Boyfriends financial status - should I be worried?

[namechange3774]

Hi. Don’t know where to post this but need the traffic as this is actually making me reconsider our relationship. My boyfriend is in debt, has maxed out 2 credit cards - don’t know what amount they are but maybe 11k I think he said? He doesn’t have a job at the minute because we’ve just moved cities, he is looking and applying though obviously. The rental is in my name alone and he just gives me the money, but he is set as the guarantor.

If he continues living in this debt what is going to happen to me? I’m so stressed. If he stops giving me rent money am I screwed or will he have to give me his half as guarantor? And if he stops paying his rent but isn’t on the tenancy but it’s known he lives in this flat, can bailiffs come and take stuff? I know these might be stupid questions but I don’t have debt and never plan to as long as I can avoid it so don’t know about it.

So upset about this because when we met he had huge goals and I thought it would be me who was living on a budget because I’m in a low paid traineeship but I’m fine moneywise because I budget, but I won’t be if I end up having to pay the full rent.

Please help!

I don't want to panic you. But I think you should get some legal advice asap and take steps to protect yourself, because you are connected financially to a man who talked big before he moved with you, but has massive debts.

If he stops paying his half you are still liable for the rent. the guarantor will only become liable if the person on the lease doesn't pay.

I think you should take legal advice, and think very carefully about whether or not you have a future with this person. Was he up front with you before you signed?

Also, think about the possible worst case scenario (without panicking). Do you know where all your cards are, and how to check your credit rating? If he disappeared, do you know where his family live?

He's in loads of debt and he's the guarantor?

Strange move by the landlord / lettimg agency.

You say you’ve just moved. Why and how did the move come about? Did you move for work?
Has he looked for work? Is he trying to find something?

How do you work your finances?

How is he the guarantor?? Guarantors have to have decent incomes! And money in the bank.

I don’t know how he’s the guarantor, they just accepted him without question.

We moved for my traineeship and he wanted to leave his hometown.

We don’t have any joint accounts etc.

he wanted to leave his hometown
Could that be because he owes too many people there money? How long have you known him, how old is he & what line of work is he usually in?

Where's he getting the money from now for the rent?

In the UK, guarantors must usually earn around 3 times the rent...so if your rent was 500 per month, your partner would need to earn three times that per month. And having a tenant as a guarantor sounds odd to say the least.

They also are required to have good credit history.

Are you with a letting agent?

he had huge goals

And all undermined by total lack of financial responsibility. Is he facing the problem or dismissing it?

The only help you need is in getting his shit packed and kicking him out the door. He's an irresponsible twat who will ruin you. Get smart and get rid.

3774 run. it's not random chance that he bigged himself up and made himself sound like a great catch before you moved in together, but now you're finding out the truth. He thinks he's got you trapped, and sees you as his meal ticket, paying for everything. And I bet he turns out to be financially demanding, expecting you to pay for his booze, hobbies, drugs, whatever.

This is still new, get out while you can.

Did he have these debts before you both moved or isthis a consequence of him following your career and being unable to find work? If you moved together knowing he didn't have a job, how were you both expecting him to cover his share of the bills?

I’ve known a number of men who started with debt, a few as young men declared bankruptcy, and went on to success. All were self employed businessmen. One is worth $150 million now, another is worth about $4 billion. I’m not suggesting this will be your boyfriend’s fate, OP. Rather, I just want to point out life isn’t as black and white as some here are suggesting. Both the men I know, when young, were dreamers who hustled, struggled with financial failures early ( with bad ideas and bad business models), but found success, mostly through audacity and long hours 7 days a week.

So, I’d look at why he’s in debt, whether he’s an employee or self employed, his level of education, and his hustle factor in general.

If he stops paying you the cash to cover the rent and you in turn can't then pay the rent they will go after the guarantor for payment. How did this get past a credit check via a letting agent?

In terms of him not being named on the tenancy, it just means he has no right to be there but also doesn't share the liability as a tenant - rent, damage etc but as he is guarantor i'm pretty sure it would all become his debt.

This doesn't sound like a great basis for a relationship. Were you going to move anyway? it could be worth a call or visit to a Citizens Advice Bureau to answer questions. Do you think your DP may have been aware that if he is not listed on the tenancy agreement you would be able to show that to a bailiff as proof that he doesn't live at the address? he could well have been aware and thought if someone was stupid enough to let him stand as guarantor that was his way of protecting you, effectively making him liable for any rent you cannot pay.

If the bailiffs were to turn up and you told then he didn't live at the address and showing the tenancy agreement as proof, they may then check with the landlord or letting agent to see if he had ever been named as a tenant and they would probably hand over whatever address he gave as guarantor.

Do you really want to be in the situation where you are afraid to answer the door in case it's the bailiffs and not want to leave a window open as they can legally access through an open door or window?

How much did you actually know about him before moving in together? It sounds a bit like you have moved in with a stranger to you and you are unpeeling the layers of this person.

As another poster has said, you need to get legal advice. Also, get a copy of your credit record to ensure you are not securing these cards/debts in any way. You might be surprised how many people can forge signatures! I understand this will come at a cost but is there any budgeting services in your area? I would approach them if so to get help as per above.

Is there any reason why Partner cannot pick up temping work? Register with an employment agency in whatever role his career background is. Those type of jobs usually lead to something more permanent.

In the meanwhile, good luck. If you get a chance, try and take a step back with your relationship until you get to know this person thoroughly.

Right I’m not going to just dump him. That’s not how relationships work, he’s entitled to a chance. He is trying to get a job. He has a degree, studying masters on the side. He just can’t get a job.

My question is what responsibility I will or may have for his debt.

Did he have a job when he became your guarantor?

If he is guarantor for the rental, then he is completely responsible for the rent if you don't pay it, so he is the one carrying the financial risk not you.

11k isn't a huge amount of money if he's expecting to get a well-paid job soon. If he's looking for a low paid job and finances are tight, then his repayments would be a problem.

Bailiffs cannot take your stuff - but you will have to show it is yours - and they cannot take his tools of trade ie prevent him from earning a lliving, so they cant take a works van, tools, laptop, phone>

Bailiffs won’t come for CC debt either. Best thing he can do is ring the CC companies and fill out their online forms and get the cards frozen. Bailiffs can only cone after a CCJ and you are no where near that stage.

You have NO responsibility for his debt (unless it is on joint names)

You won't have any responsibility for his debt. It's in his name, and there is no legal basis for a creditor to pursue you. If he receives a Judgement, then a bailiff can only take his belongings

www.citizensadvice.org.uk/debt-and-money/action-your-creditor-can-take/bailiffs/what-bailiffs-can-take/check-what-bailiffs-can-take/

Ah ok that’s such a relief. Thank you all! Really need to clue myself up on financial stuff it boggles me a bit.

My mind boggles as to how he managed to be guarantor. As a pp said, ultimately, he is responsible for rent not paid as the guarantor. If anything, he’s actually showing you how much he cares, not the other way round. However, he really needs to get his shit together and start earning even if it’s not the job he wants.