Will You be my Guarantor?

I received a message from my eldest son on WhatsApp the other day …

“Hi Dad! Hope you don’t mind, but I’ve attached some forms for my new student accommodation. Would you mind just signing a couple and sending them back. The housing agent needs them by this afternoon. Ta very much!😁”

Sounds simple, doesn’t it? But as much as I love and trust my son, I also know he has a certain way of explaining things when he requires something: This usually involves a brief sentence with no information, ending in a smiley emoji!

But I’m no fool. (Well … at least not all the time!)

It is amazing how adept I have become over the years, at knowing exactly what he wants without him telling me what it is. And on this occasion, my Wise-Dad instincts kicked in like Seneca on speed …

He needs me to be a Guarantor for the property!

Now as I said before, I trust my son completely. He makes me proud every single day and I would literally walk over molten lava for him (Yes, a little over the top but he could be reading this. Hi Son!)

But before I even read the documents, I already knew what my answer would be …

“Sorry son, but … no!”

The fact is, being a guarantor for a rental property has so many pitfalls that even Indiana Jones is at risk of falling in and never being seen again. (Indy!!!)

If you haven’t seen one of these dodgy, but apparently ‘legal’ documents before, I can tell you that signing one could not only cost you some unpaid rent due to your child's expensive partying habits, but you could end up out of pocket by thousands!

The reason for this is that many of these enforceable documents (sign them at your peril!), include clauses such as:

Paying any rent shortfalls for any members of the property.

Paying for any damages to the property with ‘No Limitations.’

Payment of legal fees if any tenant is evicted.

Quite frankly, some of the terms can be so open ended you could end up being responsible when your child no longer even lives there. I’m not even joking!

I think the worst part of being a guarantor for your child however, is the potential risk of damaging your relationship. For example, imagine if someone in the property managed to flood it by leaving the taps on in the bathroom …

They all deny responsibility but can’t afford to pay, so later down the line you receive the bill. Whether it was your child's fault or not, it is certainly going to cause tension between you. It’s just a natural human response.

So going back to my son’s predicament, rather than telling him to just find somewhere else to live with his student friends, I advised him to use another ploy instead …

“Just ask the Landlord if he wants your damn money or not!”

The fact is, my son has enough money to pay his rent and can also pay insurance for any unforeseen property damage. So I just told him to offer three months rent up front, and guess what? It was accepted without a guarantor!

It’s funny how often people change their minds when you threaten to pull out of a deal.

Unfortunately, his other student friends went to their parents with the same guarantor form, which they unwittingly returned back signed and sealed. After reading the form myself, I don’t think they realise what they have got themselves into. Anyone know a good lawyer?

Thanks for reading.

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Originally published at https://medium.com/never-stop-writing/will-you-be-my-guarantor-b10455d874f2