How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask ukfamilysolicitor Your Own Question
ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 855
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
74916426
Type Your Law Question Here...
ukfamilysolicitor is online now

Can a garantour on a loan be made pay loan every month when

Resolved Question:

Can a garantour on a loan be made pay loan every month when person who took out the loan keeps defaulting.
Submitted: 11 months ago.
Category: Law
Expert:  ukfamilysolicitor replied 11 months ago.

Hello

Welcome to Just Answer

unfortunately the answer is Yes. The lender would likely seek that the guarantor pay any missing payments. A Guarantor loan is a legal agreement whereby a loan is approved between a bank or lending agency and a borrower on the assumption that a third party will cover the loan if the borrower defaults.

The would also have to be aware that a guarantor may have to pay all of a loan repayment if the person defaults. The loan may also be tied to the security of a property of the guarantor so there can be risks.

Kind Regards

Expert:  ukfamilysolicitor replied 11 months ago.

Hello

This question remains unrated. If you could kindly star rate our service then we will receive credit for helping you - otherwise we don't and the site keeps your fee. Please note that your question remains open when you star rate our service and I am able to answer your follow up questions for free.

Kind Regards

Caroline

ukfamilysolicitor and other Law Specialists are ready to help you