Being a Guarantor
Money Box
BBC
4.2 • 804 Ratings
🗓️ 19 January 2022
⏱️ 33 minutes
🧾️ Download transcript
Summary
Would you ever consider being responsible for someone else’s mortgage? Or their rent? Or a debt? What if it was someone you loved and wanted to help?
That’s exactly what guarantors agree to do. Felicity Hannah, callers & an expert panel discuss how it works, why it’s needed and what happens if something goes wrong.
We hear the experience of Philippa, Clare, Peter, Tim & Geraldine alongside advise from:
Jayastri Lowe, Money Advice Manager for Citizens Advice Stoke-on-Trent and Staffordshire North. John Wightman, Head of Practice for Lending & Affordability at the Financial Ombudsman Service. Gary Rycroft, senior partner & solicitor at Joseph A. Jones & Co, based in Lancaster.
And you are access more information about being a guarantor via: www.citizensadvice.org.uk/housing/renting-a-home/using-a-guarantor www.financial-ombudsman.org.uk/consumers/complaints-can-help/credit-borrowing-money/guarantor-loans
Producer Smita Patel Editor Emma Rippon
Transcript
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| 0:00.0 | You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one. |
| 0:06.5 | I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds. |
| 0:11.2 | I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects, |
| 0:16.0 | relationships, identity, comedy, even one that mixes poetry, music and inner city life. |
| 0:22.4 | So one day I'll be helping host develop their ideas, the next fact-checking, a feature, |
| 0:28.3 | and the next looking at how a podcast connects with its audience, and maybe that's you. |
| 0:33.6 | So if you like this podcast, check out some others on BBC Sounds. |
| 0:39.5 | BBC Sounds, music, radio podcasts. |
| 0:43.6 | Welcome to the download of Moneybox Live, the program about your money. |
| 0:48.0 | Having a parent or friend agree to be a guarantor, someone who promises to pay if you don't, can be life-changing. It can be the difference |
| 0:55.6 | between being able to rent a flat, take out a loan, or even buy a first home. But if it goes wrong, |
| 1:02.1 | then that can be life-changing for the guarantor, and not in a good way. Today on Moneybox Live, |
| 1:08.1 | we have an expert panel waiting to answer questions on guarantors, |
| 1:12.6 | what difference having one makes, what you need to know before agreeing to be one, and what the risks are. |
| 1:18.5 | Before we meet today's panel, let's hear from someone who needed a guarantor. |
| 1:22.2 | This is Philippa, who got in touch to tell us how having one made all a difference to her. |
| 1:26.7 | My dad wanted me to be on the property ladder. |
| 1:30.0 | I was a student at the time, so the only real way for it to be affordable was for me to have a guarantor. |
| 1:37.4 | And so my dad took that on. |
| 1:39.5 | We were really aware of it as a legal agreement. |
| 1:42.4 | It's really important that you read any document that |
| 1:45.7 | you are signing together, but also because this is about a relationship to be confident in that |
... |
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