11:26 AM, 6th July 2017, About 4 years ago 16
I have mentioned this once or twice in the past, but I’m now giving it serious consideration as the roll out of Universal Credit looms.
I’m not looking for alternative suggestions on how to solve the problem, rather just answers as to how this could be achieved.
I’m talking about car logbook loans as a form of deposit. Granted, it’s not common in this industry, but from what I understand when it is done for a monetary loan a bill of sale is produced and the logbook kept by the lender until the loan is repaid, thus it is possible.
Operating in a very poor area of the country and having mastered the Court system for both getting rid of problem tenants as well as claiming money back from homeowner guarantors (which all of my tenants require), with the introduction of Universal Credit locally at the end of this year, I expect an increase in arrears and problems and thus an increase in guarantors being taken to Court.
It would be nice if I had a short, sharp, shock of a method for dealing with smaller arrears and to get my message across that rent must and will be paid. I know there are services offered by Caridon Landlord Solutions, but I’m wondering if logbook loans are possible and what sort of FCA/Credit Licence might be required.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleLandlords attacked for being wealthy fallacy
Next ArticleGifting property share with hubby but avoiding SDLT
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|