Guarantor request by LL for student accomodation

Rain_Shadow

The OP joined MSE over 12 years ago and didn't know that students are generally asked to provide a guarantor for rented accommodation? Or did know and didn't tell their son?

Pixie5740

aquitaine wrote: »

Are you saying that you regard it as acceptable for a sophisticated professional in the financial services industry not to disclose potentially huge risk to a client who is not financially sophisticated? I thought that was precisely the sort of behaviour that is supposed to be overseen and prevented by the FCA.

This is getting quite painful now. Letting agencies and landlords are not regulated by the FCA.

aquitaine

mozza78 wrote: »

You seem to be very keen to blame the 'financial services industry' but perhaps you should be looking a little closer to home. No offence but if your son doesn't have the nous to realise that signing a contract without reading it isn't the best idea (or if he did read it and realising that you acting as guarantor for him and his mates places a large onus on you) then perhaps he shouldn't be living out of halls of residence .

Could you not club together with the parents of his housemates and the landlord to come up with an agreeable solution for all? Else I fear you will be hitting your head against a brick wall trying to fight this.

I would attach no blame to a young person for accepting what they are told at face value. I suppose it is a symptom of the low grade spivvery which has become so prevalent in this country that you cannot even trust the people dealing with what should be a routine matter of obtaining student accommodation. What a vile reflection it is on our society that predatory estate agents are tricking young people in this way.

ScorpiondeRooftrouser

aquitaine wrote: »

I would attach no blame to a young person for accepting what they are told at face value. I suppose it is a symptom of the low grade spivvery which has become so prevalent in this country that you cannot even trust the people dealing with what should be a routine matter of obtaining student accommodation. What a vile reflection it is on our society that predatory estate agents are tricking young people in this way.

I fear for your son if you have sent him out into the world encouraged to accept everything he is told at face value.

Again, what was the "trick"? Do you just want the deposit and advance rent returned to you? Have you asked for that? Are you sure he wasn't told in advance about the need for a guarantor and the fact his deposit might be forfeit?

aquitaine

ScorpiondeRooftrouser wrote: »

I fear for your son if you have sent him out into the world encouraged to accept everything he is told at face value.

Again, what was the "trick"? Do you just want the deposit and advance rent returned to you? Have you asked for that? Are you sure he wasn't told in advance about the need for a guarantor and the fact his deposit might be forfeit?

We do not revolve in the circles infested by spivs and con merchants so this is a bit of an eye opener for us. He has assured me that he was not warned of the risk and I have no reason to disbelieve him.

ScorpiondeRooftrouser

aquitaine wrote: »

We do not revolve in the circles infested by spivs and con merchants so this is a bit of an eye opener for us. He has assured me that he was not warned of the risk and I have no reason to disbelieve him.

I would take him home to the Utopia you live in immediately, and never let him leave again.

He may genuinely believe he wasn't told of the risk while he was, he may be lying to you to save face, or he may have not been told. What does the estate agent say? What do his co-tenants say? Have they provided guarantors?

Most importantly, what does the contract he signed say?

mozza78

aquitaine wrote: »

We do not revolve in the circles infested by spivs and con merchants so this is a bit of an eye opener for us. He has assured me that he was not warned of the risk and I have no reason to disbelieve him.

Then I hope for yours sake and his that he acquires a little more street smarts in the ways of the world before he leaves the relative security of university and fends for himself in the big bad world.

Pixie5740

aquitaine wrote: »

This one is. Or at least they claim to be on their website. If you find such things painful then perhaps you should pursue something which would be less demanding on your limited intellect.

Even I, with my limited intellect, know that the FCA regulates conduct relating to the marketing of financial products. Tenancy agreements and deeds of guarantee are not financial products. If this letting agent claims to be regulated by the FCA on their website then I suspect that they are not only a letting agent but and estate agent who offers a mortgage brokering service, and it's the mortgage brokering that is regulated by the FCA not the letting agency part of the business. If you believe this to be incorrect then knock your socks off and raise a dispute with the FCA.

davidmcn

aquitaine wrote: »

Are you saying that you regard it as acceptable for a sophisticated professional in the financial services industry not to disclose potentially huge risk to a client who is not financially sophisticated?

For starters, the tenant isn't the letting agent's client. If you don't understand basic stuff like this then it's no wonder you're getting confused between a guarantee and an insurance policy.

aquitaine

ScorpiondeRooftrouser wrote: »

I would take him home to the Utopia you live in immediately, and never let him leave again.

He may genuinely believe he wasn't told of the risk while he was, he may be lying to you to save face, or he may have not been told. What does the estate agent say? What do his co-tenants say? Have they provided guarantors?

Most importantly, what does the contract he signed say?

I haven't seen the contract and the estate agents are now saying that it would be illegal for me to be the guarantor because I refused to sign the guarantee which was originally demanded. This sounds a bit suspect to me. What could possibly be illegal about it?