Accidental disclosure

I’m sorry it’s taken me a while to get back.
Thank you all very much for all your comments, cautions and kind advice. Definitely food for thought.

Typically a guarantor would help a relative buy a house, if the relative defaulted on payments for whatever reason you would be liable for all payments including any loss in value of the property. In short you could have to sell your house to pay their debts.

If it’s any sort of business venture, if you can afford to give them cash to help fair enough, but don’t guarantee any loans.

I agree with Esspee & Welbeck please take care, being a guarantor is a very risky thing to do. Financial situations can change quickly and you could be left with a big debt.

Credit karma is a free service and they alert you if anyone tries to take out a loan in your name. Check your bank statement regularly. Risks are probably low. Try not to worry!

I am more concerned that you have agreed to be a guarantor for a family member.
Are you extremely wealthy that you can afford to cover their debt? If so I apologise.

being a guarantor is a very risky thing to do.
you realise you could be left liable for the entire debt and costs.

for a fee, Experian offer web monitoring, to check for ID fraud.

www.experian.co.uk/consumer/index.html