Normally all payments are made quarterly in line with student loan release dates.
Occasionally students have unusual academic calendars and payment models, e.g. nurses may receive bursaries and this may require an adjustment to the frequency of their payments.
Some students do not receive student loans e.g. foreign students, post grads, etc. making it difficult to pay in line with student loan quarterly cycles.
Any request to pay at different intervals will normally be agreed provided this meets certain criteria:
For example if you do not receive a student loan, Leydon Lettings may agree to you paying, as in the following examples:
| In this example you pay the first quarter in a single payment by 1 July 2009 ( this may or may not include reduced rent in July and August depending on your contract) |
| You pay the subsequent three quarters (i.e. 9 months) spread across 7 monthly payments, with the final payment ending at the same time as normal quarterly payments would end in April if paying quarterly: |
Rent = £90 pw + £15 bills = £105.00 PW or
Rent = £390pcm + £65 bills = £455.00 PCM or
Rent = £455.00 x 3 months (13 weeks) = £1365
Remaining three quarters i.e. nine months (3x3)
paid over 7 months from 1 October to 1 April as follows:
£455.00 pcm x 9 / 7 months (Oct to Apr) = £596.14
1Oct 2009 = £585.00
1Nov 2009 = £585.00
1Dec 2009 = £585.00
1Jan 2009 = £585.00
1Feb 2009 = £585.00
1Mar 2009 = £585.00
1Apr 2009 = £585.00
1May 2009 = £ nil
1June 2009 = £ nil |
|
| In this example you pay equal payments from 1 July 2009 ( this may or may not include reduced rent in July and August depending on your contract) |
Similar combinations may be to spread 11 or 12 payments over 10 months:
See this over-simplified example: |
£100 pm for 12 months payable over 10 months = £1200 /10 = £120pm July to April only:
1Jul 2009 = £120.00
1Aug 2009 = £120.00
1Sep 2009 = £120.00
1Oct 2009 = £120.00 1Nov 2009 = £120.00 1Dec 2009 = £120.00 1Jan 2009 = £120.00 1Feb 2009 = £120.00 1Mar 2009 = £120.00 1Apr 2009 = £120.00 1May 2009 = £0.00 1June 2009 = £0.00 |
|
In both the above examples you will see that you pay slightly more per month than your normal monthly rent. This does not mean you are paying more rent. It equates to exactly the same amount. You simply pay more initially and then have two months of no payments. |
