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More tenants turning to national debt line as they fail to pay the rent.
Uk landlords are facing a crisis as more companies are closing and making redundancies as debt problems in the UK are both growing and changing.
At Tenant Referencing Uk we are hearing from more and more member landlords who have done cheaper 3 point referencing and have then not taken Rent Guarantee insurance and/or lumped their cheap rent guarantee insurance in with their building and content insurance and then because of the referencing are being turned down at point of claim. Unfortunately for these landlords these deals may seem attractive because of the price but this is a dangerous game to play if you need the rent. as more policies fail to pay up than pay out. (any landlord or agent that needs advise on this matter can call us free on 0800 9994 994 free for our advise)
Many of our members are now seeing their tenants approaching the National Debtline for advise. National Debtline is a free telephone debt advice service for people in England, Wales and Scotland. They run a debt helpline and their website offers free debt solutions including debt management plans. Naturally they are at the heart of the UK consumer debt crisis and understand better than anyone what is causing people their problems and how many people are affected.
Their latest report says that they are expecting to see the highest call levels in 5 years – demonstrating that 10 years on from the financial collapse, the UK economy is still in desperate need of help.
However, it also shows that things have changed. 10 years ago, we (as consumers) were in a lot of debt because we were simply spending more than we could or should afford. In other words, people were living above their means with cars, phones, sofas, big houses, carpets, beauty treatments, clothes all on credit – buy now pay later was a very common phrase of the time. The solution, in hind sight was fairly simple – return (and stop buying) what you can’t afford.
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