To stand as guarantor

dimbo61

Students have little if any credit history so no point doing credit checks.
Joint and several tenancies are common and so is asking parents, grandparents and even close relatives to be guarantors.

Lord_Baltimore

dimbo61 wrote: »

Joint and several tenancies are common and so is asking parents, grandparents and even close relatives to be guarantors.

Well yes, we all know that the Landlord wants to be paid and we all know joint and several means each tenant is responsible for the whole debt. Not sure all guarantors appreciate that though.

Better to get the tenants to pay upfront from their student loans so they take responsibility and don't blow their 'windfall' on entertainment. The cottonwool has to be removed at some time.

itchyfeet123

The OP can't be alone in not being in a position to be a guarantor for university-aged offspring. It seems like another barrier to young people from lower income families undertaking tertiary education.

One thought I had was universities themselves could be guarantors. The could apply leverage to not end up on the hook by 1) not letting students register for the following term's classes and 2) not releasing grades and diplomas if there is any debt. In the case that such leverage doesn't work - if the student also quit university as well as stopped paying rent - then the university can pursue the student just as they would for any other debt.

Mela322

cjdavies wrote: »

Are you thick?

Also see this thread: https://forums.moneysavingexpert.com/discussion/5667557 - nice Son/Brother they have.

I'm a bit thick in the waist but working on that.

I'm not saying help out just becasue they are family. I'm saying to base that help on knowing them and if they are reliable and trustworthy. If my younger children get into uni and have shown they are trustworthy and need a guarantor, I will sign in heartbeat.

We are a close-knit family and very old school and raise our children to be the same. Far from perfect and never will be but I will help my children where I can. If my son that just completed Uni showed us at any time that he wasn't trustworthy, we wouldn't have signed for the next year.

I've got thick hair as well

Mela322

Lord_Baltimore wrote: »

Well yes, we all know that the Landlord wants to be paid and we all know joint and several means each tenant is responsible for the whole debt. Not sure all guarantors appreciate that though.

Better to get the tenants to pay upfront from their student loans so they take responsibility and don't blow their 'windfall' on entertainment. The cottonwool has to be removed at some time.

Not sure how that would work because my son got his broken into 3 payments throughout the year. If they all run like that, then could base them on the payouts.

Our guarantor form was only for our son and his share of the rent. No other names or responsibilities listed. That's how they all should be.

Lijong

silvercar wrote: »

Generally I would agree with you, but given that refusal often means your offspring living in sub standard accommodation with strangers for a year, I would give some leeway in this situation.

Anyway, I'm glad it has worked out for OP. 2 questions:
1. Are his housemates also paying 3 months in advance or do they have guarantors. If the latter are their guarantors aware that your son doesn't have one.
2. Is your son required to pay 3 months in advance though out the tenancy?

They have their own parent guarantors. Yes, they are aware. They are responsible for their own rents. Items when the tenancy ends, like redecoration, damage etc is to be split between them (although they are really good lads who he's known a while so I don't envisage problems)

Yes, like in the halls 3 months upfront. x

Lord_Baltimore

Mela322 wrote: »

Our guarantor form was only for our son and his share of the rent. No other names or responsibilities listed. That's how they all should be.

And the actual tenancy agreement, which naturally you saw before signing up to be guarantor, what did that say? Are the words "joint and several" or anything small like that mentioned?