59% of landlords have seen an increase in late payments – tips on what to do if you’re struggling to cover your rent
A new survey has revealed 59% of UK landlords have experienced an increase in late rent payments during the cost-of-living crisis.
The poll of 250 landlords by Molo found landlords receive an average of 2.9 late payments a year, with that figure rising to 3.4 in Yorkshire and the North East.
As a result of late rent, landlords across the country are owed an average of £725.
The survey also found that 56% of landlords have had tenants move out because they couldn’t afford to pay their rent, with 55% saying they’ve reduced how much they charge to help tenants out.
Tips if you’re struggling to pay your rent
So what should you do if you’re finding it difficult to cover your housing costs?
Talk to your landlord
Try and maintain a good relationship with your landlord by being honest about the difficulties you’re facing. It can be awkward talking about money problems but your landlord can’t help you if they don’t know what’s going on.
Payment plan
See if you can agree a payment plan for any rent arrears you have. Work out a budget to see what’s affordable each month that you can share with your landlord.
Benefits check
It’s believed a whopping £19bn of income-related benefits and social tariffs go unclaimed every year in the UK. Make sure you’re not missing out on money you’re entitled to by using our free benefits calculator. Local councils also have money set aside to help people struggling with the rising cost of living. This money is provided under a scheme known as the household support fund. Contact your local council to see what’s available in your area.
Prioritise your debts
Rent is a priority debt, so you should pay this before things like credit cards, personal loans and buy now pay later. Find out more about how to deal with priority and non-priority debts.
Get free debt advice
If you’re struggling to pay your rent, you should get debt advice as soon as possible. Our debt advice is available online and over the phone. We’ll run through your finances and then let you know what help’s available. Maybe you just need a hand with budgeting. Or maybe you’d benefit from a debt solution.
Debt solutions can reduce your monthly debt repayments and even write off some of what you owe. Of course, you’ll need to weigh this up against the fact your credit rating’s likely to be affected. But we’ll run through all the info you need on your various options.
All of our advice is free and some debt solutions are also free. For others, there’s a fee. We’ll give you time to digest the info we’ve provided, talk it over with friends or family and ask us any questions you might have. If we’ve suggested a debt solution as a suitable option and you decide you’d like to go ahead, we can help get it set up for you.
Rebecca Routledge
A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.
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