Being DD's rent guarantor with bad credit

[Daisymeadows]

Name changed for this.

DD is renting a student house next year and needs a guarantor. I am currently in a debt management plan and have a poor credit rating so I'm sure I wouldn't pass any credit checks. Does anyone know how this works? I'm in full time stable employment, have not missed a payment on my dmp but am worried that she's not going to be able to take the house. I feel awful that she might get turned down.

[Allthebestnamesareused]

I am not sure that they check the guarantor's credit in the same way they would if you were a lead tenant.

You do realise though that if she is sharing that you are guaranteeing not just her share but any person she is sharing with too as they will have joint and several liability (as will the guarantors).

When my son was at uni he was going to house share with 5 others and the annual rent for all 6 would have been £27,000. Once we (and another pair of parents) pointed this out the students all went for another property where a guarantor was not required! We were paying his rent anyway but pointed out if people dropped out they could end up having to pay extra if they couldn't find someone to move in instead.

I'd encourage your DD to find a different property.

[PinkCrystal]

I agree with the above. Only be a guarentor IF you can afford the rent if DC default/drop out. You could be liable for a years rent of at least your own DC. Could you afford that? I couldn't so I didn't guarentee DD. Then university found her accomodation that didn't need one (after a bit of pushing). It did make things much harder but I couldn't manage the anxiety of her not paying and there were other reasons involved. Once in the second year many landlords are more willing to waive guarentor if there is a good record of payment.