DMP query - worried about being able to rent a flat!

David1345

Hi everyone

I'm not new here, but I've finally realised that my debt problem isn't going to sort itself out - I've used credit to repay credit and I've hit the wall I've been a total moron, and am hating myself for it, but I think a DMP is now the only way forward. It's so frightening though.

I just wanted to say thanks for all the helpful posts and threads on here. And I have one very specific question...

As things stand I have a ludicrously over-extended credit record and so a very low credit score. But there are no defaults or CCJs and maybe only a couple of late payments.

But if I'm on a DMP, presumably my file will very quickly be covered in defaults and look a total mess.

So here's the question... I rent my flat through a private landlord/lettings agency. So when I have to move (as I will at some point in the next 6-7 years) the new agency/landlord will do a credit check. What on earth do I do then?

I'd obviously fail their check. So where would I end up living? Does anyone have any experience of this? It's the one thing that's still holding me back from going through with the DMP... although I'm running out of options.

thanks again!

ikkle87

Do you have anyone who would be willing to act as a guarantor?

David1345

Hi - no, I don't. I really would want to keep the DMP private from people around me. I'm embarrassed enough about it without those closest to me knowing

sistafromanothermista

:wave: I don't know the answer but wanted to offer my on your LBM. I'm sure someone will be along soon with the answers......

moneysavingmonkey85

I have been in this situation, failed a check. You might offer a larger deposit? a guarantor is what they will ask for first though. I realise its in the future, but consider being up front when you apply, and say 'its likely I won't meet the standard criteria'. A good reference from your current landlord might help. If a dmp is the best option for you moving forward, then go for it xx

BluePumpkin

I used to rent and will do again, but I'm afraid I don't know the answer. How long do you think your DMP will last? If you think you could pay it all off in 5 years say, it may be worth the risk...

sistafromanothermista

Could you check with the local council? maybe they can offer you something? (sorry not too sure how this works...)

thatsean

As a landlord myself I would advise you not to be too worried. Personally, I would never touch someone who could not demonstrate affordability, but if you can get a larger deposit together, and provide evidence of payment track records then you'll find a Landlord who will take you.

David1345

Hi - thanks very much to everyone for the replies (and the good luck messages which are very kind!).
I would be up front about my DMP with any lettings agent, yes - and while I wouldn't be able to offer a guarantor, I could provide good payment references from my current landlord. As for a larger deposit - I better try and save an emergency fund somehow!

Anyway thanks again. And if anyone else has experience of this I'd love to hear it!