14:01 PM, 18th March 2020, About 6 years ago 16
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Government advice to restrict the spread of Coronavirus is, and will obviously have, a detrimental knock on effect to levels of employment, wages and self employed income.
Jeremy Corbyn and the Labour party are pushing hard for legislation such that non-payment of rent due to Coronavirus would not count as legal grounds for eviction. Boris Johnson has very carefully worded confirmation in PMQs today that measures to protect tenants will be brought forward.
Chris Sheldon of LettingSupermarket.com, has considered the following temporary solution. which in the short term will help tenants pay rent.
Chris has setup an LettingSupermarket.com Paypal account and will advise tenants that if they setup a Paypal credit facility they receive 4 months interest free payments.
If tenants cannot afford to pay their rent then they can request LettingSupermarket.com invoice them from their paypal account at which point they can pay through Paypal credit and then pay it back as and when they can.
This of course depends on if the tenant can get credit, but a large majority of people will be able to.
Chris Sheldon said: “In light of a lack of solutions from the government at present this is the best and most expedient option I could come up with so far.”
LettingSupermarket.com charge just 5% of rent for a full management service (6% if properties are inside the M25). Click here for more details
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Chris Sheldon
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Member Since June 2013 - Comments: 72 - Articles: 27
9:23 AM, 19th March 2020, About 6 years ago
Reply to the comment left by Ray Davison at 19/03/2020 – 09:11
the cost is absorbed by lettingsupermarket.com. Because we have a paypal business account the costs work out no different than if we were to accept a payment by credit card through our payment provider.
Ray Davison
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Member Since July 2013 - Comments: 233
9:56 AM, 19th March 2020, About 6 years ago
Reply to the comment left by Chris Sheldon at 19/03/2020 – 09:23
So you take the hit on that within your standard management fee?
Chris Sheldon
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Member Since June 2013 - Comments: 72 - Articles: 27
10:02 AM, 19th March 2020, About 6 years ago
Reply to the comment left by Ray Davison at 19/03/2020 – 09:56
Thats correct. There are no additional fees to our packages.
LordOf TheManor
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Member Since February 2016 - Comments: 192 - Articles: 1
10:39 AM, 19th March 2020, About 6 years ago
If I’ve understood this correctly, using this route would create a window of time for a benefit application to be processed…… and start paying out hopefully….. or would also work by allowing tenants time to find alternative jobs.
Please confirm, Chris.
Thanks
Lord
Chris Sheldon
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Member Since June 2013 - Comments: 72 - Articles: 27
10:54 AM, 19th March 2020, About 6 years ago
Reply to the comment left by LordOf TheManor at 19/03/2020 – 10:39
Hi Lord, that is correct, it would obviously be dependent on the applicants eligibility for credit but it provides a tenant with time to resolve there financial issues with no additional cost for 4 months and means that they can pay rent on time.
Steve Masters
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Member Since August 2013 - Comments: 323 - Articles: 1
13:29 PM, 28th March 2020, About 6 years ago
What happens if the tenant were to dispute the payment at a later date saying they never received the goods/services? Could PayPal claw back or freeze payments until landlord produced proof of delivery?
If so, what form would proof of delivery take?