Self-storage is a solution that many different people make use of. If your new home is not ready for you to move in, you can store furniture and other belongings. If you live in a tiny apartment, you may want to use self-storage on an ongoing basis, to make up for the lack of storage space where you live. Many businesses also use self-storage, as an alternative to renting additional office space just to store items such as stationery.
So, self-storage seems like an ideal option for many people. Problems arise if you rent a self-storage unit and are then not able to pay the fees which have been agreed to. If this happens, you should not just avoid the issue, as you could end up losing your belongings if you do. You should speak to the self-storage provider, and explain the problems you are having.
What if you default on the self-storage contract?
If you are temporarily short of cash, for a good reason, you may be able to reach an agreement with the self-storage provider. If this is not the case, you may end up defaulting on the contract you signed. If you do this, the provider can enter the unit by force and seize anything that is inside, to take to auction. The money that is raised at auction is used to pay off the overdue fees and the cost of all the administration involved. If there is any money left it will be paid to you. This very rarely happens.
What you need to know about the process
It’s worth mentioning that a provider of lock up storage cannot simply force entry into your unit as soon as you neglect to pay. They have to follow a process.
- Inform you that your items will be sold if you do not pay.
- Advertise the sale of the items in a minimum of two newspapers.
- Hold the sale in public, giving you the chance to attend.
The best resolution for everyone is for the debt to be paid, so the provider will give you the chance to pay the money, before your items are auctioned off.
Why checking the contract is important
It’s always best if you can avoid having issues with paying your self-storage fees. This is why it’s important to make sure you know what you are agreeing to, when you sign the contract.
- How much do you have to pay in storage fees, and when is it payable?
- What will happen if you are unable to pay an installment?
- Are there any additional expenses and fees involved?
If you just sign without properly reading the contract, this can be the first step in you having problems adhering to it.
Remember, if you are having difficulties, do not ignore the problem. Talk to the self-storage provider, as soon as you can.