New Member - Some Initial Questions

newstart4me

Hi everyone

As my name suggests I've recently turned over a new leaf so to speak. I'm five months into a Payplan arrangement. Approx I've got £25.5k left and I'm presently paying £450 a month to them.

However I now need to move out of home, obviously I'll never be accepted for a mortage in a million years at the moment so I'll need to rent so I want to tap into your knowledge and start sorting myself out.

If I rent will a credit check be carried out on me? My score is pretty poor after looking at Experian but that was at the end of last year when I had a few problems paying. Any advice on ways round this?

Also what would happen about my Payplan arrangement if I reduced my payment to them which I would need to do when I move out? A couple of creditors are still being a bit grizzly about the repayments. I've e-mailed Payplan over a week ago about this but not got a reply yet (I can't call as I'm working during their office hours).

One final thing has anyone got experience of creditors being more sympathetic to certain cases as to why people got into debt problems (ie illness, addiction). I'm trying to find ways of getting interest stopped/cut.

Thanks in advance.

Verbatim

Would suggest you ask CAB if they can contact creditors re interest cut, unless Payplan will do this.

Good luck

Mrs_pbradley936

They will credit check you. Could you stay where you are for a few more months? I take it that "home" means with parents. Are they awful/giving you problems or are you movig out to be with someone?

CLAPTON

you need to post you SoA here so we can see the financial details.
also add why you are moving out and what you think the effect on the SoA will be

LittleL_4

If you go through a letting agency then yes they will credit search you.

However, I don't think local ads in newsagents advertising flats to rent etc will. I think as long as you have a deposit and have proof of income then you should be ok.

I started renting with my b/f last year (letting agent) and they ran a credit search on him (only) so if you are sharing with someone then this is also an option.

But, I'm sure letting agents have dealt with people on DMP etc so try and be positive and enjoy flat-hunting.

Little L
xx

newstart4me

Hi and thanks for the replies so far.

I need to move out of the folks home as I'm 26 and they're a bit older and coming up for retirement so it's been suggested it's time I flew the nest so to speak (they don't know about the debts).

I'm unsure about doing an SOA as I've no idea what it's going to cost me to live away from home. I will be sharing with my fiancee.

Still no reply from Payplan :mad:

Mrs_pbradley936

Well sharing with your girlfriend will cut your expenses. There are the obvious expenses such as mortgage or rent, fuel, council tax, water which you must have. Then there are those which are nice to have but not essential such as internet, sky tv,. Then food, phone, razor blades, soap, car expenses (if you have one). If you get a bigger place than you need you can take in a lodger that will help with the expenses. Renting a two bed place is usually only about £50 a month more but you can charge someone upwards of £350 a month. If you are renting you will need one month deposit, plus one month rent plus about £150 for you credit check/admin fee.

Someone will soon say so if I have missed anything out.

newstart4me

At last, a response from Payplan :T although it has left me even more confused!

I was asking if I could reduce payments, as I'm paying quite a lot per month as I'm back at home at the moment so bills are less. However all they've said is, if I need to reduce my monthly repayments, I should go and see the C.A.B.

If this is the case I'm going to be seriously screwed for the next five or so years!