DH got a call from his brother today, asking if we could be guarantor for their rent, since BIL and SIL are both not working. I can understand them coming to us because it has to be someone working (DH has a good job, I am on maternity leave from mine). DH's parents are retired, so cannot be guarantors. SIL's mum is on benefits, and her dad's company is going out of business, so soon he won't be working either. Basically there is no one else to ask.
However....DH and I are both more than a little nervous about this. If something did go wrong, we cannot financially afford to cover their rent, not even for a month. We have our own mortgage, overdrafts, and bills, and though we are slowly clawing our way out of debt, we are still living paycheque to paycheque.
BIL and SIL seem to think this isn't a big deal, that it's as simple as sticking DH's name on. I think it involves credit checks, which we'd rather not have as there were loads in the last 8 months when we bought our house. I'm not even sure DH could be accepted as a guarantor anyway--surely he'd have to prove he could cover their rent, and a credit check would reveal we simply can't!
Anyone been a guarantor and know how it works? Would like to have all the information before we most likely have to say 'No' and have them get all pissed off with us.