Moving to a bad credit house?

JaySquared

A friend of mine is moving out of his rented accomodation and I was thinking about renting the property (owned by someone else). The thing is he is hopeless with money and has got himself into a bad way debt wise - if I can ever get a straight answer out of him I might be back here for your advice!!

He has managed to get both the electricty and Gas meters put onto pre pay because he was so behind, also he has a debt collection agency after him for a small amount of money (which seems to increase despite his paying it off).

Anyway, that's his problem. My problem is that if I move in, I am very concerned that I will have problems getting credit (not concerned about his debts, he will take them with him). I am wanting to rent the place while I save to buy (yes I know, renting is more expensive but whatchgonnado?). Obviously if moving into the house will cause me problems I will have to think about other options.

Any advice please

Oh, if this is in the wrong section I appologise, please shift it, I thought that the debt 'free-ers' would have a handle on this

Thanks!!!

PS
If anyone knows of a cheap way of getting prepayment meters out of the house I would love to know.

msArcher

When I moved into my first house it had prepayment meters fitted - When I rang up the companies to say I was moving in I asked if they could be removed - no problem I was told, the electricity was changed the day I moved, the gas the day after. I suspect they'll only have a problem with it if they view you as a bad risk.

JaySquared

Thanks, if I move in I will give that a try.

I have a mate who insists that they are more convenient. I don't see what is so convenient about coming home to a cold dark house with no way of changing the situation till the shops open (emergency aside). I was in a house in London once where we regualarly missed our wakeup alarms because the power went off during the night.

msmicawber

I'm pretty sure that there's no such thing as a 'bad credit address' any more, so unless you're linked financially in some way to the house owner, or share their surname, you shouldn't have problems. If you are linked by name, I understand that you can place a statement on your credit files dissociating yourself. There's bound to be someone on the board who knows how to do that.

msArcher

I asked for them to be removed because I knew I would forget (or not have time) to get the key charged. Monthly DD is much more convenient, and cheaper from most suppliers... On the other hand, you know exactly how much you have spent on power with them...

cattie1

usually it takes 6 months to build up your credit score after moving house-get your self on the electoral role (sp?!) asap with your new addy. none of the debt the last person had should affect you.

southernscouser

Credit ratings are only based on individuals.

It did used to be that if there were say 3 people living in a house and one had a bad rating it would affect the other 2 but there is no longer a financial asscoiation just for living at the same address.