Finally Debt Free After 34 Years, But Still Need to Live Frugally

HairyHandofDartmoor

carbootcrazy wrote: »

HH, I've just had a bit of a scout round and found this:

https://www.citizensadvice.org.uk/housing/renting-a-home/student-housing/students-in-private-rented-accommodation/student-housing-using-a-guarantor/

It's by Citizens Advice. There's some info on guarantors and shared accommodation part way down the page.

Hope it helps a bit x

I don't like the sound of that Carboot . I feel worried about what we'd be letting ourselves in for legally . We may have to say no to DS3. Maybe he can get around it somehow.

System

If this accommodation is for the next academic year don't you also have to pay a deposit up front as well . Has DS3 factored this into his finances . I am also very wary of the idea , but carboot has sent you some info so hopefully that will be helpful. I am sure DS3 has it all worked out but it's a lot of money to find isn't it?

Fabolous news on the tax rebate arriving and being able to sort out a few bills . Good to hear you got your jeans and no turning up to do :j

HairyHandofDartmoor

Thanks Cumbria .

Yes they have asked for a deposit but I presume DS3 is paying for that as we certainly can't afford to .

The citizens advice info makes it sound like we could be liable for the rent of everyone in the house and any damages so I don't like the sound of that at all .

Sallyforth

Don’t do it is all I can say re the guarantor thing. Not that I’m suggesting your DS3 would default on you but it is a huge risk you just can’t afford to take. Also think about it this way. You can’t bail anyone out so why offer yourselves up. Sorry I just feel really strongly about it and would hate for you all to fall into a trap.
Sally x

beanielou

HairyHandofDartmoor wrote: »

Thanks Cumbria .

Yes they have asked for a deposit but I presume DS3 is paying for that as we certainly can't afford to .

The citizens advice info makes it sound like we could be liable for the rent of everyone in the house and any damages so I don't like the sound of that at all .

That's how I read it too

HairyHandofDartmoor

Sallyforth wrote: »

Don’t do it is all I can say re the guarantor thing. Not that I’m suggesting your DS3 would default on you but it is a huge risk you just can’t afford to take. Also think about it this way. You can’t bail anyone out so why offer yourselves up. Sorry I just feel really strongly about it and would hate for you all to fall into a trap.
Sally x

Thanks Sally . That's exactly how I feel, I just need to convince DH .

He says he's doing some urgent work at the moment so he won't even talk to me about it .

System

I have just read the info as well , sounds dire to me . We love our children and want to help as much as possible but this may be a step to far. Am sure you and DH will look into it thoroughly before you do anything.

HairyHandofDartmoor

I messaged DS3 and told him we're not signing anything until he answers some questions, and he got back to me almost straightaway :rotfl:.

He said that the guarantee only applies to the rent and not damages, that it only covers his rent and that his housemates are asking their parents to guarantee their rent. He said the £500 a month doesn't include utilites :eek: but he reckons he can afford to pay for them.

So I said when we get the agreement we'll read all the small print very carefully before signing it.

I've just remembered that DH's brother's wife is a lawyer, so we could email her a copy of the guarantee agreement and ask her what we would be legally liable before before we sign it . I was worried that even if we read the small print we might not understand what we were agreeing to .

System

Great idea to ask for advice HH , I do think though that lots of parents get asked to be guarantors for the rent . My two DC both lived at home during uni years so I have no experience of this side at all.

HairyHandofDartmoor

Thanks Cumbria . I feel slightly less stressed since I remembered DH's sister in law is a lawyer. We're the poor relations .