I need to get out of my guarantor contract.

Thrugelmir

silkyuk9 wrote: »

Guaranteeing as ive done actually gives me no consideration in my protection too, its ok for me as guarantor to to protect the landlord money but who is protecting me if the tenant decides to play silly !!!!!!s?

When entering any legally binding contract the onus is on all parties to "understand" what they are signing. It will be assumed that people will seek independent advice if necessary before entering the agreement. There's no excuse for ignorance.

silkyuk9

Thrugelmir wrote: »

When entering any legally binding contract the onus is on all parties to "understand" what they are signing. It will be assumed that people will seek independent advice if necessary before entering the agreement. There's no excuse for ignorance.

Im fully aware of all this and this is the first time ive been 'stung' and the last. But at the time when a young family where homeless it was the only option I had. The other party was estranged from her parents and they needed a home, they got the home but then needed a guarantor.

Ive written a letter to the landlord telling the situation and hope he will have some heart. Believe me I would go to the solicitors if I had the money but I just havent at the moment, unless I sold my home.

Actually its proberly not a bad idea, then at least I will have no money, so if things went bad with the guarantor part i can pay 50p per week for the rest of my life. Looking at it that was its not so bad.

Hopefully though the LL may see in my letter that I am not worth fighting if things do go bad and ask the letting agent to get the tenant a new guarantor

martindow

silkyuk9 wrote: »

Ive written a letter to the landlord telling the situation and hope he will have some heart.

If he does not have a heart I would write saying that you are giving notice that you are ceasing to be a guarantor as there is now no connection between you and the tenant. I would suggest that he seeks a replacement guarantor or continues the tenancy at his own risk.

Although this carries no weight legally, the LL maybe unaware of this and release the OP from his obligation and/or give the tenant notice.

silkyuk9

Let this be a warning to others. There are other circumstances involved in this issue too. But we are now having to sell our home to pay debts and almost certainly end up in rented accommodation. All for helping people and its as simple as that.

Its in the landlords interest too to get another guarantor as when our home goes we will have nothing. So him taking me to court for anything involving the house he will get nothing from me.

12 months ago things were fine now its a very critical and upsetting time of our lives. All for helping people and its gone very very bad.

silkyuk9

Whats happening now is morally wrong as ive done nothing wrong, but the one suffering.

Im sure the law does not take into account whats morally wrong or right.

Voyager2002

silkyuk9 wrote: »

Im sure the law does not take into account whats morally wrong or right.

Of course not.

pinkshoes

If the tenancy started August 2012, then I assume it is now a rolling contract?

I would write to the LL/agency stating that you no longer have any link to <exes name> and as the tenancy is now periodic, you are giving them 4 months notice to terminate your responsibility as guarantor. Point out that this gives them ample time to evict the tenant or ask her to resign without a guarantor.

I am sure there was someone on here a while ago who escaped from guarantor duties.

BitterAndTwisted

You cannot give notice to withdraw or terminate your responsibility as a guarantor. The OP had sight of the Deed when it was forwarded to them and didn't grasp the extent of their legally-binding responsibilities. This was regrettable but if they didn't grasp it they should have asked for qualified advice at the time.

Their only hope now is to challenge the validity of the Deed in court if it comes to it, and I don't hold out much hope personally.

Still, all this is hypothetical as the tenant has not stopped paying their rent yet, and might not choose to do so.

BobQ

BitterAndTwisted wrote: »

You cannot give notice to withdraw or terminate your responsibility as a guarantor. The OP had sight of the Deed when it was forwarded to them and didn't grasp the extent of their legally-binding responsibilities. This was regrettable but if they didn't grasp it they should have asked for qualified advice at the time.

Their only hope now is to challenge the validity of the Deed in court if it comes to it, and I don't hold out much hope personally.

Still, all this is hypothetical as the tenant has not stopped paying their rent yet, and might not choose to do so.

I have just read through this and the OP seems to have accepted they made a mistake in signing the Deed of Guarantee and clearly has other issues to face.

If the tenant defaults then it seems likely to go to court. However, most tenants default due to their own financial circumstances not to "punish" their guarantor. If the former, that is what the Deed was intended to achieve. But the latter is quite absurd in my opinion. The tenant would be damaging her own credit rating by not paying even if the costs were recoverable from a guarantor. Why would anyone do this in this era where credit is such sought after thing.

anselld

silkyuk9 wrote: »

12 months ago things were fine now its a very critical and upsetting time of our lives. All for helping people and its gone very very bad.

OP, you have stated that the tenant has not stopped paying so at this point in time you have not suffered any loss due to this particular situation.

It is perhaps a bridge you should cross if it ever arrives and focus your immediate attention on the other issues which are clearly affecting you more significantly if you being forced to sell up due to these other issues.