Liability for other owners debts to factor?

Fiona posted on the 4/03/2020 9:09:37 PM

Our previous factor for our tenement has sent an invoice to me that itemises other owners debts to them and my share of liability for this!! Surely this can not be right? A couple of owners appear to each owe £1500 plus- and the factor has listed my share as 1/5 of this!! (Where they have got the 1/5th from I don't know, as there are 10 properties overall, 4 shops and 6 flats) I should be receiving money back as I was in credit, and am also due a £200 float back. Please help, I am very concerned about this.

#1 - The Mentalist replied on the 5/03/2020 12:21:08 PM

I would consult a solicitor about this. Is the debt with the flat or the owner. Do you own or rent. If you own, you should have been notified of any debts outstanding at the flat. Get legal advice on this.

#2 - Fiona replied on the 5/03/2020 5:49:58 PM

I own and have done for 15 years. Unbeknownst to me a majority of other owners voted to leave the factor and haven't even sorted out another factor to take over. In the final invoice from the factor who has been terminated they itemize the the debts owed by some other owners. They then make out that I should pay a fifth of these debts, despite the fact that my account is in credit with them and I am owed my float back as well.

Thanks for your advice Mentalist. I have had another experience of being in a factored tenement where others have owed money to the factor in the past but I have never been chased myself for this because my account has always been up-to-date, so I don't see why this is happening now. In that situation the factor terminated their contract with us because two others weren't paying but I and the ones that were up-to-date were not held liable for the debts of those who did not pay.

#3 - Craig replied on the 14/03/2020 10:45:27 PM

How can the Factor believe you are liable for someone else's debt? Check Title Deeds if you can this lists all the burdens on ownership of the property. I wonder if discussing others 'Business' might be a breach of GDPR?

You can reply to the post Liability for other owners debts to factor? by completing the form. No registration required. The forum is moderated in order that messages adhere to the editorial integrity of Dennistoun Online. Please read the guidelines before you submit to the forum. If you believe that we have missed a message that contravenes these guidelines then please contact us and we will either edit or remove it.

Copyright © 1999- Dennistoun Online
All rights reserved | Admin