Debt Management and renting

j2140b_2

Hi there
My partner and I are currently in a debt management scheme and both have poor credit scores. We are in the process of trying to move house due to work relocation. We have had an offer on our house and will need to rent somewhere else. Does anyone know if we will be accepted by landlords if we have a rubbish credit record ?

fermi

Most people seem to say that lettings agents etc can only check for CCJs and the like, whereas defaults/credit arrears should be OK to rent with.

DizzyDizzy

Hello - was in your position last year. Letting agents in our area seem to be a nervous bunch - we had to put down the whole first year payment in order to rent somewhere as our credit rating is poor, and yes they did a credit check. After the first year we are now paying monthly. Sorry I don't want to worry you. The letting agents also contacted our employers to get a confirmation of earnings type statement too. If they seem reluctant try negotiating - maybe you can pay the first 6 months, or offer to pay quarterly?

bermuda16

I dont have any ccj's but I am in a debt management plan and when I moved 2 years ago the agent we used said usually they are not inclined to take on people with really bad credit but as long as we could show them proof of the debt management plan to show we were dealing with it and because we'd been upfront them then it should go through ok. On the off chance it didnt then they would refund all holding fee's etc, which obviously agents don't normally do but they said it would be kind of their fault if it didnt as we had been honest about it. We also had to have a guarantor. My advice would be to be completely upfront with them and you should be ok.

Hope it all works out for you!

DizzyDizzy

Should add also - we were very open and honest about our credit rating and did explain that we were on a DMP and it was all sorted going forward. They seemed to appreciate the honesty.

jadex

DizzyDizzy wrote: »

we had to put down the whole first year payment in order to rent somewhere as our credit rating is poor

it is quite irresponible for agent to advise / encourage / force and then complete such thing
by paying upfront for a year the risk is heavily skewed from landlord to tennant.
In case of reposession or bankruptcy you could be screwed.
Asking for anything more than 6 months is just a joke IMHO.

Sharon87

I've never heard of agents credit checking prospective tenants. Work and previous LL references yes. It's not their problem if you're in debt, as long as you have a good reference from previous LL saying you've always paid your rent on time and also proof of income that should be sufficient.

That's just what I think anyway.

DizzyDizzy

Asking for anything more than 6 months is just a joke IMHO.
Last edited by jadex; Today at 8:13 PM.

Better then becoming homeless lol!

The house we are renting is owned outright by the Llord so there is no danger of defaulting on any mortgage. And yes, it's all in writing.