I’m Late On My Rent; what Are My Options?

posted by Chris Valentine

Most responsible adults do all they can to monitor and run their finances efficiently. This includes paying bills and utilities on time.

However, every so often, this balance can be interfered with despite your best efforts. This can cause you to fall back on some of your responsibilities, like rent payment. What are your options when this happens? Read on to find out.

Apply For a loan

Find a suitable lender who offers emergency loans. Most such lenders will provide the cash quickly and do not conduct credit checks or ask for collateral.

These can be a lifesaver that can allow you to make rent and avoid problems with your landlord. The timely payment will ensure you protect your credit rating as well.

However, if you find yourself having to apply for loans to settle recurring expenses like rent, you need to take a closer look at your finances and spending. Ideally, you should make changes that will help you manage your bills better.

Talk to Your Landlord

If you pay rent directly to your landlord, it’s a good idea to talk to them about your situation once you fall behind on rent.

Call them and schedule an appointment with them and explain the situation. Not only is this the polite thing to do, but the meeting can reveal a way out.

One such option is to get a payment plan. Your landlord can agree to take a couple of installments until you have cleared the arrears. Consider doing a similar thing with your housing agent or property manager.

Take a Salary Advance

A salary advance is just that: taking a portion of your salary earlier than it’s due. Most employers offer this benefit to their permanent staff members. You will be given some forms to fill out before the cash is released to your account.

The forms you fill in will detail the terms of the advance, including how many installments the deductions will be broken down into. The difference between this and a loan is that there is no interest charged on a salary advance.

Hold a Yard Sale

If you are able to, arrange to hold a yard sale and sell off items in good condition that you do not use. These can be clothes, electronics, toys, and so on.

Yard sales need not take too much time or energy to arrange. Arrange the items for sale, price them fairly and arrange them well for sale.

You can have them out in your yard, garage, or even the boot of your car.

These tips will help you manage late rent payment when it happens. If you find yourself in the same situation several times over the year, look at your finances more closely to identify where the problem lies and some ways to fix them.

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