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What if I am not agreeable to the changes made in the terms and conditions to the loan granted to the borrower after the contract of guarantee has been signed?

Most financial institutions would include the right to vary the terms and conditions of the loan agreement.

It is therefore important for a prospective guarantor to read and understand the implications of the guarantee and seek independent legal advice, where necessary.

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Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Knowledge Base ID :   1216
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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