How to get out of being a guarantor?

tek-monkey

Fire_Fox wrote: »

She should be getting grants AND loans, the total amount for a single person is not dissimilar to a minimum wage job, when you take into account zero liability for council tax. Parents get more depending on the income of the partner, which your sister doesn't have and number of dependents. See here, there's a ton of money to be had:
http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/@educ/documents/digitalasset/dg_174795.pdf

My god! Why the hell did I struggle through uni, when all we needed to do was breed then enjoy the free money? Once you work out the tax implications, thats more than I get for working full time. There is something seriously wrong with the system

missile

tek-monkey wrote: »

My god! Why the hell did I struggle through uni, when all we needed to do was breed then enjoy the free money? Once you work out the tax implications, thats more than I get for working full time. There is something seriously wrong with the system

I was wondering when you would work out how much she is getting from the state and absent father.

If I were you, I would go see a solicitor asap and find out what your options are. Most give a free initial consultation, but even if it does costs you, it could be money well spent.

mlz1413

I tend to think along DVardysShadow's route, you need to stop being guarantor after the inital 6 month contract, you signed up for that and now do not wish to sign up for more.

You need to have a sit down conversion with your sister this weekend and explain you need to be removed after the 6 months. If you don't get this conversion or she doesn't accept the situation you then need to write to the LL (and copy sister) of your requirement to be removed. Request the LL responsed to you and copies sister with their requirements, ie replacement guarantor.

With the inital contact made you can then seek legal advise in necessary.

AMILLIONDOLLARS

A month ago I posted a thread about being a guarantor for a member of my family, who would be getting his rent paid via the DSS. I got a right slagging off because I said I would not stand guarantor for him. Your thread highlights the reason behind my decision, I too would not be able to pay the rent should he be let down by the council. You may find that until the money comes in the Landlord WILL be looking to you to pay her rent.

Good luck! You're gonna need it.


PS.
If I was the Landlord I would be fighting tooth & nail to get you to abide by the agreement, there are too many defaulters out there and the rent needs paying

AMD

natters_2

My OH is in a similar situation with his daughter - she only gets part of her rent paid and is supposed to cover the rest - her LL informed OH she owed approx £1200 in arrears - initail response was OMG why the hell didn't you tell us sooner and the next was if it continues to rise kick her out and if you don't we will not be responsible for the arrears - LL seems to have decided that it is better to have some money than none and has let it carry on for over 2 years - he can't get out of being guarantor and she isn't paying anything, so the debt is rising every month - I would advise anyone no matter how sorry you feel for someone - NEVER stand as guarantorr as sooner or later it is probably going to bite you in the backside.

DVardysShadow

natters wrote: »

- I would advise anyone no matter how sorry you feel for someone - NEVER stand as guarantorr as sooner or later it is probably going to bite you in the backside.

Or, if you do stand, have the agreement state that you can give notice of terminating the responsibility on the same terms as the Tenant can give notice of quitting.

jmt

I currently have one of my properties up to let with one of the large countrywide letting agents. I have just had a phone call to say that a young lady would like to rent my property as her first home. I asked my LA about her parents being a guarantor due to no previous history and she told me that it would only stand for the initial 6 months and as soon as the AST went to periodic the guarantor was no longer liable

Check the wording of the AST that you and your sister signed.

tek-monkey

Just talked to the LA, they need a gaurantor so its either me or she's out. She doesn't know anyone else financially able, as they insist on a certain wage. They are however quite happy with the fact that its the loan/grant people at fault, and told me to cancel my SO that pays the rent as if it gets bounced it will go down on my credit record. They have also transferred the payments onto my sister, rather than insisting they come from me, so I have closed the account down completely.

So I'm still liable, but at least its no longer from my account. They said they will contact me if she misses a payment, but won't approach me for any form of payment until she is very late. Means I'm still up **** creek, it'll just take more time before it affects me. I have explained that should she not pay I expect them to take eviction action, which they agree with.

Word of advice to anyone contemplating doing this for someone - don't.

theartfullodger

I have explained that should she not pay I expect them to take eviction action, which they agree with.

Wow! Hope they are trustworthy..

Cheers!

Lodger

mlz1413

I'm sorry to be harsh but I'd tell your sister she moved the goal posts so its up to her to find somewhere else to live. This is eventually going to affect you and your ability to get credit, so its either face the music now whilst you have a credit rating or later when you don't.

Or you sister could postpone going back to education so that the goal posts are moved back to when you started this.