Can I remove myself as guarantor?

chalkie99

BrettMorganxD wrote: »

But how do you know for sure your sister is going to default on the rent? I am sure she wouldn't let her own brother down by forgetting to pay her rent

Oh dear! Anyone thinking that needs to spend an eyebrow raising hour or so reading through https://forums.moneysavingexpert.com/discussion/76953 to see how friends and family can let you down.

rozeepozee

If your sister has been paying rent without default for the last 18 months, won't her credit history have improved? This might mean she is more acceptable as an applicant in her own right. Just a thought.

jmc160

Sorry to bump this back up after so long, this is the first chance I've had to get back on here in a long time..

I'm not sure about the credit history thing as she's a discharged bankrupt (is that the right term?). I don't know how this affects her credit rating and how long it takes before it starts improving.

Certain things have happened in my own life since I posted this thread, which is part of the reason for my delay in getting back on here. Anyway, OH and I decided that we now have enough stress to deal with without helping with moves and accommodation (we promised we'd help out with all that stuff as we have a bigger car and (had) more time to research) so we're staying on as guarantor for the time being.

After discussing it again, we decided she's not given us a reason to worry in the last 18 months so we'd carry on as normal for now and concentrate on the other things we need to sort out.

Thanks all for the input and replies, it's been a big help

theartfullodger

The only sure-fire way of ending your huge exposure (that I'm aware of) is
- Sis leaves tenancy & moves elsewhere.. (maybe with Guarantee that is time-limited...??)
- Landlord releases you from your guarantee: The agent is just that, LL's agent, and will do what they are told.

Since LL has the protection of knowing he can extract £££ from you if Sis disnae pay he's unlikely to do this, even in Christmas week.. However, might be worth writing him a calm, polite letter pointing out Sis's immaculate payment history etc etc... you never know...

Let this thread be a reminder to people not to sign guarantees, which are basically open-ended blank cheques.. (Got daddy to sign guarantee for new tenant on Wednesday... ). I've always declined to be guarantor for my 3 kids, think their mother did (more then 20yr since split, ...)

poppysarah

jmc160 wrote: »

the only way I could not be guarantor is if she re-applied by herself and was successful (unlikely due to credit history) or moved out.

So what about your sister improving her credit record?