Dmp and privately renting

debtaghh · 22 July 2017 at 7:33AM

Hi,

I'm after some advice please. We have thousands of pounds worth of debt and rent privately. I've been always against an IVA or DMP as I worry it will come up on our credit file when we look at other rented properties as I know from the house we are currently in there was a question if we have ever had an Iva or dmp and as properties are like gold dust I'm scared that we would have less of a chance in getting the rented property? Plus how would it effect us getting a mortgage in the future?

Thank you so much.

National_Debtline · 25 July 2017 at 11:12AM

Hi there,

A DMP and an IVA would damage your credit file, but so would defaults and debts being in arrears. Most private landlords are only able to a public record search for things such as CCJs and bankruptcy. They wouldn't see a full report (like you see); so a DMP is unlikely to be an issue for future rentals, but of course, if the question is specifically asked on the application, you would have to declare it.

The 'bigger picture' things to consider are, are you looking to move and if so, when is that due to happen? What sort of debts do you have and how are you managing them at the moment (not everything is recorded on your credit file anyway)?

If you are hoping to get a mortgage in the future then insolvency options (like IVAs) would be the most detrimental to this goal. It is not to say it is impossible to get a mortgage if you have had an IVA, but it will make it harder. Hope that helps,

Laura
@natdebtline

debtaghh · 25 July 2017 at 11:24AM

National_Debtline wrote: »

Hi there,

A DMP and an IVA would damage your credit file, but so would defaults and debts being in arrears. Most private landlords are only able to a public record search for things such as CCJs and bankruptcy. They wouldn't see a full report (like you see); so a DMP is unlikely to be an issue for future rentals, but of course, if the question is specifically asked on the application, you would have to declare it.

The 'bigger picture' things to consider are, are you looking to move and if so, when is that due to happen? What sort of debts do you have and how are you managing them at the moment (not everything is recorded on your credit file anyway)?

If you are hoping to get a mortgage in the future then insolvency options (like IVAs) would be the most detrimental to this goal. It is not to say it is impossible to get a mortgage if you have had an IVA, but it will make it harder. Hope that helps,

Laura
@natdebtline

Thank you so much for your advice. We pay our minimums every month therefore our credit should be good.
The estate agents form specifically asks if we have ever had an Iva etc so would have to declare it.
We don't want to move but we are on a rolling contract so could get our notice at any time. We want to buy a house but that will be in many years to come.

Dmp and privately renting

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