Dealing With Rent Arrears – Some Different Approaches

In these credit crunch days we are seeing a lot of tenants struggling to pay their rent, and many landlords are finding a higher than average level of rent arrears. This has serious implications, as mortgage and other payments still need to be made, and many landlords rely on the rent for much of their own income. What is the best way to deal with a tenant who falls into arrears? Is it possible to resolve matters without having to go to the courts?

This article gives some suggestions on how you may be able to sort things out amicably with your tenant. They will not be appropriate for all situations, but are worth considering, even if you decide not to use them.

Be informed

The first point is to keep on top of your finances so you know when your tenant first falls into arrears. This is the time when you are most likely to be able to rectify matters. Once big arrears have built up it is often impossible for tenants ever to pay them off. It is important that this