Guarantee Rent

dumbo

Before Covid 19 I signed as guarantor for my sons room in halls. Due to a change in circumstances & the unlikelyhood of there being many student jobs available to help him pay the rent, I feel that I may no longer able to guarantee his rent. Does anyone know what the chances are of being freed from this guarantee as my income has fallen a lot since Covid 19.

soolin

dumbo said:

Before Covid 19 I signed as guarantor for my sons room in halls. Due to a change in circumstances & the unlikelyhood of there being many student jobs available to help him pay the rent, I feel that I may no longer able to guarantee his rent. Does anyone know what the chances are of being freed from this guarantee as my income has fallen a lot since Covid 19.

When we signed as a guarantor for our boys the agreement was quite clear, we acted as a guarantor for the full term of the agreement and could only withdraw if another agreed guarantor replaced us on a new agreement. I say ‘we’ but actually my husband was the sole guarantor as my income was insufficient. 

Guarantor agreements are by necessity strongly worded otherwise there would be nothing to stop someone signing up as one and then just withdrawing leaving the landlord potentially with no one to chase for unpaid rent.