How To Manage Your Overdue Account
Sometimes life can turn down unexpected roads. Especially when it comes to the financial parts of your life. When you’re trying to keep on track with other financial commitments like mortgage payments, credit cards, and utility bills, it’s easy to overlook your storage unit.
Dealing with outstanding debt is never easy. Here are some tips to help you understand your storage unit rental.
Rent is Due on the Same Day Every Month
Payment for your self storage unit is set up the same way as most of your recurring bill payments. Rent is due on the same day every month, either on the 1st of the month or your anniversary date. If you are unable to make it to the office to pay, there are many other options available.
To make sure rent is paid on time, you can set up a pre-authorized payment through your credit card or bank account. You can also go online and make payment.
If you know you need to rent for a certain amount of time, you can always prepay for your unit. There are usually discounts for prepaying rent so make sure to ask. This can save you quite a bit of money in the long run.
There are times when life happens and no matter how good your intentions, you won’t be able to pay rent on time. All storage facilities apply late fees. How much and how frequent these late fees are applied is different for every facility.
Your gate code will also be suspended, preventing you from accessing the compound and an overlock may also be put on your unit for extra precaution which remains until the balance owing is paid in full.
Late fees are not the storage companies’ way of trying to get more money out of you. They are put in place to help encourage customers to pay their rent on time.
For your own benefit, don’t let fees accumulate. If you are not able to pay in full, discuss the possibility of making smaller, more frequent payments in order to catch up.
Stay in Communication
One of the number one things you can do when overdue is to stay in communication with your storage facility. When you rent a storage unit, you are agreeing to make your rent payments and make them on time. Remember, it is your responsibility to notify the facility if you foresee an issue.
Storage facilities will try to contact you by telephone, email and mail to resolve any outstanding issues. Do not ignore any of these. Whatever your situation, talk with them and keep them updated. This shows your commitment to clearing things up and getting back on track.
Keep Your Information Updated
The best way to keep open communication with your self storage facility is to keep your contact information up to date. If any of your information changes while you are using self storage, such as your address, phone number or even your alternate contact information, notify the self storage facility immediately. If they cannot reach you, they will not be able to resolve any issues with your account and work with you to get it current. You could end up missing out on some very important communication.
Going to Auction
Auctioning off your belongings is the last thing a storage facility wants to do. They would much rather reach an agreement with you than go to auction.
If your account has reached 30 days overdue, the auction process is started. The auction date will be scheduled, typically 30 days in advance. You will be sent an auction notice by registered letter that day.
An ad will be placed in the local newspaper about the auction about 2 weeks before.
If your storage unit sells for more than what is outstanding on your account, you will be mailed a cheque for the remaining amount.
As much as you may feel embarrassed, it’s important not to get scared and not respond. Communicate.
After the Storage Auction
If your storage unit didn’t sell for enough to pay off your debt, your credit may take a hit and a credit agency could still try to get the remaining owed from you.
Having your storage unit go to auction might feel like the end of the world but don’t let it hinder you. Take this as an opportunity to learn. The next time you rent a storage unit, be sure to read the lease, ask questions and communicate.
At Riel Park RV & Self Storage we have unheated drive-up storage units, indoor climate controlled storage units, RV & vehicle storage. We strive to provide a secure, clean, convenient place to store your belongings with exceptional customer service. Reserve a unit online or give us a call at 780-651-8056.