What to Do When You Are Behind on Furniture Rental Payments

If you're in a situation where you're 3 months late on your furniture rental payment, you may be facing a difficult challenge. The company that provided the furniture might come to your home to pick it up. This is a common occurrence and often reflects the agreements you made in the contract you signed. Here's what you need to know.

Understanding Your Contract

The first step is to review your contract carefully. Your contract is a legally binding document that outlines the terms and conditions of your agreement. If the company is coming to pick up the furniture, it's likely because the contract states that they retain the right to do so if payments are not made on time. These terms are clearly defined and agreed upon at the time of signing.

Why Renting from Furniture Rental Companies Can Be Risky

Furniture rental companies can be a convenient option, but they often come with high prices and lower quality options compared to other suppliers. These companies often target individuals with limited financial resources and frequently reuse the same items after repossession. While they may offer emergency solutions, they can also become problematic when you fall behind on payments. It's crucial to be aware of the risks and consider all options before signing up.

The High Costs of Non-Payment

Failure to pay your rent on time can have significant consequences. If the company believes it's more profitable to repossess and resell the furniture than to continue lending it to you, they may choose this route. Beyond just the cost of the furniture, they can also add the associated costs of repossession to your debt. This means that the total amount you owe could increase substantially.

What the Contract Says

Since you've signed the contract, it's important to check the terms regarding non-payment. Most contracts include specific conditions for what happens if you're in arrears. Typically, if you're 90 days overdue, the company has the right to reclaim the item. This is a common clause in many rent-to-own agreements.

Seek Professional Advice

While this information is provided as general guidance, it is important to note that I am not a lawyer, and this is not legal advice. If you find yourself in this situation, it's highly recommended that you consult with a legal professional to understand your specific rights and obligations under the law. They can provide a more tailored and accurate assessment of your situation.

Conclusion

Dealing with late payments on furniture rentals can be stressful, but understanding your contract and seeking professional advice can help you navigate the situation more effectively. It's always better to stay on top of your payments to avoid these headaches. If you're considering using a furniture rental service in the future, make sure to thoroughly review all the terms and conditions and weigh the potential risks against the benefits.