My Dad Asking me to be Guarantor

russ-diver

Hi,

My Dad is asking me to be guarantor on a new flat, he says housing benefit will cover the rent and it will be safe.

He has a history of getting in to debt with drink.

Is there any insurance I can take out (moneysaving bit here), to cover myself and do i need to get the guarantor document checked by a solicitor?

Regds,

Russell

RAS

DON'T.

Go over to the Housing forum and ask them to provide links to threads from people who have done this previously and got into the most horrendous trouble.

[Deleted User]

Oh hun, what a difficult situation. Personally, whatever his reassurances, I'd avoid doing it. I know that is really hard. Remember, he's failed a credit check for a reason. I am a firm believer in the best predictor of future behaviour is past behaviour, if he's reneged on rent agreements before he could easily do so again. Advise him to find a flat thru an ad in the paper., not thru an agency so he stands a chance of avoiding a credit check. I know he's your Dad but remember parents are supposed to help the children, not the other way around. Problem is, if this goes wrong it could cost u thousands. If u can afford that then there's no problem but however hard it is, try and think your way thru this.

The only thing i can advise is just tell him that if there was some unforseen eventuality u couldn't cover his rent as well as your own costs, much as you'd like to help.

russ-diver

thank you for help

Primrose

PLEASE DON'T BE A GUARANTOR. It makes no difference whether he's your father or somebody else. Somebody who drinks and has problems managing their money and getting into debt is too great a risk.
Ask yourself very seriously what financial effect it would have on you and your own life if he defaulted. Are you married, with a wife or children of your own? Would they suffer? Might you run the risk of not being able to pay your own bills if you ended up having to pay your father's?

It's too big a risk. If your father was a business, with those two faults not a single sensible potential investor put put a penny into his business for fear of losing the lot.

Emmzi

don't, don't, don't.

If you really want to help, maybe pay his deposit - if you can afford to lose it.

And that is all.

sp1987

Best way to do it is if you can afford to 'lose' any money, pay a deposit/rent in advance so he doesn't need a guarantor. If his claim falls through or takes ages or is ever late, you will be expected to pick up the tab and that is without him doing anything to make the situation worse (spending the money on drink?).

Never guarantee as it is agreeing to pay something for however long and however much.

If you can't afford to pay every single part of his rental liability every month for as long as he lives there, being a guarantor is not for you. I would never do it for anyone, if it was someone I cared greatly about I would get myself a spare room and they could move in, at least I would be living in what I was paying for! Lol.

FATBALLZ

Only do it if you're happy to pay for him if he doesn't pay himself.

Running_Horse

Never ever trust a drunk. Ever. Especially a close relative who will think it OK to let you down.

BLT_2

russ-diver wrote: »

Hi,

My Dad is asking me to be guarantor on a new flat, he says housing benefit will cover the rent and it will be safe.

He has a history of getting in to debt with drink.

Is there any insurance I can take out (moneysaving bit here), to cover myself and do i need to get the guarantor document checked by a solicitor?

Regds,

Russell

Only do this if you want to screw up the the next 6 years of your life, unable to get credit to buy a car, take out a loan or even get a mobile phone.

The fact that he actually needs a guarantor is an indication of his unreliability. Doubtless his housing benefit would pay the rent, but it goes straight to him and could end up going straight to the landlord at The Red Lion,