I Can’t Afford To Pay My Rent, What Should I Do?

I’ve just across this video clip by Shelter – The housing and homelessness charity. The video has been up for a while, so many of you may have already seen it, but for those that haven’t…

Admittedly, the video tugged on my heart strings a little, so I felt compelled to spread the word.

I’m sure thousands of people are in the same situation as the woman in the video; struggling to deal with debt, and not knowing what to do. I imagine it’s the idea of “not knowing what to do” which would scare me the most, and i’m sure that’s the reality for many. I genuinely believe that educating may make the situation more bearable, if only a little.

If anyone is currently dealing with debt and not sure which way to turn, I would recommend connecting with Shelter – they offer free expert advice and explain your options.

All I can say is, don’t wait until it’s too late.

Your thoughts?

I’d be curious to hear any thoughts on the video, or even the general situation…

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3 Comments- Join The Conversation...

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AUS 28th February, 2011 @ 01:50

I think you're right Landlord - 'don't wait until it's too late', get advice as soon as you can - contact all those you owe money to and explain your situation. Banks and Credit Card companies will come to arrangements with people, sometimes they'll consolidate your debts, sometimes they'll freeze interest payments until your situation improves. It does depend on the institution in question though so if you're struggling then you should make your situation known.
This same advice often applies to landlords/homeowners. It's not in the interests of a bank to repossess a home for example - especially one that has negative equity or a sitting tenant. Sometimes switching over to 'Interest Only' will drastically improve your financial situation - yes it's not ideal but if it prevents you from losing your home then it's well worth it. You can always catch up later as your situation improves.
A bank may even consider a neg equity mortgage to switch to Interest Only if they can see that without taking this option it will lumber them with the house back.
My advice is to talk to everyone you can and get into see the bank manager rather than solely deal with a call centre (if possible).

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SHeldon 28th February, 2011 @ 20:43

dont wait till its to late =D

2
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Matt Reynolds 2nd July, 2011 @ 18:53

The priority should be to talk to your landlord and let them know the situation you are in. An explanation goes a long way, make sure your landlord understands that your trying to resolve your money issues. Shouldn't really say this but so many tenants leave a property without paying the last months rent, expecting the landlord will be happy to accept the deposit as the last months rent.

Matt Reynolds
www.decisionhomebuyers.co.uk

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