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Author Stopping tenants borrowing loans and opening credit cards?
Kenni
Member

Registered: 29th Jan 01
Location: Worcester(sauce) Drives: VX220 & Zaffy GSi
User status: Offline
1st Jul 07 at 15:22   View User's Profile U2U Member Reply With Quote

Hi all,

I have a house (which i dont live in) and have a few people living in it.

Is there any way in stopping any of the tenants borrowing any loans and also taking out credit cards.
I have one that has dozons of store/credit cards, and he's planning taking out a unsecure personal loan.

If they leave and dont pay back the cards and loans, what would happen to me (the landlord)?

Thanks ppl

(can the mods move this to House Day...just noticed) )

[Edited on 01-07-2007 by Kenni]
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
2nd Jul 07 at 07:13   View User's Profile U2U Member Reply With Quote

Nothing happens to you kenni, and unsecured loan is exactly that - a loan not secured to anything.

Worst case senario he misses payments and you recieve letters, simply call the companies and tell them he doesnt live there if he has moved out

Im afraid you cant prevent them from taking out stuff to the address, they are tenants anyway so you aren't liable in anyway for payments

It just means the property won't have a good credit rating
Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
2nd Jul 07 at 09:55   View User's Profile U2U Member Reply With Quote

You can only take out secure loans if you own the property, so they cant do anything that will backfire on you unless they lie...in whcih case you can easily sort that and they will be in more shit.

Just keep an eye on what letters you get as landlord as Ally said, and deal with those as/when/if they happen!
blebo
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Registered: 18th Apr 02
User status: Offline
3rd Jul 07 at 15:24   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ally
Nothing happens to you kenni, and unsecured loan is exactly that - a loan not secured to anything.



Not strictly true - If enough bad debt is taking out by your tennents it can result in your address being blacklisted. So anybody who mentions that address can't get credit. This happened to my mate at uni, went to get a phone on contract and gave his student flat address, to many bad debtors associated with the address so he got refused. Tried the next day and gave his mums address and was fine.
Kenni
Member

Registered: 29th Jan 01
Location: Worcester(sauce) Drives: VX220 & Zaffy GSi
User status: Offline
7th Jul 07 at 13:10   View User's Profile U2U Member Reply With Quote

Thanks guys.

Its the property getting black listed is my main concern. One day i might sell it, and the potential buyer might carry out a credit check on the property.
I've heard stories like this, so im trying to pervent this from happening. But i now see i cant...sucks!

Sam
Moderator
Premium Member


Registered: 24th Dec 99
Location: West Midlands
User status: Offline
9th Jul 07 at 10:01   View User's Profile U2U Member Reply With Quote

There is no such thing as an address being blacklisted. As long as you have no financial relationship to the other people listed at your current/previous addresses, they won't affect your ability to get credit.

 
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