Become a loan guarantee is a serious step. It is necessary not to just trust your borrower, but also to be confident in his solvency, to know how his financial affairs. If you have committed such a step, it is still necessary to get rid of the guarantee.
1
The most favorable for all option to stop the guarantee is the repayment of all debt borrower in front of the credit institution. At that moment, when the amount was redeemed and the loan agreement was executed, the contract of guarantee ceases its effect.
2
The guarantee agreement indicates the period for which it is given. If the term has expired, respectively, the guarantee ceases its action. Not always, the term of the guarantee may coincide with the term of the loan agreement of the borrower. The contract may indicate the responsibility of the guarantor only before the maturity of the part of the principal debt.
3
If the contract is not registered in the contract, the guarantee is terminated after the expiration of the year on the occurrence of the fulfillment of obligations by the guarantor. But provided that this year a credit organization does not suit the lawsuit. If the deadline for fulfillment of the obligations is not defined by the guarantee, the obligations are removed from the guarantor after two years from the date of signing the contract of the guarantor.
4
By law, the guarantor has the right to refuse its responsibility for a loan in case of changing the terms of the loan agreement without the consent of the guarantor. For example, when refinancing or restructuring a loan. With such changes, the guarantor is growing, it must give his consent to the bank.
5
At any time, the action of the loan agreement can be rid of the guarantee by providing a new guarantor. If you find a person ready to take commitments to yourself, you will be able to discontinue your contract of guarantee. But it is worth remembering that the new guarantor must be approved by the bank, and the borrower.
6
You can get rid of the guarantee when changing the borrower. For example, the bank transferred a loan to another person due to the death of the borrower or for other reasons.
Before signing a guarantee contract, it is best to show his lawyer. It will help to correctly interpret all the terms of the contract, your rights and obligations so that there are no surprises in the future.
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