Guarantor

JamesBeska

Hi folks,
I’m currently scouring the housing market for a suitable rental, and due to my credit history (current IVA), I am really really struggling.

I seem to have stumbled upon an ideal property, however they have asked for a guarantor. I do have a suitable guarantor who is a homeowner with pristine credit history.

My question is, when referencing a guarantor, do the letting agent/landlord disclose any of my financial situation to the guarantor? My named person is aware I have had a rocky credit history, but I’ve been to embarrassed to tell anyone about my IVA. I just want to know what information will be disclosed, if any. I do suffer quite severely with general anxiety disorder, so perhaps this could be the reason for my overthinking.

I’m only seeking my own rental property now because I work around 60 hours per week, and sharing a property with others is less than ideal.

I know the obvious answer is to simply disclose my IVA to my guarantor, however, as nice as they are, they do have a habit of spreading personal information to others within the family and wider circle despite requests to keep certain things confidential. I obviously don’t want my insolvency to become common knowledge.

Thank you.

James

[Deleted User]

@JamesBeska I'm sorry this is stressing you out and I can completely understand why you wouldn't want to disclose it if not necessary and it feels extremely personal. I really don't know what shows up and whether or not they would know, however, I think if you are going to ask someone to be a guarantor then there is a moral obligation for complete transparency. This is obviously a relationship with a lot of trust there and you are asking someone to take on something that is effectively a risk and I think that regardless of whether or not it has to be disclosed, I think it's something that absolutely should be disclosed. I know if I was acting as a guarantor for someone and I found something like that out at a later date I would definitely feel betrayed.
As uncomfortable as it is, I really do think you should be telling your guarantor.