Whether a lot owner fell on hard times or just plainly refuses to pay their Body Corporate Contributions, the debt has to be paid. If not, the rest of the lot owners would essentially suffer for the unpaid bills in one way or another. This article from Stratacare Australia shares with us how to resolve this kind of issue.
The wisdom in this article is palpable. “It is important to consider the time and cost involved with commencing proceedings,” writes the author. “Depending on the size of a debt, regular payments can often result in the debt being repaid long before proceedings are commenced and judgement is awarded.”
Instead, a repayment plan should be put in place in order to make things a bit easier for both the lot owners who’ve fallen into arrears and for the Body Corporate. This article is a must-read for strata dwellers. We at Vertical Living Magazine definitely hope that you can take some time to read it. You never know when you’ll have to take on these kinds of problems.