You will need
- - analysis of all the risks to which you will go, becoming a guarantor.
Collect information on the creditworthiness credit of the person for whom you will vouch for. Consider such traits as discipline, commitment and thoroughness. Check to see if he would take credits and how to return them. Ask whether he needs the loan and how he plans to use it. If at this stage you have any doubts, immediately discard the surety.
Determine whether you will be able, if necessary, to pay the loan for the borrower. If such payments are excessive or you are bonded, reject a request of sponsorship.
Think about if you will need in the near future to take out a Bank loan. The Bank when considering granting you a loan will take into account the fact that you are a guarantor, and with high probability will refuse. Directly and clearly explain to the borrower the reason for the refusal of bail. Do not think that you can spoil friendly relations with him.
Discard the loan payments under the guarantee agreement if the Bank has not informed you about significant changes in the contract, which have for you an increase in responsibility or other adverse consequences. In this case, the Bank was supposed to bring with you written consent to such changes.
Advice 2: How to force the guarantor to pay
Your friend asked with an ambiguous request to become the guarantor of the loan. To deny uncomfortable. And that can happen? Comrade has a stable job. The contract is an empty formality. Take your time. Ask what he will do in the event of a life-force majeure? It is once the borrower to defer payment of payment Bank immediately remember the one who vouched for him. Your shoulders will bear full financial responsibility for the loan.
You will need
- - guarantee agreement
- - a copy of the credit agreement
- - certificate of personal income tax
- - copy of the Russian passport
Urgently contact your friends. The Bank's goal is to get your money back. Therefore, in case of delay of monthly payment, an employee of the credit institution will call the bondsman and verbally will be asked to make a payment for the unlucky borrower. You need to determine the cause of the delay, to know how to proceed. Sometimes the culprit is simply a misunderstanding, and the situation will resolve itself. Otherwise, be prepared to fork out.
Do not hide from the Bank employees. Go to the contact. Let all the addresses and phone numbers of unscrupulous friend. As a rule, banks are trying to the last to repay the debt from the debtor and only in case of his incapacity, full of insolvency or death, turn to the guarantors.
Convince the borrower to sell personal property and to repay the debt. If it is already in Deposit, the Bank may without the borrower's consent to put it on the market. The guarantor will pay only the difference, if value of property sold is not enough for full repayment of the loan.
Remember that to get to pay the guarantor for the loan is possible only through court. You are called to justice - hire lawyers. If the guarantors are a few – require that the amount of debt was divided at all. But the payoffs can be uneven – depending on the life circumstances of each. If you still had to pay the debt for the borrower, that now it is up to the surety all the rights of the creditor. Now you're going to court to demand his money back.
If you cosigned for a spouse, you do not cease to be one even after the divorce. You can't voluntarily refuse to be a guarantor. This can be done only if you find yourself a replacement that will suit the Bank.
Is the advice useful?
To get away from forced payments, if the Bank has addressed to the guarantor within six months of delay, or guarantor unemployed, has no property, pays seventy percent of income for child support. Otherwise, the court's decision is likely to be on the side of the Bank.
Do not try to escape from paying of the loan with the help of this method, such as avoidance of contact with Bank employees. To solve the problem this way you will fail you will only delay and worsen.
If you still had to fulfil its obligations under the guarantee, will get the Bank documents, which certify the requirements of the Bank to the borrower. From this moment on you are a creditor of the borrower and may demand from him not only the return of the amounts you paid, but interest payments as well as reimbursement of other losses incurred by you in connection with the liability to the Bank.