These are some of the top excuses given by tenants for not paying rent;
*Problems with my bank
*Their account had money taken out fraudulently
*Saving for their holiday
*Lost their bank card
*Lost their job
*Had other items to pay for (car repairs)
*Away on holiday
*Their pay day has changed
*My relative has died
With the economic climate we are in, more and more tenants are finding it difficult to keep up with rental payments with excuses getting more unusual. All of the above have been mentioned when rental payments are due whether they are excuses or genuine.
The best way for landlords to protect themselves is to purchase insurance to cover them when renting out their property –the insurance product that Belvoir! use is Rent and Legal; this protects landlords against non payment of rent, legal fees for possible possession procedures through the courts and provides peace of mind that their property is covered. There are many other products available for landlords – Insurance is important and landlords should ensure that they are covered.
Most pundits predict that rent arrears are likely to increase once Universal Credit comes in later this year. With the introduction of bedroom tax and the review of benefits that are paid out, this is also affecting the payouts to tenants who are already in rented accommodation and therefore, finding themselves unable to pay their rent.
If you are a tenant and find yourself in financial difficulties, do not bury your head in the sand – always make contact with your agency explaining your circumstances and why you are having difficulties in keeping up with your rental payments. Payments plans are a possible option when in arrears, which can be agreed between your agent and landlord, this shows that you are willing to clear any arrears that you have. There are also other options such as contacting various organisations for support and advice. It is always better to speak to someone straight away if you find yourself in difficulties rather than allowing it to escalate to a point where you could lose your home.
If you require any information about the above, please do not hesitate to contact us! We specialise in giving the best advice that we can and thrive to help people where possible.
Further information can be gained from Mr Paul Collins at email@example.com