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New "Rent on Time" service offered in the UK

Discussion in 'General Property Chat' started by JacM, 15th Jan, 2016.

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  1. JacM

    JacM VIC Buyer's Agent Business Member

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  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Interesting. Thanks for the link.

    It doesn't go into much detail on the "How" they do it though. Presumably the company pays the LL (and keeps a cut?) and then they go through the recovery process with the tenants. So are they also acting as a PM, or in conjunction with them?

    If there's more info I'd love to see it.
     
  3. thatbum

    thatbum Well-Known Member

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    I wonder what the NLA actually does?
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    Lets form one here :p
     
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  5. JacM

    JacM VIC Buyer's Agent Business Member

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    Well....

    There is a membership fee to join NLA, which would help to pay for a portion of claims. NLA seems to offer insurance so probably earns some trails to help with claims. If you actually go through the screens of ordering a debt recovery service, it looks a bit like rent payment isn't guaranteed as such, but that the process offers a pre-canned set of legal documents for court filing. It looks like the fee for a rental arrears debt recovery is in addition to the joining fee for NLA. So you'd need your tenant to be a fair whack in arrears before it made sense to lodge a "claim" which doesn't look so much like an insurance claim as opposed to an online legal document filing assistance service. That's how it looks anyway.