Renting with someone whos bad with money

lewisdh

Hi guys I'm looking for some advice. I currently live with my parents and am thinking of renting a place with my friend the thing is I'm good with money but he isn't. I am worried that he might end up in a position where he isn't able to pay rent or utility bills. If he is unable to pay is this likely to effect my credit rating or cause me other problems?

Is it possible to get rent payments etc registered in his name so that if he cant afford to pay it wont impact negatively on me?

Thanks for your advice

> Lewis

Lavendyr

If you rent with him it is fairly likely that the tenancy agreement will make you "jointly and severably liable" for the rent, which means that if he fails to pay rent, the landlord will be within his rights to pursue for that money as well. So you will probably have to consider whether you will be willing or able to pick up the rent on his behalf should he fail to pay. Personally I'd advise against it - housesharing is enough of an eye-opener without having to worry about a housemate who may not pay the bills.

Robert_Sterling_3

Putting it bluntly .... do'nt do it. :mad:

RainMaker_2

You should be careful. As has already been pointed out, you will have joint and several liability for the rent, which means the LL can sue either or both of you for any unpaid rent. On the basis that you are "good with money" and will want to maintain a good credit rating, it will be you who ends up paying, and so it's you that is effectively taking on the risk.

poppysarah

If you can afford to and want to carry someone then do it.

zaphod_beeblebrox_2

From experience ... NO!

If you’re concerned now before you even move in with the dude, your going to worry on a regular basis

Your mates present credit history will not effect you, but if (s)he defaults on a payment ie CCJ that’s registered at that the address at which you both reside

Credit agents will check on all occupants at that address over the past 7 years

If your worried now, forget it! I've been down that road

JoeA81

Don't even go there.

I've been in this situation in the past and it is a major headache.

lewisdh

Thanks for the replies guys. It's tempting just to chance it because I often worry about things too much but thinking about it logically it doesn’t seem a good idea I mean I think this guy has previous defaults on car loans, mobile phone bills and god knows what else. He has asked to borrow money off me for rent before granted it wasn’t his fault as rent from his old address was taken out of his account when it shouldn’t have been but even so. I never did lend him any money though I just made excuses.

He’s on a temporary minimum wage job (& commission) cold calling people about double glazing quotes at the moment so there’s not much stability there.

Can you think of any way we can rent the same place but have separate agreements so that we are only responsible for our own rent not the other persons? Maybe some sort of a flat share?

> Lewis

RAS

As a rule landlords want to let jointly and severally as this means that they are more likely to get their money AND with the introduction of the HMO legislation that want to minimise the number of people mentioned on the documents.

If you rent by the room, then you have no say over who get the other rooms in the flat/house share and it is likely to be already registered as an HMO. That is the only way round joint liability for council tax for instance.These will generally be the less nice places.

Even then there can be problems (like the guy who raided the utility meters, sold the fridge and the other one who sold some of the landlord's furniture).

Add, debt collectors, phone calls from irate debt collection agents and the occasional bailiff.

456789

RAS wrote: »

raided the utility meters

hmm what exactly do you mean?

rachel_m1

Please dont do it. I am in a house now with people who hate me just because I dont think it is normal to have bailiffs round, last notices, threats of court action. 2 of our housemates left and didnt pay bills, as we had a joint contract we had to find two new people, one of which has no money and lots of debt, one of these is now leaving and we now have to find somebody new.

Imagine living with your friends, unable to go out because they owe you bill money, having to watch them go out with the last of their pay and feeling resentful! Being the one nagging for bills and carrying all the worry isnt worth it.

If you go into this knowing what you know its really silly, trust me if I could get out of my situation I would.

Also do not underestimate how !!!!ed off you can get being the one always buying the loo roll, washing liquid etc while your carefree friend has fun getting into debt!