Bank statements as a guarantor on a flat

MrRightSA

I'm about to be a guarantor on a flat and they're asking for a reference, 3 months wage slips, a utility bill and a bank statement from me, the guarantor. I'm okay with the first 3 but I don't really feel comfortable for the person I'm guarantoring fors dad (he has the printer to print it off), the person I'm guarantoring for as well as the letting agent all seeing my bank balance along with the sort code and account number.

What am I allowed to blank out on this, if anything at all?

Marktheshark

They will be seeing your bank balance every month.
Almost dead cert you will be paying the rent on the flat.
That is because the person you are guaranteeing has been credit checked, failed and they are certain he wont pay the rent.
Unless you are 100% able to pay this rent every month and all your own bills, do not sign it.

MrRightSA

No it's because she doesn't work. She is getting housing benefit to cover 90% of the rent and I'm covering the final 10% (and obviously as guarantor I'll be covering it all if she fails to pay).

I just need to know what I can actually blank out.

Marktheshark

You will be covering it all if she pockets the housing benefit cheque.
This is a very big risk you are taking here, the experts in this field who have credit checked know they are not good for the money.
This is one risk you do not need.
First question and I beg you to listen !
can you pay this and your own bills and survive.
If not why on earth even chance it ?

MrRightSA

Because if I don't I need to give up work to care for my daughter. The person I'm being guarantor for is watching my daughter whilst I work or else I can't work.

I understand the risks, I just want to know what I can blank out of the bank statement before I send it.

Marktheshark

Nothing, they will need the details to set up the direct debit.

What will happen if they dont pay, can you afford both your own home and bills and the other rent.
If not, what on earth are you doing ?
This usually always goes wrong.

MrRightSA

The rent isn't coming out of my account though, it's coming out of her own account. I'm only a guarantor it's not a second house or anything.

If they don't pay the rent then I'll deal with it when it happens. They will pay the rent though. I'm sure something will go wrong, I don't think she'll be able to survive the way she thinks, but all that means is maybe paying 20% rather than 10% which I can afford.

I just need to know what I can remove, as only a guarantor, from my banking statement.

DRP

just blank everything apart from name and start and closing balance.

You can get the bank to print you authenticated (stamped) copies so the 'dad' won't need to see them.

tomtontom

MrRightSA wrote: »

Because if I don't I need to give up work to care for my daughter. The person I'm being guarantor for is watching my daughter whilst I work or else I can't work.

I understand the risks, I just want to know what I can blank out of the bank statement before I send it.

Are you not paying her for looking after your daughter?

Marktheshark

Anything goes wrong and I mean anything and they will just come straight to you for the whole amount every month.
You do not get to negotiate.
I am not lambasting you here, far from it, I just feel you do not grasp what exactly this is is and how quickly they enforce the guarantee deed first missed rent payment.

Number 1 rule is in been a guarantor "can you pay this and your own bills"
If not the person leaving you high and dry can just live rent free, pocket the housing benefit cheque every month which comes to them now and you pay the rent for them.
If you can not afford to do this, you might be better making an excuse of having poor credit or ccj's in the past and saying sorry.

We see this every day on here and it ends in tears for someone who thought they were helping a friend out.

MrRightSA

I know Mark, I do. But my only option other than this is to quit. By quitting I will then not be eligible for any benefits because I've quit to look after my daughter.

tomtontom wrote: »

Are you not paying her for looking after your daughter?

I can't afford to, I'm working minimum wage in a call centre. She doesn't work and has college so she's just happy if I can make up the rent she can't make. Currently she's been staying with us and not paying anything at all (no food, rent, utilities which includes her own mobile contract).

It was mutually beneficial.

DRP wrote: »

just blank everything apart from name and start and closing balance.

You can get the bank to print you authenticated (stamped) copies so the 'dad' won't need to see them.

It turns out blanking things out is very difficult. Been trying for 30 mins to do so but none of it turns out correctly.