Fire and my renter owes $2400. What would you do?

[Andy N.]

I am curious how other investors would handle this situation.

One of my renters car caught on fire in the driveway of a duplex.  The car burnt  completely up down to the frame!  There was some damage to my property.  It was in the amount of right at $2400.00.  My tenant had no renters or auto insurance.  My deductible is $1000.00.  I paid for the repairs out of pocket.

I told the tenants that they owed the $2400.00 for the damages.  They seem ok with the fact that they owe the money.  The problem is that they say they can only pay me $50 a month.  How would you handle this situation?

I don't really want to have to wait 4 years to get my money back.  I don't see them staying in the property that long either.

Thanks in advance!