit card and loan payments every month on the run up to my IVA I always paid my rent in full and on time. I am hoping that along with my guarantor that my current landlord's reference will be enough. I guess it's down to the new Landlords discretion and any experience he has had in the past, good or bad, will sway the judgement.

[Adam Davies]

Hi
I stand corrected by Luluj,first hand experience is priceless so expect to have to pay six months rent upfont
Regards