Sister has asked me to be her guarantor
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Why do you break it down into good siblings and bad siblings?You guys all seem to have really bad brothers and sisters! I feel for you all!
I trust my brother 100%. He's never done anything to make me think he wouldn't uphold his end of the bargain. Mind you, my brother is that decent, he would never ask me.
But, what if he got ill?
What if he couldn't work?
What if he met someone and his head went all screwy?
ETC
Whilst those thing might not happen, being Guarantor means I would have to consider IF THEY DID. And am I willing to risk several thousand pounds, which would take finances away from my own family?
It is not just a case of signing a piece of paper, and anyone who thinks it is should never be asked to do it in the first place.0 -
Pop_Up_Pirate wrote: »Why do you break it down into good siblings and bad siblings?
I trust my brother 100%. He's never done anything to make me think he wouldn't uphold his end of the bargain. Mind you, my brother is that decent, he would never ask me.
But, what if he got ill?
What if he couldn't work?
What if he met someone and his head went all screwy?
ETC
Whilst those thing might not happen, being Guarantor means I would have to consider IF THEY DID. And am I willing to risk several thousand pounds, which would take finances away from my own family?
It is not just a case of signing a piece of paper, and anyone who thinks it is should never be asked to do it in the first place.
You can't trust him 100% if you're worried that he might meet someone and his head go all screwy.0 -
You can't trust him 100% if you're worried that he might meet someone and his head go all screwy.
Depends what the 100% is of. Whether you mean "I trust my brother to 100% of the extent it is possible to trust another human being" or "I trust I can predict my brother's actions with 100% accuracy". Since the second sense would be deeply misguided (black box, remember) I suspect that Pop Up Pirate means the first.0 -
No, no, no, a million times, no! Don't be a guarantor for anyone ever.
Unless you can comfortably afford to pay the loan repayments or rent yourself (whatever it is...)
One of my relatives actually gave her daughter 2 grand for her first 6 months rent on her room in halls (at uni,) rather than be a guarantor for her. She said she would rather do that, than sign an open-ended guarantor agreement, that could potentially end up with her paying 5 figures in other peoples rent(s) and repairs etc etc.(•_•)
)o o)╯
/___\0 -
No matter how much you think you can trust another person to behave honourably, you really cannot predict how things may change when they suddenly find themselves in desperate circumstances, either financially or because they are under huge emotional pressure. Rational thought processes and behaviour are the sadly sometimes the first things to go out of the window.0
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Surely all she needs to rent is a room in a shared house?
As is standard for student accommodation.
What is also standard is that student landlords require a guarantor for each tenant. Obviously with the best will in the world there is scope for argument about which person is responsible for a problem, so to serve as a guarantor against ANY financial issue would be foolish. However, most student landlords appreciate this and so require guarantees only for a limited range of possible costs, payable only under certain specific circumstances.
My experience with being a guarantor was that I read the agreement in great detail, decided that the risks that it asked me to bear were acceptable, and in fact it did not cost me a penny. Had I been presented with a different agreement I would have sought to negotiate with the landlord / agent and if necessary might have refused.
What is distressing about this thread is that the discussion is all about "do you care for your family member?" versus "how will you pay your mortgage if the sister defaults and you face a massive bill?". What is needed is some discussion of the actual guarantee, so that we can assess how likely it is that things would go wrong and the extent of the maximum loss that the OP might face.0 -
I would say definitely not. You have too many other committments. Children when just starting out often need help, deposit for flat, guarantor for younger one.She is 43 - I am 10 years older and my OH is 58 hoping to retire at 50. Our own children are 18 and 20 - one about to go to uni and one about to leave (with no forward employment at the moment)
We can afford to pay rent if she doesn't, but it will be from money otherwise invested for our retirement. It is the prospect of it being unlimited liability that bothers me.
The "Squeeze" is long gone and her OH says he is seeing a divorce lawyer on Friday....
When they separated previously, they sold their house and divided the profit. He bought another house, she spent her share......
She had her chance to have a place of her own when they sold her house and then she spent the money rather than buy a place.0
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