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ukfamilysolicitor, Solicitor
Category: Law
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Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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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: 1 year ago.
Category: Law
Expert:  ukfamilysolicitor replied 1 year ago.


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.

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Expert:  ukfamilysolicitor replied 1 year ago.


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