Going guarantor

Markos_2

My daughter has just asked me to go guarantor for her on a flat that she wants to rent via one of the large better known estate agents/managers.

Without hesitation, I immediately said yes, of course, completely and genuinely forgetting that I have a year to sixteen month old CCJ (it totally escaped my mind as it's never an issue or comes up in conversation).

I haven’t been sent the papers yet or had any contact with the agent but I am just wondering what will happen now.

Will the agent automatically check for CCJs as a matter of course? I don’t want to embarrass my poor daughter by being rejected as she has no idea of the CCJ.

Apart from that unfortunate CCJ my credit is fine and I do had funds.

Can anyone tell me what the procedure is and what I should expect?

Thank you, so much

Sally

G_M

Markos wrote: »

My daughter has just asked me to go guarantor for her on a flat that she wants to rent via one of the large better known estate agents/managers. Size and notoriety is no guarantee of professionalism!

Without hesitation, I immediately said yes,Rash. It's a hell of a commitment. Daughter's boyfriend moves in. Couple split up. Daughters comes home in tears leaving ex in flat. Ex fails to pay rent - Landlord chases.... Guarantor. You. of course, completely and genuinely forgetting that I have a year to sixteen month old CCJ (it totally escaped my mind as it's never an issue or comes up in conversation).

I haven’t been sent the papers yet or had any contact with the agent but I am just wondering what will happen now.

Will the agent automatically check for CCJs as a matter of course?Unless they are cowboys, yes. I don’t want to embarrass my poor daughter by being rejected as she has no idea of the CCJ. Chances are you'll be rejected. As a landlord I would not accept someone with a CCJ as guarantor. The point of a guarantor is to find someone more financially reliable than the tenant!

Apart from that unfortunate CCJ my credit is fine and I do had funds.

Can anyone tell me what the procedure is and what I should expect?

Thank you, so much

Sally

Hope that clarifies even if it doesn't help.

Markos_2

Thank you. That's not what I wanted to hear but it is what I expected to hear.

Your honesty is apprecaited.

Sally

DVardysShadow

G_M wrote: »

Chances are you'll be rejected. As a landlord I would not accept someone with a CCJ as guarantor. The point of a guarantor is to find someone more financially reliable than the tenant!

Really?

People are allowed to have honest disputes and settle them in court - and lose. Thus far it is not counted as poor credit. It is only if the amount in the judgement is not paid - normally within 28 or 30 days, or as otherwise ordered - that it counts as bad credit. Would you be harsher than this?

poppysarah

DVardysShadow wrote: »

Really?

People are allowed to have honest disputes and settle them in court - and lose. Thus far it is not counted as poor credit. It is only if the amount in the judgement is not paid - normally within 28 or 30 days, or as otherwise ordered - that it counts as bad credit. Would you be harsher than this?

They won't want to know why you've got a CCJ just that you have.

G_M

DVardysShadow wrote: »

Really?

People are allowed to have honest disputes and settle them in court - and lose. Thus far it is not counted as poor credit. It is only if the amount in the judgement is not paid - normally within 28 or 30 days, or as otherwise ordered - that it counts as bad credit. Would you be harsher than this?

Yes and no. My post didn't go far enough, so apologies.

The CCJ would only show up on a credit check if it was unpaid. The OP said they had a 16 month old CCJ and on that basis, yes, personally I would not accept someone as guarantor if a CCJ showed up.

However, if the OP paid the amount when it was awarded, then nothing would show on the credit file.

roger196

If you are able to negotiate the terms of the guarantee, I would try to limit the length of time the g'tee lasted, say 6 months, and also an upper financial limit say £5,000. Why should you bear the ll's risk. Why does the LL need a g'tee at all?

G_M

roger196 wrote: »

If you are able to negotiate the terms of the guarantee, I would try to limit the length of time the g'tee lasted, say 6 months, and also an upper financial limit say £5,000. Why should you bear the ll's risk. Why does the LL need a g'tee at all?

Strange question. Many LLs ask for guarantors where there is an element of doubt/risk about taking on a particular tenant. Rather than refuse outright to let to the tenant, the LL asks for a guarantor. Any rental comes wih risk, but any wise landlord should attempt to minimise it, just as any business attempts to minimise their business risks.

We get many newbie landlords on this site, many of them 'accidental' and the more experienced LLs offer much sound advice to them, on issues like insurance, consent to let, Gas Safety etc etc. That's all about 'minimising risk'. A key piece of advice is to carefully vet tenants......

FATBALLZ

roger196 wrote: »

Why does the LL need a g'tee at all?

Because some LLs think it is their job to skim off all the profit and the family and friends job to shoulder all the risk.

Also as long as enough people continue to be gullible enough to sign up as guarantors LLs will keep asking.

kolda

I have gone guarantor for my daughter who is 18 and I wrote the Estate agents a letter after her 6 months was up saying I would like to come off the guarantor as the DSS pay for her rent. They have replied to me saying I carn't come off while she resides there? I don't understamd I thought if you sent them a letter they would have to take me off? Is is because she is only 18? Help I'm confused

DVardysShadow

kolda wrote: »

I have gone guarantor for my daughter who is 18 and I wrote the Estate agents a letter after her 6 months was up saying I would like to come off the guarantor as the DSS pay for her rent. They have replied to me saying I carn't come off while she resides there? I don't understamd I thought if you sent them a letter they would have to take me off? Is is because she is only 18? Help I'm confused

Start a new thread please [go to this page http://forums.moneysavingexpert.com/forumdisplay.php?f=16 and use the new thread button] - and delete your post on this thread. At the moment, people will be reading through a problem a month old and answering that, which will be interleaved with answers to your problem.