Advertisement

How do I withdraw as a loan guarantor?

A guarantor may request to be released from the guarantee.

However, the decision is up to the financial institution. The financial institution may:
  • Agree without conditions

  • Agree subject to an equivalent replacement guarantor. However, this is subject to the new guarantor agreeing to assume the present, past and future liabilities of the existing guarantor

  • Agree subject to part of the debt being repaid

  • Disagree unless the principal debt is fully repaid

  • Demand repayment of the entire debt


Back to Guarantors' Contents


Reprinted with permission from BankingInfo (A Consumer Education Programme)


Back to the top



Sponsored Links

Share this page

Notes
Knowledge Base ID :   1207
Last Reviewed :   May 22, 2014
Source :   BankingInfo
Tags :  

Related Knowledge Base Issues