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Rent arrears with guarantor

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a few months ago I started a letting to a family using openrent. The tenant did not pass the credit check because he was a contract worker but they successfully applied with a guarantor.
Now four months after they moved it they started to have financial difficulties. Last month was paid in full in instalments as they did not have the cash. The current month is again late, they have managed to pay 50% of it and the next rent is due in four days...
Every time I contact the tenant he tells me he is going to pay in 2-3 days and of course he doesnt, he even told he was waiting for the council to give some help but I am not sure if he eventually managed to get anything.
The guarantor is not really interested, I rang a couple of times but all I got from her was "oh dear!".
I am now starting to get the increased pressure from the mortgage with no revenues and I am afraid this will be a problem.
The contract I have is AST for one year (still 7 months to go).
I would appreciate any advice regarding the matter as this is my first buy to let business.
Many thanks
15/08/2015 17:52

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