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Problems paying your rent? Here’s some advice

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Posted Aug 31 2014, Posted By James Hood

Problems paying your rent? Here’s some advice

If you think you’ve overstretched yourself with rent payments, fallen into debt or your circumstances have changed and you can no longer afford it, don’t panic. Here are a few tips to help you through.

Don’t ignore it
Burying your head in the sand will only make the problem escalate and make you worry for longer. Taking control of the situation by facing the problem head on will make sleeping at night a lot easier.

Why oh why?
Take a cold hard look at your financial situation and ask yourself why you’re in this position. Maybe it’s because you’ve changed jobs, maybe it’s because the cost of Christmas means you’re paying more credit card interest or maybe you spend a little too much cash in Starbucks. Whatever the reason, it’s good to identify the cause so you can work out how to improve your situation. If it’s a short term issue then a loan (make sure you check the interest rates) might make things a bit easier. If it’s a long term problem that’s unlikely to be resolved, you might need to look at ways of cutting back on other expenses.

Get your priorities right
Paying your rent is the most important thing you can do with your money (as well as buying food). Make sure that when you’re paid you set aside the exact amount you will need to pay your landlord.

Keep on top of your paperwork
We get it, bills are frightening. But they should still be opened and dealt with. Also, write down all your income and expenses. This will give you an idea of where you are spending money, how you can make changes and how much money you’ll have at the end.

Talk to your landlord
If you fall behind on your rent payments or you think you won’t be able to pay the next time, talk to your landlord or to Outlet. If you’re honest about your situation and your willingness to find a solution, most landlords will be very reasonable about arranging a payment plan.

If things get serious
There are organisations set up specifically to help you handle money matters and debt. The Citizen’s Advice Bureau has many resources online as well as people who can give you guidance. Shelter, the homelessness charity, also provides help to people with housing related worries. Search online for ‘Shelter money problems’.

Don’t wait and don’t worry
The quicker you take steps to deal with any financial problems, the better off you’ll be. Finally, we know it can be a worrying time, but there will be a solution. Make sure you don’t ignore the issue and try to talk about it with others who may be able to help.

Remember, the Outlet team is a friendly bunch and we’re always available to discuss any concerns you might have about your property and rent. Call us on 0203 740 9894.

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Posted By James Hood
Category: Lettings
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