jtr22 Thu 12-Dec-19 23:21:01
Worried74 Sat 21-Dec-19 06:26:45
Worried74 Sat 21-Dec-19 06:28:42
theneverendinglaundry Fri 03-Jan-20 10:20:33
Worried74 Fri 03-Jan-20 12:53:48
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So I've recently started into a DMP, yikes!!! I understand that the side effect is a very poor credit rating. My worry is, we live in rented accommodation. I have no plans to move but worrying if the landlord decides to end the agreement. Does a DMP affect your ability to rent? This is the new big thing that is bothering me.
When renting a referencing agency will check your credit history and you will be given a score based on this, a refer or decline score would result in needing a guarantor. Adverse credit can also effect your ability to rent and some agencies have criteria where bankruptcy, IVA etc will result in being declined. A DMP is a little different to formal insolvency as it does not show on your credit file, however your creditors can and probably will add default notices to your accounts and these will effect your credit rating. Default notices can be added at anytime during the DMP and stay on your file for 6 years so in theory on the last day of your DMP a creditor could apply a default notice and your credit file will be effected for a further 6 years.
That said if you are upfront with landlords and lettings agents many people are accepted even after failing references as long as the landlord does not want rent and legal insurance.
The reference agencies only see public information, like bankruptcy and CCJs. They wont see defaults.
No they won't see default notices but they will have a knock on effect to your credit score and this is part of the decision making process when referencing.