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Spiralling debt hits renters hard
Monday 15th February 2010A survey from the Association of Residential Letting Agents (ARLA) has revealed that the number of tenants who are unable to meet their rental payments is increasing.
debt solutions provider, EuroDebt, is concerned that tenants don’t always realise that rental payments must be treated as a priority.
“Prioritising payments to your landlord or residential letting agent (RLA) is crucial,” explained Kevin Still, Director, EuroDebt. “Along with council tax, utilities and any other expenditure, these bills must be paid first or you could be putting your home, family or livelihood at serious risk. EuroDebt works with landlords and RLAs to find amicable ways of helping tenants clear rent debts and also deal with credit card debts and other unsecured borrowing.”
Although the last quarter saw a small decrease, 55 per cent of ARLA's members have reported an increase in tenants struggling to meet payments. It is believed that a rise in unemployment is the most likely reason for the increasing numbers.
As the Bank of England's Inflation Report suggests that Britain is not yet clear of the recession, a debt management scheme may be needed to help people struggling with job losses to organise their finances.
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