What should you do if you do not have the funds in your account on collection day? It is a more popular question than ever in these times of record-breaking unemployment. When you can not afford rent, whether you have fallen on hard times or simply have not budgeted your money properly, it is an extremely stressful situation. Your landlord may have the legal right to evict you, potentially leaving you without a place to live.
Should you try to ignore the issue in the hope that your landlord will not notice you are a day or two late? Should you send a check that you know will bounce, or should you just “forget” to sign it because you know it will cause a delay? Most likely not. If you are caught, there will almost certainly be consequences. In this article, a few things you can do when you are unable to immediately pay your rent will be highlighted.
Make Use Of Available Short Term Financial Solutions
If you require assistance with your finances, ask for it. Most people will face financial difficulties at some point in their lives. Do not be afraid to seek assistance. When they are in a financial bind, many people turn to payday loans.
Dealing with the time between paychecks is one of the most frustrating and common scenarios. Even if you have a well planned budget that includes emergency funds, it is not uncommon to run into financial difficulties before your next paycheck. As a result, people make use of options for financial assistance such as to apply for e transfer payday loans in Canada.
E-Transfer Payday loans are a modern adaptation of payday loans in which, unlike traditional lenders, you can receive your funds via an instant e-transfer. Payday loans are a type of short-term loan designed to help people with cash flow problems in between paychecks. As a result, using such loans is a good way to cover a short-term financial need, such as a rent payment. However, as with any other type of borrowing, exercise caution.
Try To Work Out A Partial Or Postponed Rent Payment
You are more likely to succeed and avoid an eviction lawsuit if you are honest with your landlord about your situation and request an extension. A landlord who considers you a good tenant will not want to lose you because it is often difficult and costly to evict you, then find and move in new tenants.
This means you can probably persuade the landlord to accept a portion of the rent now—perhaps even a small portion—and the remainder later. Here are some fundamental steps to take:
- Request a few extra days from your landlord in writing as far in advance as possible.
- Explain your problems and, if possible, emphasize that they are only temporary.
- Offer to pay at least part of the rent on time if that is an available option.
- Give your landlord written assurance that you intend to pay the full rent by a specific date, such as the 15th of the month, and make sure you follow through.
- Explain that you will not have this problem again and that you will pay your rent on time in the future.
- If your landlord has a late fee policy, be prepared to pay it. Alternatively, if you believe your landlord will be responsive and your late rent is unusual, request that any late fees be waived.
Manage Your Other Expenses
In some cases, you may be able to make arrangements with your other financial obligations to free up additional funds to meet your rent payment. For example, most credit card companies provide hardship programs in which they reduce minimum monthly repayments for those who are struggling financially. Alternatively, if you have a federal student loan, consider applying for deferment to put your monthly payment on hold.
It does not hurt to review your budgeting efforts, especially if you frequently find yourself unable to pay your rent on time. You may need to reconsider your wants, needs, and desires, as well as how they fit into your monthly budget. You do not want to make a habit of falling behind on your rent because your landlord has the legal right to serve you with an Eviction Notice.
Other simpler options to getting your budget back on track by eliminating unnecessary expenses, such as not dining out, foregoing the gym membership in favor of working out at the local park, or canceling costly subscription services you can live without in the short term.
Do not be disheartened if your bank account has been depleted by the time your rent is due. Any tenant would be stressed if their rent was not paid on time, but there are options. If you are still able to pay your rent during your grace period, no further action will be taken.
Avoid playing games with your landlord. They are probably keeping track of which tenants do not pay on time and who does it on a regular basis. Communicate openly and honestly with them about your situation, consider alternative payment plans if possible, re-evaluate your budget, and seek assistance if necessary.