Having issues with securing a guarantor!
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Having issues with securing a guarantor!Hi guys,
Basically my Dad is not in a financially stable position to be my guarantor and doesn't want to risk loosing his house by saying he can pay my rent to bail me out if the worst case scenario were to happen, as he cannot.
I have constantly told him that I will pay my rent and will be paying months in advance and am working on getting a job whilst at uni. This isn't convincing him either. I've explained that it is a legal requirement and we cannot move in until all paperwork is signed and all admin fees/ first month of rent is paid (another issue).
My Mum is also not in a strong financial situation and could not help me if it came to that situation either. I do not have any other family members able to help :/
My Dad has told me about an insurance policy that could be used for tenants who cannot secure a guarantor, however I have read the specifications and the company require the tenant to take out contents insurance with them in order to have the combination of contents insurance and covering the tenants back if something were to go wrong with rent. I personally would rather take my contents insurance out with Endsleigh as they are the leading Student Insurance company!
I am so so stuck with what to do, please please help me? -
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Re: Having issues with securing a guarantor!a lot of student places ask for a guarentor(Original post by Tycho)
You might need to share with other students. Not all accommodation will require you to have a guarantor, especially if there are lots of you and it's designed specifically for students. -
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Re: Having issues with securing a guarantor!My shared student house asked for a guarantor too.(Original post by Tycho)
You might need to share with other students. Not all accommodation will require you to have a guarantor, especially if there are lots of you and it's designed specifically for students.
Perhaps you could set up a joint bank account with your dad (or add him as a third party on a separate account of yours), pay enough student loan into there to cover your rent as soon as the loan comes in, and then use that account to pay the loan?
That way he will always be confident that the money will be there to pay the rent.
Are you confident of always being able to pay the rent on time?
