To think letting agents have no right to go through my bank statements?

[oversomeniagara]

We're trying to move flat and the letting agent has demanded three months' worth of bank statements on top of the usual credit checks, employer and landlord references.

I think this is really unnecessary and intrusive and I hate the idea of strangers combing through my accounts. I sent the bank statements with everything but salary, utilities bills and rent blocked out and now they are saying they have to see the full statements to check that we aren't 'living in an overdraft'. I am I right in thinking this is none of their business so long as the rent and bills are paid?

The flat is actually £500 pcm cheaper than our current house (we live in London...) so that combined with our excellent references and credit ratings should surely be enough! I am really outraged and disgusted by this whole process!!

Mmm! Not sure. I know many are asking and, to be fair, they have a professional duty if care to the LL.

They can ask, you can vote with your feet and use a different agent.

Sometimes it's the landlord rather than agent that wants to see. Ask if a signed letter from the bank stating you have no overdraft or if you do that you have not been in it would suffice

YANBU, I HATE the way agents are allowed to do this AND ask for hundreds in "fees".

It's bloody disgusting. I think there needs to be a HUGE overhaul of the way things are done re. lettings at the moment.

I agree with Chattymummyhere. Refuse and, if they insist, go elsewhere. I refuse to use letting agents with OTT fees. When I was interested in a viewing I'd ask what their fees were and if they were silly (one wanted £700!!) I'd tell them exactly why I'd be going to another agent. They need to know this isn't acceptable.

Unfortunately although asking for full bank statements isn't standard practice, it isn't unusual either. You can probably get round it by offering rent in advance, if this is an option for you, and if you really want this particular place.

Well, letting agents are not the most logical ppl if you ask me.

It's quite difficult to move with your feet when there is such competition for flats. Also we're supposed to move in this weekend and the agents have pissed about for weeks and only just said the bank statements i sent a few weeks ago are inadequate for their purposes.

DP caved in and sent the statements but I am still livid about the whole thing, especially as we do have an agreed overdraft that the bank trusts us to use and now we could potentially not get the flat despite our good track record on renting.

None of their business. I would vote with my feet.

There's no bloody way I would be giving them access to my bank statements as they want it. Surely they can see from what you've already provided that you're not 'living in an overdraft'. WTF do these people think they are?

Are they are well known, established letting agency? Anyone can set themselves up as a LA, you'd find the experienced ones less ridiculous I hope? Anyway, assuming you've got your heart set on the house would it be worth seeing if your bank will issue a statement/respond to an enquiry regarding your overdraft?

Thanks for the replies btw. I feel powerless enough as a tenant without all this on top of it (my landlady is selling up hence us having to find somewhere else). There really does need to be some regulation involved in this area.

Ahh too late I see. Hope it's all plain sailing from here on.

YABU
You blocked out what they needed to see...
It seems intrusive, but it is necessary. They don't personally care about your financial situation, but if they are going to give you the keys to a flat, they need to know you are able to pay for it. They do not know you, and your references could be fake. It's more difficult to fake bank statements.

It's standard procedure, and I am a bit surprised you find it outrageous.

But as the OP said, voting with your feet is all very well until you end up homeless!

They are an established agency- lots of offices all over the country.

The whole system is bollocks but it is what it is so we sadly have to roll over and take it.

OfAFrenchMind, really? Is a reference from our current letting agency, employer reference and credit check not enough? We gave them information confirming salary, rent and bills going in and out. I don't see why they have to look through everything else!

But OP, if you are living in your overdraft that's a hell of a lot closer to not being able to pay rent than someone who isn't if a bad month hit. Whilst I absolutely HATE how intrusive it is, perhaps it's the LL specifically requesting it?

Is there any such thing as a bank statement anymore ? Our account is managed online. If anyone wants a "bank statement" we'd just print it off. (Probably with our filters applied, which would be: opening balance, and closing balance per month, maybe with "total in", and "total out". )

Sounds very cheeky and way over the top. When we moved into our place there were credit checks, references taken up, and we had to send something to prove our income. For my DH this was just a copy of a letter from work with his salary, and for me it was a tax return as I'm self employed.

As long as you've been paying rent on time in your current property then why should it matter what you've spent the rest of your cash on? You could have blown it all on booze, or have an expensive QVC habit, either way, it shouldn't matter.

They can ask and, if you don't like it, they don't have to do business with you. It's a bugger.
You could supply the statements and (put in writing) insist that they destroy the data after their 'checks' are complete. Wave the Data Protection act at them if necessary.

Letting agents are scum

My lovely friend paid £400 in 'application' fees last month and didn't get the property (she has fine credit rating/employment). She found out via FB and another friend that they had taken FOUR lots of fees from different people for the same property. All of whom got turned down and then the house came off the market!

We're not living in it per se, but we do use it to e.g. DP travels a lot and claims back £££s on expenses. I should add both us are professionals here- our combined salary is very healthy- DP could afford the rent on his own.

I guess we'll have to see what the bastards say on this. I don't think it's unusual to use an overdraft and I wasn't expecting this to potentially cost us a flat we can easily afford.

Pantone, that's absolutely disgusting. I hope your friend can claw the money back. I cannot wait to buy and be rid of having to deal with these shysters!

I would quote The Data Protection Act at them
ico.org.uk/for-organisations/guide-to-data-protection/principle-1-fair-and-lawful/

I'd ask them to outline in writing the procedures by which they will comply with the Act when handling your confidential data.

It's not standard procedure, but it isn't unheard of. They either have some concern from the credit check / references / other information, or it's a paranoid landlord.

I don't think it's our credit check- we've both got good credit ratings and our references are good. It could be the landlord, I suppose... the flat is furnished and they have made a big deal out of making sure we insure the landlords contents which seems quite stingy of them. Also they used to live there which means they probably see us as a weird cuckoo in the nest/ cash cow hybrid rather than us being customers paying for a service.