Tenancy Guarantor

starM

Hi,

My brother is on benefits and agent asked him for a Guarantor. I happy todo it for him but because they do a credit search I am worried they might a create a financial association on my credit report with him. The agent are using letsure company to carry out reference checks.

Does anyone know if this will create a financial association?

Thanks
MS

G_M

My guess is not but... good question!

Are you completely sure you understand the (open-ended) financial obligations you are taking on?

Is he renting alone, or is this a 'joint and several' tenancy with one or more others? Your liability probobly extendstothem too.

ValHaller

Do you have a problem with being financially associated with him? Because if you do, then his record is probably something which should make you think twice about being a guarantor.

[Deleted User]

I recall some talk of rent payments being included on credit reports at some point but as far as I know it never happened, which in turn makes it unlikely that landlords (or letting agents) would have the ability to report your connections to the credit reference agencies.

Acting as a guarantor means that you agree to pay the liability in the case that the original person can't, so there would be no financial connection at all unless the guarantee is called upon.

As credit reports are managed by a few different companies you could try phoning experian (the largest) they'll be able to tell you. This is specific to loans but they have a previously asking question on their website saying that no, it won't show: http://www.experian.co.uk/consumer/questions/askjames231.html

starM

Thanks for replying back.

My brother had some problems previously after redundancy at work and that effected his credit report.

I have a perfect credit history but I am more than happy to the Guarantor for him as long as it does not effect my credit history. I am 100% sure rent will be paid on time + their wouldn't be any problems or damages to the property.

He is renting alone.

MS

JuicyJesus

Just be aware that should he not pay the rent for any reason, including for no reason at all, you will be next in line and will have the prospect of a CCJ if you do not pay it yourself.

These forums are littered with people who went into guarantor arrangements sure their brother/daughter/dog wouldn't do them over and discovered the truth very much the hard way. You need to give serious consideration to the prospect of whether you could pay the rent if he didn't - not just go "oh but he will", what if he doesn't?

island2501

Hi
I hope someone can help.
My son had a flat in Glasgow until recently and had paid his rent in full up until the lease ending.
He forgot to cancel his direct debit and one months rent was paid into his former landlords account.
When I instructed the landlord to pay the money back in to my sons account, the money arrived a few days later minus £50 as an admin charge!!
This character has also stated to all the previous tenants( my son and 4 other lads) that they will not be getting their deposits back(£1750 in total) as there has been damage to the flat.
This flat was not in pristine condition when the lads moved in and he has basically photographed all faults including those from previous tenants and pinned them all on the lads.

Given that I am in Scotland and regulatroy procedures may vary from place to place, has anyone any advice as to how I should seek financial redress in this situation

Thanks in advance.

BitterAndTwisted

He can take all the photographs he likes but where is the documentary evidence that any of the damage he is claiming was caused during your son's tenancy?

Where is the dual-signed and dated inventory?

JuicyJesus

island2501 wrote: »

Hi
I hope someone can help.
My son had a flat in Glasgow until recently and had paid his rent in full up until the lease ending.
He forgot to cancel his direct debit and one months rent was paid into his former landlords account.
When I instructed the landlord to pay the money back in to my sons account, the money arrived a few days later minus £50 as an admin charge!!
This character has also stated to all the previous tenants( my son and 4 other lads) that they will not be getting their deposits back(£1750 in total) as there has been damage to the flat.
This flat was not in pristine condition when the lads moved in and he has basically photographed all faults including those from previous tenants and pinned them all on the lads.

Given that I am in Scotland and regulatroy procedures may vary from place to place, has anyone any advice as to how I should seek financial redress in this situation

Thanks in advance.

1) Was the deposit in a protection scheme? If not, the tenants can take the landlord to court and apply for punitive redress of three times the deposit amount.

2) Was there an inventory taken when the tenants moved in which they signed to say they agreed with? If not, the court will likely find in their favour.

Small claims court is the way to go here.

BitterAndTwisted

Tenancy deposit regs are different in Scottishland so I believe.

jemmiegal

starM wrote: »

Thanks for replying back.

My brother had some problems previously after redundancy at work and that effected his credit report.

I have a perfect credit history but I am more than happy to the Guarantor for him as long as it does not effect my credit history. I am 100% sure rent will be paid on time + their wouldn't be any problems or damages to the property.

He is renting alone.

MS

I needed a guarantor a couple of times. Fortunately my family stepped up to the mark and I was ever so grateful. I didn't even consider it as case of 'if anything happens', they were just there for 'admin' reasons for the form. I would never have allowed it to ever get to the point where they were needed to pay the rent.
If you know your brother's the same then go for it. We all need a little help now and then.