Standing As Guarantor

buttons77 | 21:55 Thu 11th Dec 2014 | Law

21 Answers

My sister and her husband are splitting up. They have substantial debts and she has asked me to stand as guarantor for her on a flat she's wanting to rent. I am quite happy to do this for her but is there any chance that I would be liable for any of her/their current debts.
Any advice would be greatly appreciated - I very willing and able to help her but the thought of being dragged into their financial mess is scary!!

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Buenchico

Best Answer

The only person who will know that you've guaranteed a specific debt (i.e. the rent) is the person to whom that debt is owed (i.e. the landlord). Other creditors will have no knowledge of the guarantee, so they won't even know that you exist. Even if they did, they would have no right to pursue you for debts which you've not chosen to associate yourself with.

22:00 Thu 11th Dec 2014

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themas

She may well need help with her debts. There are various ways of dealing with them, depending on her circumstances and what she wishes to do. If she needs advice make sure she contact a free advice service - local CAB or Stepchange are two.

And if her credit rating is bad now because of the debts it may well be that she wouldn't be able to rent without a guarantor anyway because landlords & agents normally insist on a credit check before agreeing to let.

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