to ask have you ever been a guarantor for a loan ?

[fecketyfeck21]

i know someone who is thinking about doing this for her son [25] for renting a flat. what i know of him he works but can be a bit flaky, i'm concerned for her as she doesn't have much income although .she works. it's obviously not my business when all is said and done but i don't want her to be potentially exploited.
i've told her the potential pit falls if he fails to pay his rent etc that she's guarantoring but she's having none of it 'he wouldn't let me down' etc. i'm not so sure. i've got to stand back from it, but has
anyone had experience of this ?

Yes I've done it for my son every time he rented a flat in his 20's. Of course it comeswith a risk but I felt I needed to do this for him. Luckily I never had to pay out and he didn't let me down.
I'd do it again for him if he needed me too.

I disagree that if someone needs a guarantor it means they are financially a poor bet though. Usuallynit is people straight out of uni, moving away and no credit history.

No wonder! That’s over 50% of your income alone on rent, which is a LOT! And that’s before student loan and / or pension contributions.

That's the reality of life in the SE. And I have a decent job in healthcare. More and more people are living paycheque to paycheque .

Generally speaking, requiring a guarantor is not an indicator for a renter 'not being a good bet.' It just means their income does not meet the 2.5-3x rent or they have insufficient renting/credit history.

I have experience this in business - it does not end well. If the person does not pay the rent they come after you, you have committed to pay and you cannot get out of the guarantee.

It causes huge family problems don't do it

I would do it for my kids. But if they were in a relationship, I might hesitate. Sometimes it is the kid's partner, who doesn't feel obligated to the other part's parents.

One of my SILs borrowed £7500 from my PILs and only paid it back with £50 a month. Then for a couple of months she didn't pay anything at all without any explanation, but showed up at a family party with new clothes and a new hairdo for a total of approx. £250. She bragged about it and didn't notice how her mum became more and more angry. SIL was very surprised that her parents then suggested a more ambitious plan for the repayment of the loan. She has also found it surprising that she hasn't managed to secure a loan from them since. My PILs have given all of their children money later on, but they don't give my two SILs loans. Only money they can spare.

Bright house phoned me years ago they said that my niece had named me as guarantor for a tv. C f never asked me if I would do it just got a call from the shop my answer? Of cause no never would I ever ever do that she was turned down for the tv that's how bad her credit was. I cut her off as from that date. My advice never go guarantor for anyone if they don't pay guess who's door they will be banging on?