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risks in acting as guarantor for tenant
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Like other posters i will be guarantor for son at Uni next year when he is in private rental, although didn't need to be for this year as he is in halls on campus.
This particular LL liases well with both the Uni and Student Finance and all the students in the house share have to set their direct debits up for rent payments to coincide with their student loans being paid into the bank. (LL very sensible in my opinion..lol) - that way rent is paid up for each loan period at start and not monthly - so rent is paid before students get to spend money on anything else - in theory there should never be an issue.
This fact & the fact that my son is a sensiblish 22 year old made me agree to do it. I would never even consider doing it for anyone else.
I'd advise the OP to check both the tenancy agreement and any other paperwork regarding being the guarantor and read all the small print so you know exactly what you are liable for if the worst should happen.
Good luck0
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