Renting your own home can be difficult at times, particularly managing bills and the rent. If you have a change in circumstances such as losing your job or having hours cut or your benefits change you'll need to act quick. Failing to do so may lead to debt and eviction.
At 2 Way Tenancy we help tenants referred by their landlords to overcome these barriers such as missing rent payments or building up debt. We are non-judgmental as changes in circumstances can happen in anyone's life, without notice. We've compiled a quick list that we hope will help you to keep an eye on. Remember, if you are in financial trouble, seek some help as soon as you can. Debt doesn't disappear.
We help people to prioritise debts so this list should help you to understand what should come first to help you budget and avoid any future complications with your home.
Priority Debts Include:
Mortgage Or Rent - If you don't pay you could lose your home.
Gas and Electric Bills - Don't pay then you could be cut off and the debt doesn't disappear
Council Tax - Failure to pay then the Council can use Bailiffs
Court Fines - As above, failure to pay could mean a visit from Bailiffs or even prison.
Non-Priority Debts Include:
Credit Debts Such As Credit Cards - Yes they are a debt, however, in some circumstances re-payments can be negotiated
Water Charges - You can't be cut off, water is essential, however you need to avoid not paying this
Student Loans - again these can be negotiated if your circumstances change
Money Borrowed From Friends and Family - not paying this back will cause family issues.
Planning ahead, setting a budget, understanding your income and expenditure can help you manage your finances and avoid debt. If you are in serious financial difficulty, seek some help.