Debt management problems 'no excuse for rent arrears'
Debt management problems 'no excuse for rent arrears'
Tuesday 31st March 2009
This is according to the National Landlords Association (NLA), which claims that many buy-to-let landlords risk having their properties repossessed because their tenants are in arrears.
According to recent figures from the organisation, 44 per cent of its landlords have dealt with rent arrears in the last six months.
The NLA believes that this statistic goes some way to explaining the recent rise in repossessions among buy-to-let property owners.
"Paying the rent has to be right at the top of tenants' priorities as even one month's arrears, in this climate, could be the straw which breaks the camel's back," said NLA chairman David Salusbury.
"Landlords and tenants need to communicate and work together to tackle financial problems before they result in a loss of rent and a potential default on mortgage repayments," he added.
If struggling financially, both landlords and tenants are advised to seek debt management solutions to avoid the threat of repossession and sudden homelessness.
A joint campaign from the Citizens Advice Bureau, Shelter, Crisis and the Chartered Institute of Housing has drawn attention to the plight of tenants who lose their accommodation at short notice after their landlord has defaulted on the mortgage.
Meanwhile, new statistics from Credit Action show that the UK's total personal debt stood at £1,457 billion at the end of January.
Average consumer borrowing on credit cards, finance deals, overdrafts and unsecured personal loans has risen to £4,870 per adult.
News article brought to you by Debt1 - UK debt management specialists.
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