Need to be guarantor for dad, company needs 6 months bank statement

Pixie5740

We have no idea what qualifies someone to be a guarantor for the Post Office for whatever type of contract your father wants to have with the Post Office so your question is a bit like, how long is a piece of string.

The contract should say something about who is qualified to by a guarantor. If you are determined to act as a guarantor for your father you need to go into this with your eyes wide open, read the contracts and all other paperwork relating to it, so that you understand exactly what you are guaranteeing and how much this will cost you if it all goes tits up.

blaze0177

andyfromotley wrote: »

A contract that requires tow guarantors is anything but simple!!!

I hate this as an idea. YUK YUK!!

Yes it does seem a bit odd with the amount of comments here. I feel like maybe I should back out and ask my dad if only my older brother be the guarantor...

tiger_eyes wrote: »

Just wanted to confirm what the previous poster said. Due to computer errors, the Post Office has falsely accused innocent individuals of theft, not only ruining their standing in the community and destroying their finances, but even prosecuting them and sending them to jail. It's been thoroughly covered in Private Eye, here's a Guardian article as well. You may know that your father is an honest person and would never steal from an employer - but you can't know whether a computer error would lead to him being falsely accused. You could be ordered to repay money your father never took.

Even leaving aside the known Post Office issue, signing a guarantee is crazy unless there are strict limits on the financial liability and the time period. It's insanity to guarantee to pay an unknown amount of money at an unknown time in the future. Can you afford to pay them £1000? £10,000? £100,000? Even if your finances are strong now, can you be certain they'll be strong in a year? Ten years? What if you lose your job and can't afford to make good on your guarantee?

This is not a good situation for you.

Thanks for providing a bit of info there with the article. That's very true with the unknown amount. I feel like I need to read all the documentation related with this now and what me singing this entails.

HappyMJ wrote: »

How much is your potential liability going to be? Can you prove you can cover it by selling/liquidating your assets? I know you said he wouldn't but people do go bankrupt through absolutely no fault of their own and they want you to be able to cover the shortfall.

Having been in overdraft in the last 12 months with no savings wouldn't qualify you as a guarantor in my mind.

Thanks for your reply. Does me dipping into my overdraft on those occasions make me look bad/irresponsible? Even though they had been all paid off every month?

Pixie5740 wrote: »

We have no idea what qualifies someone to be a guarantor for the Post Office for whatever type of contract your father wants to have with the Post Office so your question is a bit like, how long is a piece of string.

The contract should say something about who is qualified to by a guarantor. If you are determined to act as a guarantor for your father you need to go into this with your eyes wide open, read the contracts and all other paperwork relating to it, so that you understand exactly what you are guaranteeing and how much this will cost you if it all goes tits up.

Thank you and yes I will be doing this tonight and report back - thank you again.

foxy-stoat

Ask your Dad to speak to the HR department and Acas about the legalities of all this as well. Get him to band around "Constructive Dismissal" should they instist on this new "simlple contract" that they are making him sign.

HappyMJ

blaze0177 wrote: »

Thanks for your reply. Does me dipping into my overdraft on those occasions make me look bad/irresponsible? Even though they had been all paid off every month?

Not at all. You are very responsible as you do pay it off every month. It would just show to me that if I had to call upon you to pay what you guaranteed that you couldn't afford to pay it and would most probably not be able to meet your own expenses and the expenses of the person you've guaranteed making the agreement worthless.

blaze0177

foxy-stoat wrote: »

Ask your Dad to speak to the HR department and Acas about the legalities of all this as well. Get him to band around "Constructive Dismissal" should they instist on this new "simlple contract" that they are making him sign.

Thanks for this - I will let him know later today.

HappyMJ wrote: »

Not at all. You are very responsible as you do pay it off every month. It would just show to me that if I had to call upon you to pay what you guaranteed that you couldn't afford to pay it and would most probably not be able to meet your own expenses and the expenses of the person you've guaranteed making the agreement worthless.

Would this be the case even if I haven't been in my overdraft for the last 2 months now? I guess on paper they will not know by situation of being in London etc...

HappyMJ

blaze0177 wrote: »

Would this be the case even if I haven't been in my overdraft for the last 2 months now? I guess on paper they will not know by situation of being in London etc...

I suppose it depends on how much they want you to guarantee?

Are we talking £500, £5,000 or £50,000 or more?

blaze0177

HappyMJ wrote: »

I suppose it depends on how much they want you to guarantee?

Are we talking £500, £5,000 or £50,000 or more?

I will find this out after reading all the documents later today.

somethingcorporate

This is a bad idea....

Puddylove

I have to add my voice to the 'Don't do this' chorus.

If I were you I'd be asking myself;
1. What am I guaranteeing, and why?
2. Why do they not believe my dad is honest after employing him for 20 years?
3. Am I/is my Dad dealing with an honourable company?

P x

chesky

blaze0177 wrote: »

Yes it does seem a bit odd with the amount of comments here. I feel like maybe I should back out and ask my dad if only my older brother be the guarantor...
.

Might be a bit more brotherly to let your brother know what he might be getting into, rather than letting take the full responsibility.