It's sad, but some tenancies just don't work out. In fact some tenancies end up in the hands of the debt collector.
Did you know that collection costs can be borne by tenants?
In order to recover debt collection costs a clause needs to be written into the Tenancy Agreement. The TINZ Tenancy Agreement shows this clause on page 2 clause 5.
>>Learn more about adding collection costs to debt.
Landlord tip of the month. If you would like to share a Landlord tip we would love to hear from you at firstname.lastname@example.org . We are looking for short sharp 1 or 2 paragraph tips which will help us all. If we use your tip in a newsletter there will be a small gift in the mail in appreciation for your effort. :-)
Debt collecting tip.
So when you do get a debt, how can you save yourself the cost of debt collection and Court filing fees and all the hassle that comes from debt collection?
As of 14.4.14 the whole Ministry of Justice enforcement system will change, where you have to even pay the Courts to serve summons for Financial Assessment Hearings (Order for Examinations in old speak) and $50 for every new address that you, or your debt collection company, has to provide to the Court to get your ex tenant served the summons. The costs can be less but they also appear open-ended as a result of the problem of finding tenants.
…. Or you can “insure” yourself against all the time wasting and all those costs from $1.50 per week, including GST, on CIA Debt Recovery Group’s unique Debt Recovery Plan. Here’s the link for more info and to register and pay for your tenancy cover online.
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Article of Interest
State Control of Rental Housing
Sir Bob Jones told property investors at a conference last year that he was sick of landlords being called evil persons and getting attacked by politicians. “You are providing a terrific service. You have to get politicised. Government’s declaring war on you. You have to kick back.”
TINZ appreciates support and endorsement from..
From the desk of the NZPIF..
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>> Buyers and investors leave market 12/3/14
>> Positive economy not LVRs drives interest in rental investment 5/3/14
We are always happy to hear from you and assist in any way we can.