The credit spreader
When you pay money to us we use a process called 'credit spreading'.
How does it work?
'Credit spreading' means that any money you have paid us on one account, for example your main rent account, is then used to pay off any money still owed to Sheffield Homes in other accounts you may have, for example an insurance or a former tenancy account.
All payments will be made on the main current account first. If there is any money left over when all the other accounts are clear of debts, this will be credited to your main account.
Money you pay us is used to pay off any debts in the following order:
- Main current account
- Current linked garage / garage site account
- Former insurance account
- Current insurance account
- Current court costs
- Current Housing Benefit overpayment account
- Current former tenancy arrears account
Debts will then be cleared from the oldest former tenancy account first, through to the most recent, in the following order:
- Main former tenancy account
- Former garage / garage site account
- Former court costs account
- Former Housing Benefit overpayment account
- Previous former tenancy arrears accounts
All payments will be made on the main account. If the credit spreader clears all the associated accounts, the remaining credit will be left on the main account.
The process will be run at the end of each week.
Direct Debit payers
If you pay your rent by direct debit, the Credit Spreader will be turned off. So, you will have to make another arrangement to pay the debts off the other account(s) if necessary.