Only My Share was in the Telegraph!
December 22, 2020
We were featured in the Telegraph in an article about the “Dangers of Joint Rental Contracts” , this issue is becoming even more prevalent especially in the last 12 months. As renters are increasingly uncomfortable with taking on additional financial responsibilities, with the ongoing uncertainty in the marketplace, renters and their guarantors are taking every precaution they can.
The article highlighted case studies about tenants and their parents who have been chased for hundreds of pounds after horror story housemates have failed to pay their share of the rent, which is becoming the norm more than ever before.
James (who asked to use a pseudonym) was a customer who contacted Only My Share, shared his story with the Telegraph. He was in his final year of University and along with three of his housemates was being chased for £800 of outstanding rent by their landlord after the fifth person they lived with failed to pay.
The fifth housemate was non-contactable as he had just upped and disappeared after they finished their exams and he stopped paying his share of the rent. James and the rest of the housemates were in a predicament as they did not have the funds to pay. Their parents, who were their guarantors had to step in and pay £200 each, to cover the arrears. There was also additional charge as damages to the property exceeded their deposit, once again the parents had to pay for the fifth housemates share of the amount.
James’ is just one story that highlights some of the issues that can arise when people fall into rental arrears and the implications this has on their housemates under a Joint and Several contract. There are many others who have experienced similar or have been in worse situations than James, to read the full article on the Telegraph click here.