Advice re renting after a DMP please

nellie36

Hi all
We’ve been on a DMP since 2009 and still have years left. This is our only debt now. I am considering selling my house and releasing some equity to pay it off. I wouldn’t have the full amount but I think I would have enough for a final settlement fee. This would clear all of our debts as we don’t have any others. After selling we would be looking to rent. Weve never rented before so have no idea of the process. I have a reasonably good credit rating despite the DMP but my husband doesn’t (one of his creditors defaults him every month whereas mine don’t). With this in mind I’m worried that we won’t be able to pass a credit check to rent. Is it possible to credit check just me? Do all landlords even do a credit check? We are both employed full time and my son is also and contributes to the budget so we can afford it easily enough. I’m just worried that I’ll sell up and have nowhere to go! Has anyone been in this situation and successfully rented or are there any landlords here who can advise?
Thanks in advance

sal_III

Some LLs will let you a property, some won't. The credit checks are there to verify the circumstances, not automatically discard anyone with less than 999.

Similarly in some cases you might be able to go alone on the tenancy agreement, but generally LLs want every adult living in the property named on the tenancy agreement.

I suggest you just visit a local LA office and just ask them.

Comms69

For the avoidance of ANY doubt.


Neither LLs nor Letting Agents can see your debts. They cannot see if you are on a DMP (which is just a voluntary repayment plan). They cannot see late payments.


ALL they can see are public records: IVAs, CCJs, DROs and bankruptcies.


When you say you have a reasonably good credit rating, how do you know? Credit scores don't mean anything; it's a made up number.


Your husbands creditor cannot default him every month. A default notice is served once.


(not sure why you wanted landlord opinions per se - there's some excellent landlords here - but the reality is: IF you tell them all this, they probably wont rent to you, but they can ONLY find out, if YOU tell them)

Comms69

sal_III wrote: »

Some LLs will let you a property, some won't. The credit checks are there to verify the circumstances, not automatically discard anyone with less than 999. - Sorry, 999 means nothing, it's made up. LLs and LAs don't see anything of that kind. Credit checks that they do are typically electoral roll; employment checks; public records

Similarly in some cases you might be able to go alone on the tenancy agreement, but generally LLs want every adult living in the property named on the tenancy agreement. - What they want is largely irrelevant. A tenant can lease a property alone and move in anyone they so choose

I suggest you just visit a local LA office and just ask them.

I agree, visit a local LA, and tell them you're looking to rent a property (Nothing about anything else)

Out,_Vile_Jelly

If you are happy with your house, in secure employment and making good inroads on your debt, are you sure you want to sell and rent? You are exchanging one type of financial worry for another.

nellie36

Thanks all just asking as I’ve never rented before so just wondering where we would stand. Yeah I have thought about just staying put but we’re only on an interest only mortgage anyway and the DMP is just going on forever I feel like we can’t move on and we’re not getting any younger!