Credit and Loans Subcategories

Subcategories are listed below to provide more narrow searching within the Credit and Loans category.

Knowledge Base Issues

What are the rights of a guarantor?
There are certain rights accorded to you as a guarantor before and after signing the contract of guarantee. These include: The right to obtain a copy of the letter of guarantee or contract of...
If I decide to be a guarantor, do I have the right to be informed of the status of the borrower's account?
You have the right to be informed of the account you guaranteed, subject to the borrower's consent. Guarantors will normally receive a carbon copy of the reminder letter which was sent to the...
Can I be made a bankrupt in the event that the borrower does not repay his or her loan to the financial institution?
Yes. If the debt is equal or more than RM30,000 as defined by the Bankruptcy Act 1967, the financial institution can take bankruptcy action against you to recover the debt. Back to Guarantors'...
What are the liabilities of a guarantor?
More often than not, guarantors willingly sign the contract of guarantee without fully realising the impact it may have in the future. Therefore, it is extremely important for a prospective...
Guarantees are normally given in favour of the financial institution and it is normally a standard document written with legal terminology. I do not understand them. What do I do?
You can request the bank officer to explain the legal implications to you or if you choose to, you can have the guarantee explained to you by your lawyer. Don't sign the guarantee if you are not...

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