What happens if I pay monthly?
If you pay your rent by standing order or other means, you will need to adjust this yourself by getting in touch with your bank or changing your payments.
To calculate the amount that you need to pay, look at how much rent you are charged each week and use the following calculation.
So, for example, if your rent was £100 per week:
- You would first work out the amount you would pay in a 52-week* year: £100 x 52 ÷ 12 = £433.34
- You would then work out how much you would pay in a 53-week year: £100 x 53 ÷ 12 = £441.67
- You would then take the larger amount and minus the smaller amount: £441.67 – £433.34 = £8.33
In this example, the customer needs to pay an additional £8.33 per month from April 2024 to March 2025 or make an additional one-time payment of £99.96 before the 30th March 2025 to avoid falling into debt.
*Please note, if you have non-charging weeks, you will need to use the usual number of weekly charges you have each year, instead of the 52.