Renter does not pay on time

[PrinceRaki]

I am an owner and have been renting my extra points for 5 years now. I found a renter (~300 points) and he asked to send monthly payments, I agreed to split it into 6 payments. We both signed a contract with a payment plan schedule. 10% deposit and first payment received. He said he had an emergency and will send payment the next month. Haven't heard from him since.
3 months are past due. I am flexible with payments if agreed and dates are set upfront.
They should travel in May.

What would you do? Refund the money and find another renter? Wait untill 30 days out when full payment is due? I don't want to ruin their vacation either.

 

[AstroBlasters]

I personally wouldn’t feel any guilt about enforcing a signed contract. I am hoping your contract includes language about what happens if either party breaches the agreement.

 

[Minniesgal]

Follow the contract get out and rent them again

 

[PrinceRaki]

I personally wouldn’t feel any guilt about enforcing a signed contract. I am hoping your contract includes language about what happens if either party breaches the agreement.

It does.
16. BREACH OF CONTRACT BY RENTER: If any payment is not sent to Member by their respective due date, and/or the failure of Renter to honor any or all Terms and Conditions of this Contract, then Member may cancel the reservation without compensation to Renter.

 

[AgentMama]

I would probably send communication quoting that clause and asking for a response by xx date or your next steps will be to cxl the agreement based on that clause (and state if you will or will not be refunding the money). Not sure if your agreement states how communication must be made. I would follow that as well as sending that message to every communication format you have for them (email, text, mail, etc...)

 

[Sandisw]

I think at this point, I would let the renter know that all past due amounts must be received by X date or you will be enforcing that clause and have the reservation canceled

Three months is a lot of time for it having been in contact with you.

It certainly seems like they may have had a change in circumstances and not able to follow through.

 

[cvjw]

I would cancel ASAP. If you can’t count on this renter staying in touch or paying on time, I would worry they would damage the villa and leave you to pay the bill.

 

[PrinceRaki]

Thank you all for your insight. I will send him an email and a text message asking to pay within the next 10 days otherwise I will cancel the reservation and refund his money once I re-rent his reservation (per the contract). UY is june so still have time before my points expire.

 

[paults]

any updates on this rental.

 

[PrinceRaki]

I sent him an email asking to pay within the next 10 days otherwise I will cancel the reservation. He agreed and has paid already in full

 

[AstroBlasters]

I sent him an email asking to pay within the next 10 days otherwise I will cancel the reservation. He agreed and has paid already in full

I’m sorry you had to go through the stress, but happy to learn that it had a satisfactory resolution.