What To Do If You’re Late Paying Your Rent?

What To Do If You’re Late Paying Your Rent?

Late rent is an ever present concern for millions of people in this COVID 19 world. People have lost employment and are having difficulty paying rent and other bills. While non profit social programs can help, the money is needed by your landlord now. What are some ways that will help you pay your rent long term and survive this crisis?

Speak With Management

Speak with management first to explain why your rent is late. Give them a timeline when you can pay your rent and get caught up. Many landlords are under an eviction moratorium due to COVID 19 and have been asked by the government to not evict anyone from their home. 

Find out about your status and what are your chances of eviction? Your landlord may have you sign a statement agreeing to when the rent money must be paid. Make sure that you understand the eviction process and how it has changed due to COVID 19. 

Let your landlord know if you have found employment or that you are looking for employment. If you have other financial resources, tell them what they are and how much money you can expect from that source. Being upfront and honest with your landlord while developing a good relationship could help ease your rent crisis short term and keep you in your home.

Borrowing money

There are many loan companies that will lend you the money to help get back on your feet. Taking out a personal loan could give you the money you need to quickly pay off any rent arrears. 

Some loan companies can offer fast financial loans within 24 hours. If you have a good credit history, then taking out a personal loan should be easy. Lenders use credit scores to determine credit worthiness. Loan matching sites like Now Loan and some major comparison sites offer a free quick loan matching service, providing you with a list of lenders who’ll lend to you without doing a hard credit search.

if you do not have the best credit score all is not lost. There are loan companies who can give you a personal loans with a higher interest rates. There are also instalment loans where your credit is not checked. UK Gov could also provide you with a budgeting loan if you meet their criteria.

Remember to speak honestly and openly with management. Do your research about personal and budgeting loans that can quickly help you get out of your rent crisis. 
Establishing good relationships with your landlord and personal loan company will help you long term. If you are not working, continue to look for employment. There are non profit social programs that can help you with writing a CV and gaining employment. Using these steps will help you get out of your late rent crisis and keep you in your home.

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