A new ‘Rent-Flex’ system will allow renters to underpay and make up the costs later in the year, allowing them to manage debts and everyday bills.
A housing association has launched a new scheme which could change the way we pay rent. We take a look at what this could mean for you.
What’s this story about?
After a successful trial, it has been announced that up to 3,000 renters will be able to take part in a flexible renting scheme.
The scheme will allow renters to benefit from a 12-month payment plan where they can overpay or underpay each month. This could help low-income families budget for those expensive months like December.
Sarah Poretta, from the Money and Pensions Service, said:
"There is potential here to make real positive changes for how the housing sector works with its tenants, and we are pleased to see the research continues to receive funding and support."
What does this mean for you?
This scheme is set to launch next year and will largely take place around London and the South East. If you’re living in a housing association around this area, you could be eligible to apply.
Unfortunately, it won’t be open for everyone to apply. The Centre for Responsible Credit has said it’s currently in the process of finding the right housing associations to take part – and if you’re living in one of the chosen associations, you’ll be contacted to see if you’re interested.
Find out more about this scheme here.
Our key tips
Struggling to keep up with your rent payments? According to Citizens Advice, your first step should be letting your landlord or housing association know as soon as possible. You could then try asking them to agree to a later date – providing you’re confident you can meet this new date.
For more help, find your local Citizens Advice Bureau here.
You can also find confidential and free advice at:
Disclaimer: All information and links are correct at the time of publishing.