Sunday, 23 June 2013

I Cant Pay My Rent This Month What Do I Do

If you're going to find it hard to cover the rent this month and you're worried about being evicted from your home then this guide will help go get yourself together. There are a number of options that you could explore when your're facing difficulties when paying your rent. This guide will suggest some tips, offer advice and list some of the other options that you could check out if you're circumstances are getting desperate. The guide contains important links to resources that many people in similar circumstances have found invaluable, please bookmark this and share it with others that might find it helpful, leave a comment if this guide has helped.

The most important thing to bear in mind is that you're not alone and help is available, everyone suffers a setback from time to time, the important thing is that we bounce back much stronger.

#1: Inform Your Landlord Immediately if you Need Help Paying Rent 

When you need help paying rent the first step you should take is not the easiest but it's essential, notify your landlord that you're experience financial hardship and you're not going to be able to pay your rent this month, let the landlord know the reasons and then let them know what steps you are taking to get the money together on a permanent basis. You can put your circumstances in writing if you're having problems communicating with your landlord or if you feel uneasy talking about the subject. If you're being harassed then help is available, I have included a link below which explains how you write a hardship letter for delinquent rent, another link offers how to handle harassment.

How to Write a Hardship Letter to Landlord for Delinquent Rent

What Can I Do If I'm Being Harassed By My Landlord

#2: Sort Your Finances Out to Help Pay My Rent

If you're facing financial hardship then it's time you confronted your demons and sorted your finances out. It's easier said than done however once you get it out of the way you'll feel much better. This is a crucial step when you need help paying rent. Create a income and expenditure financial statement, list all your income and expenses and go through them with a fine tooth-comb. Cut needless spending and then try to make the ends meet. If you're on a very low income and it's impossible for you then there is help available (will be discussed later). If you're really terrible with your personal finance then try following some great blogs. The blogs listed below helped me get my finances back together and now I've been paying my rent on a regular basis without missing any payments. You can also use the  income and expenses statement so that you can show your landlord that your taking positive steps to overcome the rental delinquency by cutting costs and prioritizing your spending. 

Income and Expenses Statement

Best Personal Finance Blog in the World - Not an Understatement!

#3: Don't Get in More Debt

When I was experiencing hardship and needed help with my rent I avoided getting further into debt. If you're having difficulties paying your rent because of debt then do not use more debt to cover your rent, the deeper into debt you get the harder it will become to pay on a regular basis. If you do have a high ratio of debt compared to your income then it's time to call you're creditors and let them know that your experiencing financial difficulties and you want interest and minimum payments reduced. Cut your credit cards up and stop using them until you get your financial house in order. Talking with my creditors helped reduce my payments by more than 50%, talking to a debt counsellor helped to stop all my interest which made more pressing expenses like rent possible.

Talk to Creditors to Lower Interest and Minimum Payments

Talk to Debt Counseling Experts to get Your Debt Reduced.

#4 How Do I Get Help With My Rent? 

If you're on a very low income of have experienced poverty, financial despair or disaster recovery or are unemployed you can turn to public assistance for help. There are many programs that you can explore to reduce your expenses, you can even get help towards your rent. Check to see what benefits you might be eligible for and then look for any rental assistance programs that could help you. I have listed all the options that you can explore for rental assistance below as well as other programs that could reduce your monthly expenses, rental assistance comes in the form of rental subsidy to landlords, Public Housing and Housing Choice Voucher Program (Section 8).

Help for Financial Difficult Times
Unemployment Benefits
Help Feeding Your Family
Help Paying Your Rent
Help Paying Your Mortgage

#5: Help From Friends and Family for Rental Assistance

If you're already on the streets then it's time to swallow your pride and ask for help, delaying will only make things worse, if your family member or friends are willing to help then you're slowly taking positive steps to get out of hardship, if they refuse you'll only be back where you are now and you'll know who your friends are. Meet with your family members and friends, explain your circumstances and ask for help, more often than not you will receive help.

#6 Places to Stay if You're Homeless

If you're homeless and you cant turn to friends and family members then there are a number of agencies that you can turn to. I have included a link which offers invaluable resources for people who are homeless, are on the brink of becoming homeless or know someone who has become homeless.

Resources for Homeless Persons

I Cant Pay My Rent This Month What Do I Do?

If you're facing difficulties with your rent then it's time to open up and share the problem, take positive steps and improve your finances, look for ways to increase your income and lower your costs. Check for any help you can get from the government and always keep your landlord in the loop. If you cant pay your rent this month you need to take action. The most important step is to notify your landlord and then go through all the resources on this page to find a solution to your problem.