PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

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: 15,409 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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: 2,703 Forumite
    1,000 Posts Second Anniversary Name Dropper
    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: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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 ?
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.