Payplan DMP/accomodation

thefool

I'm talking to Payplan about setting up a DMP this week and look as though I'll be looking for a new place to rent in the next 3-4 months. I've told Payplan this and they've decided that a DMP is the best place to start and that I should review when I move and maybe see about a Trust Deed when my circumstances change.

A few questions:

How long does it take to get the DMP up and running ? Given that this is the last day of the month, I've got some DD's and stuff going out of my account tomorrow therefore won't have the funds to enter into the DMP until next month.

When looking for a new place to rent, I'll obviously have to give full disclosure to my new letting agent/landlord, how do they treat these situations ? Does anyone have any experience of this ? My rent may go up, Payplan accept this, so I just want to know if anyone has experience of this type of thing.

cheers,

CLAPTON

you are under no specific obligation to tell your landlord / letting agent you are in or about to start a DMP.

However, once you default your debts (as you will if you are doing a DMP) your credit record will be trashed. Most renting agents will do a credit check on you. Some agencies wont touch you if your credit record shows default, but it will also depend upon your references etc.
So it rather depends what you credit record says and what it will say in a few weeks.

System

A DMP normally takes on average 6 weeks to set up. If you are enterting into the DMPs, you can stop all DDs/SOs and make token payments - these are payments you can realistically afford. If you elect to do this, you must tell the creditors you have stopped the DDs/SOs, you have made a token payment and you have entered into a DMP with Paylan who will be contacting you shortly with offers. Lenny

thefool

CLAPTON wrote: »

you are under no specific obligation to tell your landlord / letting agent you are in or about to start a DMP.

However, once you default your debts (as you will if you are doing a DMP) your credit record will be trashed. Most renting agents will do a credit check on you. Some agencies wont touch you if your credit record shows default, but it will also depend upon your references etc.
So it rather depends what you credit record says and what it will say in a few weeks.

I'm not sure on the status of my credit record other than I haven't defaulted on any payments to my creditors so far, I'm slightly overdrawn at the bank, and that I will be sending a token payment to creditors this month and informing them of the DMP with Payplan.

On the renting issue, what sort of references do letting agents require ? I've only rented once with from a friend and therefore I've never been in that position before.

The next few weeks are goingto be interesting to say the least

many thanks for the reply.