Would you rent to someone with an IVA?

[WreninaDarkNook]

If they have four years left to pay it off?

No

No unless they have a guarantor

Of course not.

I wouldn't. We had enough trouble getting the rent paid by solvent people when we rented our house out.

No but only because my friend married something with an IVA and it’s been an absolute nightmare for her. So on that alone - no.

Okay.

Thank you.

I'm the landlord.

I've asked that she send me details of the IVA, how long exactly left, what the circumstances are etc but I have said I have other prospective (which I do).

I just did like her a lot. And dare I say it she really seemed desperate for somewhere to live. I know that isn't a good reason to leave her in charge of a valuable asset...

To be honest, I am a (40s) single woman who fairly recently turned down someone who was in an IVA who otherwise seemed a good prospect for dating.

The reason she seems desperate for somewhere to live is that 99.9% of Landlords won’t rent to people with IVAs, DROs or CCJs.

If you’re in a Landlord Association it might be worth asking them how long evictions are currently taking in your area and looking into the costs.

I am in the NRLA. Thank you-I'll have a look. She's said she just can't find anywhere as there doesn't seem to be a lot around (which is true, to be fair). Living with ex partner currently.

People are being very unfair.

An IVA means that the person's debt repayments are limited to what is affordable after they've paid their normal living expenses.

They're also not allowed to take out any more credit so won't have growing debts to pay back like other tenants could.

You don't know the reason for the IVA and it isn't necessarily a sign they're financially irresponsible. They could have suffered financial abuse, job loss, illness or business failure but could now have turned their finances around and will likely be a good tenant.

No

I wouldn't take the risk on a person with IVA or CCJ when there are so many people who are solvent, credit worthy and have a guarantor. Just why would you?

Agreed. Wouldn’t it be nice to be part of the solution for once, rather than part of the problem.Talk to her about it, explain your concerns and see what she says.

I have asked her for the details of it, so I will see what she says. Thank you everyone.

I am part of the solution I’m renting out my home while I am overseas, I am probably the cheapest on the street, didn’t increase my rent for all the covid years, my tenants get everything they ask for done as soon as my excellent property managers can do it. They asked for some tree trimming and I’ve asked for someone to do a general garden tidy up because they don’t have tools and getting to the tip is hard. I think they have been there 5 or 6 years. That is exactly why I can’t afford to take a risk of not getting paid or a tenant that doesn’t look after the place that leaves me with a massive bill.

I understand this. I too like to think I am a good landlord-I don't use an agent though. I am lucky that I have a good 'army' of tradespeople who are local, loyal and sort anything as a priority whenever it needs doing. I am fair and understanding, my tenants can have pets, can decorate.. I want them to have a happy home.

I've been a landlord for about 12 years now. Only small-4 properties.

I was very much burned the one time I gave someone a chance who I had a bit of a bad feeling about. Took me almost a year to get her out following 5 months of non-payment and complaints about such small things -I tried to get things fixed that she complained about but she wouldn't let anyone in to do it!

And then, I had £12K of damages to the house and further costs to evict and other sundry costs such as getting junk taken to the tip and all sorts of other things.

I am more careful now, but this is a bit of a difficult one for me. She seems such a lovely woman and I go by the 'Follow your heart but take your brain with you' quote. Couldn't think of what else to do but ask internet strangers.

I hear you and honestly I would advise you not to. They are all lovely people until they aren’t! There will be people out there who will rent to her, through a property manager, at higher rent with larger portfolios. Maybe if you start mentioning your property manager and all the credit and reference checks she will be doing she will fade away! Good luck with the decision.

No because I am then not covered by my insurance

No.

Potentially.

I would want 12 months bank statements showing the rent has always been paid on time though.

My daughter has an IVA due to unforeseen circumstances however whatever else didn't get paid she has never ever been late with a rent payment.

It is literally the roof over thier heads and she would not risk that.

We also rented a flat to someone with terrible credit but again, a long history of paying thier rent on time.

However, the Solent bloke with a good job suddenly stopped paying and by the time he left we were 5 months without a penny .

I did and regretted it. She had paid it off too but when it came to the annual raise in rent (that she had had a years warning of) she couldn't or wouldn't pay and started sabotaging the property to keep the rent down.

Had to boot her out.

You don't know the reason for the IVA and it isn't necessarily a sign they're financially irresponsible. They could have suffered financial abuse, job loss, illness or business failure but could now have turned their finances around and will likely be a good tenant. but that’s not for the OP to know, so unfortunately the assumption has to be bad financial management, which let’s be honest, is usually the reason. t

The council called me yesterday offering to pay her rent for the first month along with the deposit. She's obviously passed on my details.
I've also learned that the debt was accumulated through supporting her (young adult)children who were unable to work due to being in an accidnt at work.

No

Are you still thinking of renting to her?