Page 1 of 1

Posted: Thu May 12, 2011 2:10 pm
by Elaine.th
Can i rent a property if i am on a debt managment plan

Posted: Thu May 12, 2011 2:13 pm
by LizzyPayplan
You shouldn't have any problems renting a property whilst being on a DMP. However you obviously need to think about any deposit that is needed for the property. You will also need to work out all of the costs to make sure you can afford it as well as your DMP payments.

Posted: Thu May 12, 2011 2:37 pm
by Tina Shortland
Hi Elaine.th - welcome to the forum.

Your DMP will show adverse scoring on your credit record so you may find an issue when having a credit check done. Best to be up front with the agency/landlord so they are prepared. You may have to pay a number of months rent in advance higher tha normal depending on the agency's policy.

As Lizzy says - go over your income and expenditure properly to make sure you are not overcommiting yourself financially by the change.

Let us know how you get on and good luck with the housemove.

Regards,

Posted: Fri May 13, 2011 4:54 pm
by benson
Hi Elaine depending on the agent/landlord they would probably want 3-6 months rent in advance. We had to pay 3 months for our first rental agreement and 4 months for our second agreement. As advised please do budget for this.
regards

Posted: Fri May 13, 2011 5:06 pm
by kallis3
You should be able to rent with no problems but, as benson has said, you may need a larger deposit.

Hope you manage to find somewhere.

Posted: Fri May 13, 2011 5:23 pm
by benson
Your question seems as though you are not renting yet, there are also other fees that need to be budgeted for such as management fees and credit check fees this is dependent on agent, they all vary.

Posted: Fri May 13, 2011 5:49 pm
by kallis3
Are you actually in a DMP yet Elaine? If not then I'd try to go down the renting route now before you start.