Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

1 2 3 4

Original poster

To not be a guarantee for my adult friend

89 replies

Rufusgy · 12/09/2015 07:33

I've got a very close friend that is moving homes. She's ask me to be her guarantee for the next rental place.

Firstly I'm not sure why she needs one apart from the rental on the new place is ridiculous high in comparison to her earnings. She needs someone that earns in excess of 45k and this is more than double what she earns.

She is wanting to rent a two bed flat in london on her wages. For what its worth I rent a one bed in a city much cheaper.

She says she can afford it from the "profit" on her buy to let's, Shes just buying another one. However I'm concerned as she sees any money left over as being profit from these buy to lets and is counting on nothing ever going wrong or no matainace. I think if something did go wrong, had a void or interest rates rose she would very quickly come a cropper.

So aibu to just say no? She's saying that she would never hold me to it, but the rental is probabaly close to her net income each month. Her parents can't be it, as they don't earn enough.

I haven't been asked to have a guarantee since I was a student. Are they doing this because of the low wage and high rent?

OP posts:

Annaliesey · 12/09/2015 07:52

No don't do it :)

The agency have asked for that earning level as that's the level they feel is needed to comfortably pay the rent on time each month

There are too many things that could go wrong and leave you liable for a lot ... Her tenants don't pay her for some reason, disputes with LL, not giving notice to move out, alleged damage etc

Original poster

Rufusgy · 12/09/2015 07:54

Yes I've posted about her before (several times all for different things). Nice friend and we have a lot of fun. But quite selfish and uncompassionate, the kind of friend that you can only have one of in your life.

Thanks glad I'm not sounding mean. Just sensible.

OP posts:

stopfaffing · 12/09/2015 07:55

Don't do it, OP, unless you can afford to pay her rent (as well as your own usual monthly expenses) when she defaults, because that's what you are being asked to do.

The other dodgy stuff about her not declaring tax on buytolet income will come back and bite her on the bum at some point, too.

Just say no.

FishWithABicycle · 12/09/2015 08:08

Of course yanbu - only ever be a guarantor if the amount is something you would be happy to give monthly to this person if they fell on hard times or actively chose to stop earning. I don't think there's anyone in the world i'd do that for other than my own child, and only then if I was reasonably convinced that they would never need me to honour it.

ToGoBoldly · 12/09/2015 08:09

If she's playing property investment scammer hotshot but can't even get her own rental contract easily she's clearly a financial idiot. And greedy. Do not touch with a bargepole.

Original poster

Rufusgy · 12/09/2015 08:10

Will tell her later I don't feel comfortable.

I really would not be able to afford to give it to her. She's renting somewhere double to cost of mine and earns half! Obviously that's none of my buisness, until she asked me to do this. She doesn't need a two bed anyway.

OP posts:

Sparrowlegs248 · 12/09/2015 08:14

Ibhad no to my best friend. She stressed that it was 'just a paper exercise' when i know for certain that that is not the case.

In her case, they couldn't afford the rent and would be helped by her feckless and unbelievably messy parents who wouldst with them for a few months of the year. In my line of work I've dealt with tenants, LL??'s and guarantors who do indeed get chased for money.

ToGoBoldly · 12/09/2015 08:20

I wouldn't say "I don't feel comfortable about it", because she will try to say why you should be comfortable and not worry

I'd keep it factual - you're not in a position to make that commitment, as there is a risk, however small, that you would be liable for payments that you can't afford. So you won't be doing it.

It's not bitchy - she had the brass neck to put you in a difficult position by asking, saying no fairly bluntly is no worse than that. Don't make it emotional

XCChamps · 12/09/2015 08:25

If you give a guarantee, you are jointly and severally liable with the debtor. This mean that the LL can pursue either the tenant alone, the guarantor alone, or both of you. In reality, this means they chase the person most likely to be able to pay quickly, the guarantor, as they already know the tenant has difficulty paying.

Also, depending on the type of landlord, it's possible the tenant could be several months behind before the guarantor even finds out, so it could be a massive debt you're chased for.

I wouldn't do it for anyone I wasn't prepared to give the money to.

mrstweefromtweesville · 12/09/2015 08:27

No, no, no, no, no, no, no. No.
Any one of the answers above will do.
If you guarantee, you end up paying.

merrymouse · 12/09/2015 08:39

Something to do with offsetting stuff, she pretended that her new kitchen in her flat was in the rental and wrote it off against that.

This is fraud.

You should not guarantee her rent because you know that you are not ins position to be able to guarantee her rent. It's quite straightforward really.

Cabrinha · 12/09/2015 08:55

Why is she renting a flat now when she has a home she has fraudulently claimed relief for a kitchen in?

Original poster

Rufusgy · 12/09/2015 11:05

Thanks, that's good advice! I'll dodge that bullet.

Shes selling current place with nice kitchen, to fund getting another btl.

OP posts:

ToGoBoldly · 12/09/2015 11:14

Well perhaps she should set aside some of the proceeds so that so when she needs to rent somewhere she can pay x number of months upfront and not need a guarantor

PoppyBlossom · 12/09/2015 11:37

She sounds a shambles. I'd be straight with her and say you adore her as a friend, but have no intention or desire to tie yourself with her financially.

TheRealAmyLee · 12/09/2015 12:04

If she can afford several btl why isn't she living in one?

Just say no I can't sorry. End of discussion.

magoria · 12/09/2015 12:11

As others say your arrangement will be with the letting company not your friend.

If she defaults they will want their money.

They will want it from the easiest source. If that is you she cannot stop them coming after you for it.

There is another thread on here where someone has just paid out ££££ on a friends arrears as she is guarantor and he is still asking her for more after!

Andrewofgg · 12/09/2015 12:16

There are two rules about being a guarantor for anyone's debts, except possibly DC at university.

Don't do it.
If Rule 1 does not apply, apply Rule 1.

Shakespeare said Neither a borrower nor a lender be and he could have added "Nor a guarantor" but that would have buggered the scansion.

MrsSchadenfreude · 12/09/2015 12:18

No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.
No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.
No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.
No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.
No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.
No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.
No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.
No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.

gamerchick · 12/09/2015 12:18

Christ don't say you're not comfortable it'll just open you up to be persuaded.

Say no and keep repeating yourself.

Just remember if she defaults they WILL chase you for it and do you need that type of hassle?

specialsubject · 12/09/2015 12:19

what Andrew said - even without the other issues. Being a guarantor DOES commit you, and doing it for the financially feckless (let alone the possibly fraudulent) is INSANE.

run away.

Indantherene · 12/09/2015 12:25

It would affect your own credit rating because it is treated as your debt. If you needed a car loan they may decide you can't afford it based on your friend's loan.

leopardgecko · 12/09/2015 12:37

As others have said no, no way!

A few years ago I was asked to be a guarantor by a friend. I refused and she asked somebody else.

A year on my friend fell on really hard times, she got behind with her rent and the person who had agreed to be her guarantor was liable for an awful lot of money. Ironically the friend has now moved on physically and financially from her problems, whereas her ex-guarantor is still paying.

As others have said, no, no, no, no, no!

Lunastarfish · 12/09/2015 12:45

Just say I can't be a guarantor because I can't afford the liability if something happened

AyeAmarok · 12/09/2015 12:49

No, just say you wouldn't have it spare after your own outgoings and because of that you can't do it and probably wouldn't pass the check anyway.

Flip

1 2 3 4