Oh, I Didn't Know......
Hi, we have used guarantors with great success over the years. Their contribution towards timely settlement of accounts has been used to great effect many times.
However, we are starting to experience an oft used guarntor's excuse when pushed for arrears which basically runs "I didn't know what I was signing". This has culminated in two solicitors writing to us regarding two different guarantors telling us to back off.
What can we do to prevent this? We have a guarantor application form which clearly states they are liable to pay the rent and meet the cost of any damage. They fill in their details allowing us to do the credit check. They then sign the deed of guarantee (based on the RLA model)on the move in date which is bound into the ast. Three copies of the ast are generated, one for us, one for the tenant and one for the guarantor.
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