How to Evade Being a Guarantor

mufi

Any advice gratefully received.

Elderly friends have financially hopeless middle-aged offspring whose house has just been repossessed; they also have other debts. They are now looking at renting, but have discovered that no reputable agent will touch them with a bargepole without a guarantor. Needless to say, they have asked my friends to step into the breach.

They are decent people whose hard-earned small amount of retirement savings has been considerably diminished already in helping their family, but are finding it impossible to actually say "no", so are currently prevaricating. To avoid a family rift, which they are extremely anxious to do, what reasonable excuses can they put forward to avoid losing yet more money when their offspring inevitably fail to pay their rent?

Cheers!

poppysarah

Can they afford to give the money up front in rent?
If they offered 6 months rent paid direct to the LA/LL then this would solve the guarantor problem maybe?

Excuses:
- not credit worthy
- don't want to
- you've not learnt yet
- we think you're financially irresponsible and don't want to get dragged down with you
- can't afford it
- wouldn't pass credit checks


If their offspring falls out with them because they have to say no (and sanity says they should say no) then they have done the right thing by saying no.

jjlandlord

Easy: Don't accept to be a guarantor if you are not ready to live up to the consequences.

thegirlintheattic

Wouldn't worry. It is unlikely that a LL will take up guarrentors that are retired unless a large sum of money is put up ahead of time. Most require someone to be in employment for a minimum of 6 months.

RobertoMoir

mufi wrote: »

Any advice gratefully received.

Elderly friends have financially hopeless middle-aged offspring whose house has just been repossessed; they also have other debts. They are now looking at renting, but have discovered that no reputable agent will touch them with a bargepole without a guarantor. Needless to say, they have asked my friends to step into the breach.

They are decent people whose hard-earned small amount of retirement savings has been considerably diminished already in helping their family, but are finding it impossible to actually say "no", so are currently prevaricating. To avoid a family rift, which they are extremely anxious to do, what reasonable excuses can they put forward to avoid losing yet more money when their offspring inevitably fail to pay their rent?

Cheers!

It's difficult to say no without actually saying "no" at some point. I'd simply suggest they say they can't afford it right now, and then make it clear that the subject is no longer open for discussion. It's not as if that's a lie either, by the sounds of things.

dancingfairy

Unfortunately at some point people have to learn to support themselves How long can the parents afford to bail them out? How certain are they that the offspring really has learnt their lesson and will pay?
Sometimes you've got to be cruel to be kind in these things
df

missile

Best to say no when asked. Prevaricating just makes a difficult situation worse.

Brallaqueen

Agree with missile - saying no upfront is the best way to alleivate the problem.

DVardysShadow

Agree. Just say no.

But if they don't have the guts to do that, then they should time limit the guarantee in writing within the guarantee document - and should be authorised in writing in the same guarantee to give notice on behalf of the tenants - countersigned by the tenants.

It is simpler to say no.

RAS

Explain that as a retired couple, they do not have the income to cover any default. Doubt if the LL wouldaccept them anyway, by the way, as non-earners.

BigAunty

If they think that by refusing to be a guarantor will cause a family rift, just wait for the type of relationship breakdown that will occur if they consent, then are pursued by debt collectors on their !!!!less child's behalf.

It is precisely to maintain a family relationship that they must keep their finances separate.