Sister has asked me to be her guarantor

BrassicWoman

this sounds like sister is trying to rent a flat, when what she can afford is a room in a shared house.

Pixie5740

JReacher1 wrote: »

Yes of course I would, especially if I can afford it like the OP has said they can. As you say it is the monthly rent X duration of the term. Say about £6-7K. I don't really understand where the tens of thousands of pounds has come from.

If the sister can afford the rent (which the OP says they can) then I don't see what the problem is to guarantee the rent as it doesn't appear that will be needed.

Being a guarantor for someone is like giving them a blank cheque. As the guarantor you have no control over the situation whatsoever. If the person you are guaranteeing falls behind with the rent you can't terminate the tenancy agreement. Your liability doesn't end when the fixed term ends. You just need to keep dishing out the money until either the landlord gets an eviction order or the tenant decides to serve notice. It's the perpetual liability that would put me off being a guarantor.

My brother asked me to stand as guarantor for him and his fiancee. They are not known for their good money management skills so I kept asking to see their household budget to prove they could afford the rent. I was never given a budget so I never stood as a guarantor. Just as well really because it turns out they were in arrears for the place they were leaving. Bullet dodged.

VJsmum

Similarly I don't have to address aggressive behaviour from a stranger on the internet either.

Peace out - I am truly grateful for the helpful replies.

JReacher1

Pixie5740 wrote: »

Being a guarantor for someone is like giving them a blank cheque. As the guarantor you have no control over the situation whatsoever. If the person you are guaranteeing falls behind with the rent you can't terminate the tenancy agreement. Your liability doesn't end when the fixed term ends. You just need to keep dishing out the money until either the landlord gets an eviction order or the tenant decides to serve notice. It's the perpetual liability that would put me off being a guarantor.

My brother asked me to stand as guarantor for him and his fiancee. They are not known for their good money management skills so I kept asking to see their household budget to prove they could afford the rent. I was never given a budget so I never stood as a guarantor. Just as well really because it turns out they were in arrears for the place they were leaving. Bullet dodged.

Yes I know what a guarantor is.

I am just saying that if my sister was in need and I could do something to help them which would probably cost me nothing then I would do.

I realise I am in the minority here as nobody else would seem to be prepared to act as a guarantor for a sibling who was in need. I find it a bit sad but I suppose this is how the world is today!

JReacher1

VJsmum wrote: »

Similarly I don't have to address aggressive behaviour from a stranger on the internet either.

Peace out - I am truly grateful for the helpful replies.

To clarify the helpful replies are the ones who say you should do nothing to help your sister

The none helpful (aggressive) replies are the ones basically from me who says that in your situation I would help her out as she would be my sister and needed my help.

Malthusian

JReacher1 wrote: »

Yes of course I would, especially if I can afford it like the OP has said they can.

Especially if? As in, you would act as guarantor even if you couldn't afford it? You would be happy to be bankrupted, to lose your house and everything you own (bar the clothes on your back and tools of the trade) by your sibling?

That's not love, that's martyrdom. Involuntary martyrdom, if you have a wife/husband/kids who live in your house and depend on you.

As you say it is the monthly rent X duration of the term. Say about £6-7K. I don't really understand where the tens of thousands of pounds has come from.

I do now I read other posts in this thread (see VJsmum) and am better informed.

If the sister can afford the rent (which the OP says they can) then I don't see what the problem is to guarantee the rent as it doesn't appear that will be needed.

The sister says she can afford the rent. That is different from being able to afford the rent. And being able to afford the rent is different from paying the rent.

Pollycat

JReacher1 wrote: »

I am just saying that if my sister was in need and I could do something to help them which would probably cost me nothing then I would do.

But when you agree to be a guarantor, you have no idea whether it'll cost you nothing or lots of money.

JReacher1 wrote: »

I realise I am in the minority here as nobody else would seem to be prepared to act as a guarantor for a sibling who was in need. I find it a bit sad but I suppose this is how the world is today!

I think it depends on a number of things:
the relationship you have with said sibling
what their circumstances are, including why they need a guarantor
whether you believe they'll be able to make the payments
and of course
your own financial circumstances

I think anyone who blindly agrees to be a guarantor simply because a sibling asks is maybe not the most financially savvy person in the world, although they may claim to be the most compassionate.

JReacher1

Malthusian wrote: »

Especially if? As in, you would act as granuator even if you couldn't afford it? You would be happy to be bankrupted, to lose your house and everything you own (bar the clothes on your back and tools of the trade) by your sibling?

That's not love, that's martyrdom. Involuntary martyrdom, if you have a wife/husband/kids who live in your house and depend on you.

.

I don't know to be honest as I have thankfully never been in the situation where potentially losing say £8k would lead me to lose my house, everything I own etc. If I was in a situation where this could be the case then I would probably not be allowed to be the guarantor anyway!

If my sister needed a house, told me she could afford to pay the monthly payments and just needed me to be a guarantor then I would do it. You seem to find this strange.

busiscoming2

Rain_Shadow wrote: »

I have been a guarantor for my sons' accommodation at university. I'm pretty confident I wouldn't stand guarantor for anyone else.

I did this and wouldn't do it again. Nothing bad happened but the nagging worry that something might and I would be liable was horrible.

When my DD moved back from living abroad she asked me to be guarantor and although she was working and could easily afford it, I said no. Instead the agents agreed to 6 months rent in advance which she paid back to me over the first months. Much easier and I believe is another option rather than be guarantor.

JReacher1

Pollycat wrote: »

B

I think anyone who blindly agrees to be a guarantor simply because a sibling asks is maybe not the most financially savvy person in the world, although they may claim to be the most compassionate.

Yes I don't disagree with this. I would put my family ahead of a potential £8-10k debt. It might not make be financially savvy and I don't even think it makes me compassionate. I thought most people would be the same.

I was told you can't put a price on family. It seems you can and its about £8k