Are you ready for the 53-week year?
If you’re an Onward customer, you need to be aware that there is an extra rent week this year.
That’s because this financial year (April 2019 to March 2020) has 53 payment dates, as there are 53 Mondays in the year rather than the usual 52.
This happens roughly every six years, and means your monthly payments need to be adjusted to accommodate the extra week.
If you pay your rent by Direct Debit, you don’t need to do anything. We will take this into account for you and automatically adjust your payments in time for 1 April 2019.
However, if you pay by another method, such as standing order or by card, you will need to re-calculate your monthly rent payment yourself in time for 1 April 2019.
To calculate your monthly rent payment, multiply your weekly rent amount by 53 and then divide it by 12. For example, if your rent was £80 per week you would use the following calculation:
£80 x 53 ÷ 12 = £353.33
(Whereas in a normal 52-week year you would pay £80 x 52 ÷ 12 = £346.67.)
For more details on what the 53-week year is and how it may impact your rent payments in 2019/20, read our FAQs.
If you are concerned at all about how the 53-week year affects you directly, call us on 0300 555 0600.