bought a repossession - how to remove the previous debt?

techmob

Hi

i have finally got the keys to my new house but the previous owners have ran up allot of debt at that property. i have a good credit rating and clean address of 7 years. how can i remove the debt off the new property so that it doesn't affect me or my family?

i have phoned experian and the automated options are for getting a credit rating etc and they refer to the online site for information, which i cannot find regarding clearing debt off an address

what do i need to do?

i don't want anything to affect my credit rating, would clearing the debt off this new address cause a credit search on my credit rating?

thanks guys

fermi

Credit histories are attached to people nowadays, not addresses.

So the previous occupants credit history shouldn't have any impact on yours.

techmob

thats good to know, however i would also like to make sure nothing is on the address either, i read you can pay something like £2 to do this but i have no idea how. maybe i am worrying over nothing

annibee

Check your Credit report and thatll tell you what is linked to you it will also mention Financial Associations if in there is someone on there you dont know ie the previous owner of the property then you can contact the credit report people (Experian, Equifax etc) and ask it to be removed (for free!!!) then it will have no effect on you.

Like Fermi said its not linked to addresses so if nothing shows on your report then it wont be affecting you at all.

Dont pay anything to "get it removed" because that sounds like a con to me. Any letters that come for the previous occupant just write "no longer at this address" and pop back in postbox. Itll get returned to the creditors they owe to and they will have to find them.

katsu

We bought a repo and thought like you did. We got scared by baliffs and debt collectors chasing the old occupants. Now I know that it is their problem that they need to find Mr & Mrs X, not mine.

Checking your credit record is a good idea - it will do you no harm to make sure it is accurate. Ours is not affected by the debts of Mr & Mrs X.

All you can do is write on the envelopes - "no longer at this address, return to sender, no forwarding address left" and keep returning their mail. I'd print out some stickers as you are going to be doing this a lot for a while.

In our experience there was loads of this to start with (lasted several months), then it died down for a few months, then it flared up again and for the last few years seems to have stopped being chased at our address.

You can't get rid of their debt at your address, but credit records are based on people not addresses. The old owners' bank/credit cards/whoever will write to them at your house if it is the last address they have for them, but it won't harm your credit record.

forgotmyname

Make sure you update the electoral register. When their names are removed that will help.

Experian_company_representative

As others have said, credit checks take place on people not addresses so you really don't need to worry about anything registered at your address about other people with whom you have no connection. Their details simply won't affect you. Any debts incurred by the previous occupants will stay at your address so that when they apply for credit in the future the information is available to their lenders. Adverse information tends to stay where it is first registered. Getting a copy of your credit report should help ease your concerns.

James Jones