Increasingly, there are problems related to the guarantee for the loan taken by someone from relatives or friends. It is difficult to refuse to friends in a small request - to become a guarantor in the bank and help make a loan, it seems to be empty formality. Most of these stories ends safely, but there are situations with negative consequences. After all, the capture of the loan is beneficial and recipient, and the lender, and the guarantor gets only problems - all financial responsibility for overdue payment without the right to property acquired on credit.
1
Do not agree thoughtlessly to take on financial obligations. Friends of you are roads, but the debts on the loan can be even more expensive. Find out what commitments you take on. Do not forget - your financial well-being depends on your solution. Check the documents and registration of the borrower.
2
Carefully examine the loan agreement. Observe, really need a guarantor in this case. When the borrower issues a loan with guarantors, banks not only willingly give larger amounts, but also often reduce the interest rate on the loan. After all, the risk of bank is significantly reduced in this case.
3
Remember that the guarantor is borne by the same responsibility for the repayment of the loan taken, as well as the borrower himself. In the amount paid to the bank, the credit itself includes accrued interest on the loan. If the borrower stopped paying interest on the loan, the bank shifts the debt to the guarantor. There was a repeated delay in the monthly payment - the bank requires timely payment and from the guarantor too.
4
Find out from the future borrower a total amount of payment and credit conditions. To this amount, add interest and payment fees and loan design. Find out exactly what time a contract is concluded, and count whether you are able to pay a loan in a timely and painlessly the guarantor in case of force majeure.
5
Be sure to ask the future borrower if its monthly income is sufficient in order to hold the loan payments in a timely manner. If the income is not large enough and, in addition to monthly payments, hardly enough for food, then the delay of loan payments will be, and on them the bank will accrue penal. Its and detainees banks can also force the guarantor.
6
Keep in mind if the delay in the loan payment continues, the bank will take action - will appeal to the court. Judicial costs pays the borrower if it is not solvent, then they will have to pay to the guarantor. If the bank charges a very large amount, the guarantor may lose part of his property: the countryside, the car, sometimes even an apartment. Exception from this list is a property belonging not only to the guarantor.
7
Remember, if you still decided to become a guarantor on a loan, and the borrower will be not solvent, you like it in the list of unwanted clients of this bank. Once as a guarantor on this list, you will not be able to take a loan in this bank in this bank.
8
Never leave your documents unattended, do not let anyone make photocopies from them. According to your documents, there may be a loan or shifting you the obligations of the loan guarantor, fake signatures. When exciting the court case, you can win it, but your nerves spoil.
You as a guarantor is not obliged to pay for the borrower if: he crushed the payment for more than 6 months, and the bank appealed to you for the first time, during which time you became unemployed, do not possess property or pay 70% of income. Otherwise, the bank will win the court. In the current negative situation there is one plus - if you have paid for debt obligations for someone else's loan, you can demand them from the borrower upon court. To reimburse your costs, all necessary documents will submit to you upon request.
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