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Problems with verbal agreements and unsecured loans

Problems with verbal agreements and unsecured loans

There are allegations circulating on various forums that someone called Ben Rogers is facing bankruptcy and a number of landlords are owed money by him. Whether, in this case, the concerns proved to be true, this example does highlight the risks associated with unsecured loans.

One of our members appears to have been affected - read on for more detail..

One of our members says: "I've lent money to Ben earlier this year and have just had a very awkward conversation with him, then I found several articles on what is actually happening to him.

It looks like we have just lost a large amount of money, please distribute to help anyone else avoid losing their money. Fuller discussion here: http://www.propertytribes.com/ben-rogers-is-simon-zutshi-correct-t-13842.html

From my personal point of view...
I know and have been propositioned by most of the people mentioned in the blog. Fortunately I trust my wife's intuition which said something's not right! Phew!!!
The question is
- What do I do? and is it enough?
I have loaned and been loaned money many times over the last 10 years, mostly without any contracts at all. This year I have started using written contracts (which started life from someone mentioned in the blog!), but it is not linked to any assets. Based on this sorry tale of deceit I will now change my agreements to have second hold over one of my properties. I cannot do first charges as that's always the bank. Is there anything more I can do? Does anyone already use a loan agreement that uses a second charge?"

Written & oral information and advice from the Portsmouth & District Private Landlord's Association is given in good faith, but no responsibility whatsoever is accepted by the Association or it's officers for the accuracy of it's information & advice nor shall the Association be held responsible for the consequences of reliance upon such information.

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