Guarantor

bethrm

6

Will student housing accept my guarantor if they have been bankrupt?

Reply 1

999tigger

19

Original post by bethrm

Will student housing accept my guarantor if they have been bankrupt?

You will have to ask them if there are any criteria for a guarantor.
Presumably they are no longer bankrupt.
Is this uni owned?

Reply 2

jwavez

11

It really depends on the guarantor's current financial situation. Some accommodation landlords ask for guarantor's living history. If your guarantor was bankrupt more than a decade ago and is doing well now, it should be fine. To be on the safe side, I would suggest finding a guarantor who has had a solid financial track record for up to a decade. Keep in mind though, guarantor details are merely part of the initial documentation process to help secure a tenancy. You must make sure you are able to pay for your accommodation charges regularly to avoid any penalties.

Reply 3

bethrm

OP

6

no it’s not uni owned!

Reply 4

bethrm

OP

6

Original post by jwavez

It really depends on the guarantor's current financial situation. Some accommodation landlords ask for guarantor's living history. If your guarantor was bankrupt more than a decade ago and is doing well now, it should be fine. To be on the safe side, I would suggest finding a guarantor who has had a solid financial track record for up to a decade. Keep in mind though, guarantor details are merely part of the initial documentation process to help secure a tenancy. You must make sure you are able to pay for your accommodation charges regularly to avoid any penalties.

I can’t get another guarantor unfortunately

Reply 5

jwavez

11

Original post by bethrm

I can’t get another guarantor unfortunately

Well in that case, have a few accommodation places in your list so that you have back-up if one doesn't work out. ATB!

Reply 6

bethrm

OP

6

Original post by jwavez

Well in that case, have a few accommodation places in your list so that you have back-up if one doesn't work out. ATB!

See myself, landlord, and guarantor have all signed the tenancy agreements etc, but they’ve sent credit checks to all the guarantors now. There’s been no problem with my guarantor for the last two years but at a different accommodation so I’m hoping it’s the same?

Reply 7

jwavez

11

Original post by bethrm

See myself, landlord, and guarantor have all signed the tenancy agreements etc, but they’ve sent credit checks to all the guarantors now. There’s been no problem with my guarantor for the last two years but at a different accommodation so I’m hoping it’s the same?

So by credit checks, I am presuming your guarantor is now expected to make future rent payments?! If so, and if your guarantor is able to make them, it should be fine. I had earlier presumed you were in the review process with your landlord for the accommodation. Yes, in most accommodations, the review process will entail guarantor details. They will review your guarantor details / documents prior to finalising the tenancy.

Reply 8

bethrm

OP

6

no they’re not expected to make them, they’re the guarantor and i’m the tenant who will pay the rent, but the student company has got a company to do credit checks on all of our guarantors which is why i’m worried incase they decline my guarantor

Reply 9

jwavez

11

Original post by bethrm

no they’re not expected to make them, they’re the guarantor and i’m the tenant who will pay the rent, but the student company has got a company to do credit checks on all of our guarantors which is why i’m worried incase they decline my guarantor

Oh, I got it now. If they check guarantor credit history for up to 2 years, you could be in the clear. If not, you might not be so lucky. Just to be sure, I would say to have a few options for accommodation. Not all landlords are going to be very particular about guarantor checks. In some cases, they just want details to forward any claims to if the student is not able to make the rent payments. So I would still say to keep a few accommodation options with you just in case one doesn't work out. In that way, you will still wind up with an accommodation in the end.

Reply 10

bethrm

OP

6

Nerve wracking, there’s no other accommodation options so I’m praying they’ll still let me have a tenancy even though everything’s already signed. Surely if I provide them with a letter from my previous accommodation stating I’ve always paid on time that may help.

Reply 11

jwavez

11

Original post by bethrm

Nerve wracking, there’s no other accommodation options so I’m praying they’ll still let me have a tenancy even though everything’s already signed. Surely if I provide them with a letter from my previous accommodation stating I’ve always paid on time that may help.

It's a little surprising that you can't have more than one accommodation options. Well good luck with this! And yes, you can provide any previous letters! For your sake, let's hope that the landlord accepts the application and provides you with the tenancy! Do update once you have heard back from the landlord!