The National Landlords Association has today launched a new service to try and guarantee landlords’ rental income, should tenants slip behind on or fail to pay their rent.
NLA Rent on Time has been announced as incidences of rent arrears in the private rented sector increased by 13.8% between the second and third quarters of 2015.
In addition, research from the NLA indicates that 37% of landlords experienced rental arrears in the last year.
Including a fully automated online ordering system and a telephone support line, NLA Rent on Time is available for new and existing tenants. What’s more, the service is offered at a discounted price for NLA members.
‘Rent arrears is one of the biggest risks of letting property so, as the largest landlord association in the UK, we wanted to assure landlords they need not worry if their tenant doesn’t pay their rent,’ said NLA Chairman Carolyn Uphill.
NLA launches new ‘Rent on Time’ service
‘The service provides peace of mind for all landlords by managing the rent collection process and paying it into your account when it suits you, even if your tenant fails to pay,’ she continued.
Concluding, Uphill said that the new service, ‘takes the hassle out of dealing with missed rents, by working directly with your tenants in order to resolve the issues and, if necessary, initiating property repossession at no additional cost.’