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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11148
Experience:  30 years as a practising solicitor.
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Can i be made a guarantor just by showing bank account,old

Resolved Question:

can i be made a guarantor just by showing bank account,old style driving licence , national tust membership or bank account. I was asked to show this to slow down a house until their money came through. not asked if I would be their guarantor or for a loan
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.

Showing these documents would simply be proof of identity. To become a guarantor you would have to sign a document whereby you formally guarantee the obligations of the other party. The bank would send the papers to you and ask you to take independent legal advice on the matter. Happy to discuss further if you have more information. In the meantime I hope that helps. Please leave a positive rating so that I am credited for my time.

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Customer: replied 1 year ago.
Thank you for your answer. I was asked by a friend to show evidence of my financial security to their conveyancer, because their money was tied up and they wanted to secure a purchase on a house and needed to show some money to stop another buyer getting the house while their money came through. They are now not purchasing the house, but I discovered that the friend had told the conveyancer that the money was a gift or loan, whereas in truth, I was never going to hand over a penny. So anyway, they didn't use the details and the conveyancing firm has returned my paperwork, but now I am worried that the information could be used to set me up as a guarantor or a mortgage could be taken out without my knowledge. Do you think I have left myself open to fraud and if so, what do you think should be the best course of action to protect myself. I have already moved my money into different accounts, but I'm concerned that if a mortgage or loan is taken out and I'm named as a guarantor, I could be liable if my so-called friend doesn't keep up with payments. Or am I worrying unnecessarily? I do appreciate any guidance you can offer.
Expert:  JGM replied 1 year ago.

Thanks for replying. Dot seems that your for ends have taken advantage of your friendship by telling their lawyer something that wasn't true, presumably so that they could say they had access to your money for their own transaction. However, even that being the case, you would have to sign a guarantee to become a guarantor. You haven't done that so you can't be held liable for anything. However, don't help them like this again. I can understand why you were worried and hope that this post gives you some comfort.

Expert:  JGM replied 1 year ago.

Sorry, second sentnce should start, "It seems that your friends...."

Customer: replied 1 year ago.
I feel better for that. I was worried that they may forge my signature and somewhere down the line in the future, I might get someone knock on my door asking for money owed - but then that would be fraud, wouldn't it!?
Thank you very much.