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DMP & Renting

I am lost. 

In a sea of information, I am struggling to pinpoint accuracy on my question:

Will being on a DMP, paying £420 per month onto my debts (worth 18k) stop me from being able to rent a property in the new year with my partner? 

Neither of us have rented before, as we've been lived at home or with friends / family. 

Now we want our own space, together; but neither of us can afford the mortgage right now! 

We earn between £53k & £54k a year between us, and there is only myself who has any outgoings (car, debts etc) whereas he is debt free and has no outgoings apart from his commute to work and food etc! 

When I'm answering questions from estate agents about CCJs IVAs and adverse credit, what am I actually supposed to say?

"No CCJs or IVAs here..." or "Yes, I'm on a DMP but I can afford the rent easily!" 

Help!!!

Comments

  • theartfullodger
    theartfullodger Posts: 14,370
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    edited 28 December 2023 at 2:47PM
    Keep talking to agents and any landlord you can get to, hopefully will strike it lucky.

    Do you have evidence of always paying things regularly and on time that you can provide?

    With that income significant debt reduction could be possible fast... or prospective landlord might wonder where it's going....


  • Who is your DMP with? Not someone who charges you I hope.

    You could always run your DMP yourself then nothing will show but presumably defaults on your credit report.

    Have you looked on the debt Free Wannabe board for information?
    If you go down to the woods today you better not go alone.
  • km1500
    km1500 Posts: 2,120
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    Unfortunately, the defaults on your credit report (rather than the DMP itself) pretty much mean no landlord will rent to you. 
  • km1500 said:
    Unfortunately, the defaults on your credit report (rather than the DMP itself) pretty much mean no landlord will rent to you. 
    I have not received any defaults on the accounts yet, this is why I don't know what to say to agents! I haven't missed any of the agreed payments, so have not received default notices / defaults added to my credit file. 
  • Who is your DMP with? Not someone who charges you I hope.

    You could always run your DMP yourself then nothing will show but presumably defaults on your credit report.

    Have you looked on the debt Free Wannabe board for information?
    It used to be with MoneyPlus as I was desperate and had no proper advisory chats at the time, but I am now with StepChange after realising 70% of my payments were taken as fees! 

    I've tried but I don't know where to begin! 
  • Keep talking to agents and any landlord you can get to, hopefully will strike it lucky.

    Do you have evidence of always paying things regularly and on time that you can provide?

    With that income significant debt reduction could be possible fast... or prospective landlord might wonder where it's going....


    Yes, I'm looking at 3 years maximum, and I'm only on the starting salary for my job - it increases every year and with it my repayments will too - I'm only training and get an extra 3k when I qualify in about two years... Plus any promotions having a significant increase! 
  • I am lost. 

    In a sea of information, I am struggling to pinpoint accuracy on my question:

    Will being on a DMP, paying £420 per month onto my debts (worth 18k) stop me from being able to rent a property in the new year with my partner? 

    Neither of us have rented before, as we've been lived at home or with friends / family. 

    Now we want our own space, together; but neither of us can afford the mortgage right now! 

    We earn between £53k & £54k a year between us, and there is only myself who has any outgoings (car, debts etc) whereas he is debt free and has no outgoings apart from his commute to work and food etc! 

    When I'm answering questions from estate agents about CCJs IVAs and adverse credit, what am I actually supposed to say?

    "No CCJs or IVAs here..." or "Yes, I'm on a DMP but I can afford the rent easily!" 

    Help!!!
    You have no CCJ or IVA so you’d say no. 
  • km1500 said:
    Unfortunately, the defaults on your credit report (rather than the DMP itself) pretty much mean no landlord will rent to you.  
    Landlords can’t see defaults. All landlords and letting agents can access are public credit files. Public credit files show CCJ and insolvency, not defaults. 
  • dimbo61
    dimbo61 Posts: 13,709
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    You may need to pay the deposit and 6 months rent up front. 
    Can you check your credit file yourself on the 3 credit reference  agencies ?
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