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A warning guarantor agreements...

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paul967 · 07/08/2018 13:57

I am not sure whether this is the correct area and as I am typing this I am beginning to regret it! I don't want to be abused here. However, I think it is important for parents to understand the ramifications of being a guarantor...

I am a private landlord to a 21 year old, his girlfriend and their two babies. The boy's Dad is a guarantor. Long story short the boy hasn't paid the rent on time at all and is a prolific liar. I am now dealing with the parent to resolve the issues. So, here goes:

Before you enter a guarantor agreement be clear what you are signing up for! I didn't know... I didn't understand - no-one cares!

I can't afford it - yes, you can you were credit checked, if you have to take it out of your savings that is your problem. I also don't care if you can't afford it!

If your child turns out to be a bad payer/does a runner what do you think the landlord will do.

That all seems harsh - I know. I the landlord have a mortgage, accountant fees, insurances to pay for I cannot say I haven't been paid the bank will say: 'I don't care!'

If the renter you are guaranteeing does a runner the landlord is not allowed (by - law) to re-enter the property and rent it out.... just in case they return! This is the law not malicious behaviour by the landlord.

At the moment I am discussing with the Adult that the kid and his family move out breaking the contract... It is not in my interests keeping the boy there with his Dad struggling to pay... they are liable to pay rent up until it is re-let (up to the end of the contract) HOWEVER it is incumbent on me to ensure I have done everything to mitigate my losses.

Even if he (the boy) waits to be evicted the guarantor can be liable for all costs up to that point!

PLEASE people have a look at County Court Judgements and the steps I can go to - to recover my losses. Attachment to earnings.... attachment to property.

I know as parents you all want to do the best for your child... I understand that but think very very carefully before entering this sort of agreement. I am dealing with a Mum and a Dad now that have said they regret entering this agreement...The boy doesn't care! It is being left for me (the landlord) and his Dad to sort this mess out while the kid runs around in his lease car on his Iphone 10

This post is not meant to provoke or prod or to throw accusations around - it is a warning to parents. Please be careful - as soon as the situation looks dicey talk to the landlord/phone company/loan company... Get in front of the issue.

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