Tenants' finances expected to worsen

A considerable amount of people believe their financial situations will worsen over the coming months, a new poll from insolvency trade body R3 has found.

As a result, there could be a rise in the number of tenants in breach of their tenancy agreements as they struggle to meet rental costs.

The poll revealed that just 24 per cent of people expect to see an improvement in their finances, while 43 per cent anticipate that they will be less better off in the next six months.

R3 president Steven Law commented: "In my experience, most people's debts become unmanageable due to a change in circumstance, such as sudden unemployment."

He emphasised that many individuals of a working age believe they may struggle to meet their debt repayments if they were to suddenly lose their job.

Landlords should make sure that they have a good relationship with their tenants in the case of unpaid rent, so that landlord and tenant can come to some compromise to suit both parties.

Perhaps, for example, the payment of the rent in smaller installments for a set number of months until the tenant gets back on their feet.

If the situation does not improve and the landlord is faced with a stacking pile of rent arrears, then landlords may have to set about evicting tenants using a Section 8 Notice.

  • Landlord and Tenancy News from Lawpack: How to evict tenants for rent arrears with our solicitor-approved Section 8 Notice

Published on: February 22, 2011

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