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Asked to be guarantor
Comments
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Never agree to be a guarantor in respect of any amount that you can't afford to lose.
Say no and don't give any further explanation. You really don't need to justify yourself."When the people fear the government there is tyranny, when the government fears the people there is liberty." - Thomas Jefferson0 -
Fireflyaway wrote: »Pixie5740 - umm good point. I actually have no idea what their income is. They are very secretive! They have been in all sorts of financial difficulties though. If it were just a paper exercise I would consider but I have real concerns that they won't keep up with the rent.
This is probably your best angle if you get any grief from the simple no.
You need to see their full financials as you are acting like a lender.
All their credit reports, pay slips, bank statements etc.
Remember the people they are dealing with for whatever reason have done this and they are not a good risk from what they have seen.
chances are they will say no, if they do give you the info you will have te evidence they are a bad risk.
Anothe way to look at it is to ask yourself would you lend these people money?
The next option is to gift them something if that would help, like a few months rent up front.0 -
Asking to see bank statements etc for 6 months might put the wind up them anyway
Non me fac calcitrare tuum culi0 -
Just to point out, a lot of guarantee agreements are done properly and are unenforceable.
Just worth noting.0 -
Tell the person to pay 6 months rent up front that usually negates the need for a guarantor.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
I would only be willing to be a guarantor for a child or parent.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Fireflyaway wrote: »Pixie5740 - umm good point. I actually have no idea what their income is. They are very secretive! They have been in all sorts of financial difficulties though. If it were just a paper exercise I would consider but I have real concerns that they won't keep up with the rent.
Run a mile away....and even then don't touch it with a bargepole! They will not keep up with the rent as they have you as a fall back. Can you afford to pay when they don't? Who do you value more, them or your own family?0 -
I had a guarantor for my rent. My guarantor didn't need to be a home owner, he just needed to earn 30x the monthly rent.
He did it because I had accepted a new job and couldn't 'prove' I worked there. Letting agency wouldn't reference my on the current job I had.
I showed my guarantor that I always the rent on time in my previous flat, showed him my new contract etc etc so he knew I was financially sound and wouldn't default on the rent.
If you have concerns they won't keep up the rent - say no.0 -
just say you can't afford it.0
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You say you have real concerns they won't keep up with the rent. That means, should you choose to do this, you should regard it more as a loan than a guarantor agreement, expecting to pay out.
Two points. Would you lend the money directly; if not, refuse to be guarantor.
If the person is that likely to default, maybe they should really be considering other options, and not expecting you to tidy up after them.
Frankly, I would only do it for a very close family member, and only then if there were no alternative, and I expected them to not need my guarantee in the long run.0
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