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gaurantor????

foolishme
foolishme Posts: 69 Forumite
in House buying, renting & selling
does anyone know if there are any threads on being a guarantor??

i have done a search and nothings coming back, if not does anyone know anything about being a guarantor??

:confused:
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Comments

  • BoingBoing_2
    BoingBoing_2 Posts: 362 Forumite
    Part of the Furniture Combo Breaker
    Good question, I was about to do a search for that too. Was wondering if it mayb worth asking my parents to be my guarantors (?) for my next rental as my credit rating is awful (1 star).....
  • foolishme
    foolishme Posts: 69 Forumite
    did you find anything??

    i need advice on being the guarantor.
  • 1066Kopite
    1066Kopite Posts: 78 Forumite
    Being a guarantor is not something to be taken likely by anyone. There are different types of guarantee. Some are on demand and these do not require anything to be shown other than the money is outstanding.

    Think before asking anyone to act as a guarantor for a debt you are about to take - it is an onerous duty.
    :beer: CRAZY NUTTER CLUB OFFICIAL MEMBER:beer:
    :beer:No.1066:beer:
    MURPHY'S NO MORE PIES CLUB MEMBER NO.17
  • foolishme
    foolishme Posts: 69 Forumite
    i became a guarantor for someone three years ago, i have just recieved a letter telling me that she is in arrears.

    i am no longer in contact with this lady but wondered where i stood legally???
  • 1066Kopite
    1066Kopite Posts: 78 Forumite
    Depends on the wording and construction of the guarantee. I fear you may be in deep do-do mate. Have you got the paperwork still?
    :beer: CRAZY NUTTER CLUB OFFICIAL MEMBER:beer:
    :beer:No.1066:beer:
    MURPHY'S NO MORE PIES CLUB MEMBER NO.17
  • rosysparkle
    rosysparkle Posts: 916 Forumite
    Part of the Furniture Combo Breaker
    Legally you are obliged to pay the rent if the tenant doesn't. You should have a copy of your guarantor agreement, if you don't have a copy you should get a copy from the lettings agent or landlord.

    Being a guarantor means you have signed a legally binding agreement to pay if the tenant defaults.
  • foolishme
    foolishme Posts: 69 Forumite
    not to hand no, i do hav them filed away at mothers. will look tomorrow.

    why do i recieve these sorts of letters on friday nights when all offices are shut till monday morning!!!!
  • BoingBoing_2
    BoingBoing_2 Posts: 362 Forumite
    Part of the Furniture Combo Breaker
    My credit rating is awful, but i've never missed a rent payment in 2 1/2 years. Was wondering if I had a guarantor it would increase my chances of getting a rental through an agency?
  • foolishme
    foolishme Posts: 69 Forumite
    maybe too late for this one but can you get out of these contracts??
  • 1066Kopite
    1066Kopite Posts: 78 Forumite
    Normally the only way out is to pay the full amount owing under the guarantee I'm afraid. Post the wording up when you can and we'll have a look.
    :beer: CRAZY NUTTER CLUB OFFICIAL MEMBER:beer:
    :beer:No.1066:beer:
    MURPHY'S NO MORE PIES CLUB MEMBER NO.17
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