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What If a Tenant Owes More Than the Protection Limit?

If the tenant’s arrears exceed the protection limit of your Padder Lease Coverage guarantee, follow these steps to effectively manage the excess balance:

Managing Arrears Beyond the Protection Limits

  1. Complete Both the complete Reimbursement Request Processes
  2. Wait for Padder’s Payment Confirmation:
    1. Allow Padder to finalize and confirm the payout amount covered under your guarantee.
  3. Handle the Remaining Balance:
    1. After Padder’s payment is processed, forward any outstanding arrears balance beyond the protection limits to your collections process.

Example Scenario:

  • Total Debt: $20,200.00
  • Padder Protection Limit: $18,000.00
  • Remaining Balance: $2,200.00

Steps:

  1. Submit your reimbursement request to Padder for the total arrears amount of $20,200.
  2. Await confirmation of the $18,000 payout from Padder.
  3. Process the remaining $2,200 through your collections process.

Need Assistance?

For additional guidance, contact Padder Support.