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ukfamilysolicitor
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

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Can a garantour on a loan be made pay loan every month when person who took out the loan keeps defaulting.

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.

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