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Buying a house and taking out a mortgage isn’t for everyone. It may make better financial sense to rent, especially if you are single or are in a state of flux with your career. But what happens when you get into financial difficulty and can’t pay your rent?
For starters, don’t panic, but don’t ignore the issue either. These are the steps you need to take.
Speak to your landlord
Most landlords are decent people, so pluck up the courage and speak to them about your financial difficulties. Explain why the rent payment is going to be late, and ask for extra time to pay it. Provided you have a decent track record as a tenant, they may be willing to give you the time you need to pay back any money owed. Of course, if the problem persists, they may have to serve you with an eviction notice.
However, if you can get your money affairs in order, you will be able to appease them. Good tenants can be hard to find, so it may be worth their while keeping you in residence.
Identify your financial issues
Why can’t you pay your rent? Is it because your circumstances have changed? Are you living above your means? Whatever the case, get to the root of the issue and make amends. You may need to start using a budget planner to control your spending.
Alternatively, it could be worth your while looking for extra ways to boost your income if you are experiencing a shortfall. You should also look online and find a debt organization who can give you financial advice to help you during this difficult period. If you can get back on track financially, paying your rent should no longer be an issue.
Seek financial help
If your financial struggles are short-term, you may be able to source money elsewhere. Speaking to family and friends is a start, especially if you can talk about a way of paying them back when you are back on your feet. You should also speak to your local citizens advice agency, as they may have information about any hardship grants available to you. As a last resort, take out a short-term loan, but be careful of high-interest rates which could propel you into further financial difficulty.
Find other accommodations
This may be the last thing you want to do, but it could be the most sensible. Downsizing into smaller accommodation or considering shared rooms may be the most practical option. You will pay less monthly rent, and you will also make savings in other areas of your life, including utility bills. If your finances are in a very poor state, you should also consider moving in with family or friends until you can finally get back on your feet again.
Keep your head up and move forward
Not being able to pay your rent is going to cause you huge amounts of stress. However, you don’t need to worry alone. Get the help you need from loved ones or local organizations, and then make every effort to sort out your finances. Hopefully, you will get yourself back on track, even if it takes a little bit of time to get your life back in order.