Rent statements can sometimes seem a bit confusing, but they're actually really easy to read.
Arches rents are charged weekly, so each week, a new charge will appear on the statement. The charge will be the same each week and will appear in the debit column.
You can choose what kind of recurrence you'd like to use to pay your rent - whether that's weekly, fortnightly, four-weekly, or calendar monthly. However, whatever you choose, you must remain that amount of time in advance of your rent - so if you pay weekly, you must always be one week ahead on your rent.
All payments are listed in the credit column. In our example, you can see that this person chooses to pay monthly.
The balance column essentially shows your debit minus your credit - so your rent charges minus your payments. A positive number shows how much you're in debt to Arches. If you're struggling to pay your rent, please get in touch with us as soon as possible. We're here to help and can support you to establish a payment plan.
A negative number means you've paid too much, so you're in credit. A little bit of credit is always good to have, in case you have any financial emergencies that affect your ability to pay your rent.
However, it's best not to pay too much in advance if you're going to need that money later. Your rent account isn't a good replacement for a savings account with a reputable bank! You can find more information on choosing the right bank account for you here.
