Guarantee for a loan: responsibility - how to avoid it? Recommendations of specialists

How often do people who decide to take a loan need a guarantor? It is often necessary to enlist the support of a person who will confirm the level of income and agree to be liable if the borrower has problems with payments on the loan. Many financial institutions agree to give out a large amount of cash only if the client leads several guarantors. However, not everyone is ready to take responsibility. It would have been much easier if the guarantor had not owed anything to the bank.

Before agreeing to a deal with the bank as a guarantor, it is worthwhile to clarify all the nuances.

It is important to know

There is such a thing as liability for a loan guarantee. What's the point? If the borrower does not cope with their debt obligations, they fall on the shoulders of the guarantor. That is, by agreeing to this kind of transaction, the client undertakes to give the bank the entire amount of the loan. It is not accidental that relatives and close friends often act as guarantors. These people are sure that the borrower will cope with its obligations and there will be no problems with the financial institution. However, situations are different.

In general, there can be several guarantors. And everyone is equal in his duties to the bank. When signing a contract with a financial institution, it is worthwhile to specify in advance the nuances. It is necessary to agree only on completely "transparent" conditions.

Analyzing the situation

It is very strongly recommended to analyze all risk levels when taking a guarantee for a loan. It is necessary to clearly assess the borrower's capabilities. Agree to the transaction only for friendship is not worth it. The first thing that a guarantee for a loan requires is responsibility. How to avoid it? It's difficult to answer the question. If a person signs a contract with a bank, he must follow his terms.

Often there are cases when a person begins to pursue a loan, which he did not take. As a result, it turns out that a few years ago had to be a guarantor from a neighbor or relative.

What is worth considering?

Every guarantor for the loan avoids the responsibility, even if the chance that the borrower does not pay his loan is negligible. Therefore, before agreeing to the next, it is worth studying the basic nuances:

• The solvency of the borrower is the first thing that should be paid attention. After all, a guarantee for a loan is a responsibility. How to avoid it, if you personally had to sign a contract with the bank?
• It is worth considering the nature of the borrower. Very important are such indicators as discipline, reliability, pedantry.
• Preliminary it is necessary to find out everything about the surety on the loan: the responsibility, how to avoid it, under what conditions it will be possible to refuse the contract, etc.
• The future guarantor is recommended to check the borrower's credit history.
• It should be clarified why you need a loan, where money will be spent. A person acting as guarantor of a transaction has the right to know everything about it.
• If there are any doubts, the transaction should be abandoned altogether.

Observance of simple rules will help to keep your nerves and financial savings. The guarantor can only become if there is full confidence in the borrower.

On a note!

In addition, the guarantor needs to understand whether he himself will be able to pay a loan in case of something. It should be noted that people with low income can not become guarantors of transactions with the bank. The financial institution agrees only on those guarantors who can actually pay the debt in case of problems. However, no one will want to pay money for another person. How can a guarantor for a loan avoid possible problems? The only way is to agree only on a win-win deal.

There is one more nuance to which you should pay attention. Financial institutions often look at the credit history of the client, who aspires to become a surety. In addition, the person who is responsible for foreign debt obligations, is losing the chance to use the services of the bank. It is not always possible to take credit for the person who already acts as a guarantor for someone.

How to find a way out if the borrower does not cope with the obligations?

If an unpleasant situation does occur, the client does not pay the loan, and the bank turns to the surety, once again carefully study the contract. Experienced lawyers argue that some items can be treated in different ways. The guarantee for a loan is the responsibility. How to avoid it, tell an experienced specialist. However, the lawyer will have to pay for the services. Absolutely without losses it is unlikely that everything will be settled.

The guarantor can file a claim with the bank. The ideal solution will be the execution of an additional agreement, under which it will be necessary to repay the debt on more loyal terms.

Another option is a claim for insolvency of the guarantor. It is only necessary to file documents confirming the absence of income. The court will succeed if the guarantor can not work for health reasons. We will have to provide official medical certificates.

And what about the borrower?

It is worthwhile to understand that the responsibility lies first of all with the client who has formalized the loan agreement. The guarantor is only a secondary subject. However, many financial institutions, without waiting for payments within a few months, begin to put pressure on the guarantor, but forget about the borrower. How to be in this situation? How to avoid the responsibility of the guarantor? All you need to do is to contact the borrower. And in this situation you can go to court. But the lawsuit will have to be submitted not to a financial institution, but to a person who borrowed money.

Through the court it will be possible to squeeze from the borrower the amount that he owed to the bank. In rare cases, responsibility is shared equally between the parties. This situation is possible if the borrower for a number of reasons can not cope fully with the debt obligations and provides certificates confirming its financial position.

When does the bank have the right to demand repayment of the loan from the guarantor?

There are a number of situations in which a financial institution legally has the right to demand payment of a debt from a person who acts as a guarantor. However, some banks may resort to threats in other cases. Therefore, every person who consents to a suretyship must know their rights and obligations. The list of situations in which it is necessary to pay someone else's debt is not so great.

• The borrower stopped paying the loan and did not contact the bank.
• The borrower became incapacitated and physically unable to receive income sufficient to repay the loan.
• Death of the borrower.

It is worth noting that from any situation you can still find a way out. The most difficult is the third point. But even if the person who takes out the loan dies, the guarantor can count on the insurance of his life. If such a contract was formalized, part of the refund can go to pay the loan. But it is possible that they will also have to go to court. If a person has lost his ability to work, he will receive a pension from the state. And in this case it will be possible to count on a positive outcome. Through the court, if desired, it will be possible to achieve a restructuring of the loan agreement. Debt payments will occur in minimal installments, based on the size of the borrower's pension.

In what situations can the guarantor challenge the bank's decision?

If the borrower still stopped coping with his promissory notes, as a guarantor to avoid payments on the loan? First of all it is necessary to disassemble situations in which the client has the right to challenge the bank's decision. It is worth remembering that a financial institution can demand payment of a debt from a guarantor no later than 6 months after the borrower has ceased to cope with its obligations. If it has already been more than six months, the guarantor of the transaction has the right to challenge any decisions of the bank.

There is another situation that often happens. If the borrower does not pay the debt, the banks begin to demand the return of money from relatives. It turns out that they did not know that the contract was concluded. It is important to know that the surety is confirmed by a signature. If no documents have been verified, then there are no obligations to the bank!

The guarantor will be able to refuse payments on the loan if he pays alimony for an amount that exceeds 75% of his monthly income. However, the problem will have to be solved through the court.

Insolvency of the guarantor is also an occasion for refusal of obligations to the bank. The state of health of the client must be officially confirmed by a medical certificate.

How can a guarantor avoid liability for a loan? Let's sum up the results

Before you sign any contract with the bank, you should weigh the pros and cons. Agree is only on that deal in which you can be sure. It is worth remembering that the guarantee for a loan is a responsibility. And how to avoid it? First of all it is necessary to learn your rights and responsibilities. After all, often the requirements of financial institutions are absolutely illegal.