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If I default in my hire purchase payments, can the banking institution claim from my guarantor?

Yes.

Your banking institution can claim the payment from the guarantor because the guarantor has agreed to undertake the liability to repay your debt in the event of your default.

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Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)


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Knowledge Base ID :   1322
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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