People always some reason it seems that all sorts of trouble and disorder can occur only in the movies or neighbors. And television advertising about winces doorbell man looks a bit exaggerated. That's right, he did not pay taxes, and you something to be afraid? Taxes you pay, and consequently, sleep tight. All the propaganda slogans, respectively.
But it turns out that the fate of the "unfair" citizen of advertising (shudder and fear a visit from the bailiffs writ of execution) can easily become your everyday life. Remember, do not include any one of the periodically provided to you family and friends for favors not guarantee the loan? If the answer is yes, then the unenviable fate And this can touch and you.
Do you want to lose a friend - become guarantor
At first glance, quite a common situation. My favorite friend asked you to be her guarantor bank. What follows is a colorful description of the profitability of the loan, the minimum risk, mention how long you've know each other, and eloquent enumeration of all the urgent needs and requirements of its new business. You listened to her attentively, smiled and nodded in the right places. You think about what you really know for a long time, so why not accept? Sign the necessary documents in the bank, not bothering much careful consideration of all points of the loan agreement. And forget about you provided "shallow" service.
A few months later you receive in the mail a letter from the bank that the loan, take your girlfriend, has accumulated a decent debt. And the bank filed a lawsuit demanding to reimburse the amount of the debt, with interest and penalties for late payments. A friend, a close friend and a very long time, the phone does not answer, and the next child of its financial genius a month as a number sunk into oblivion.
And now you have become hostage to the very paradoxical situation, when you have to flinch at every ring at the door, and the idea that the coming day prepares you gradually develops into a bit obsessive. A further scenario is gradually starting to remind you of a Hollywood drama. With endless courts of another's debt payments and a solemn oath to myself that never, under any circumstances, you will not become a guarantor.
Do not think that all of the above exaggerated, pumped specifically to scare you. Quite the contrary. Let's try to examine the situation thoroughly, isolate errors and find ways to avoid them in the future. It is better to try to take into account possible errors imagine such a situation, rather than face her completely unprepared in real life. Let's start from the beginning.
How not to become hostage to the bank
If we start from the exact wording, a guarantor - a person who takes on the responsibility to the creditor for the fulfillment of obligations by the debtor
. So you vouch that your girlfriend to fully pay the loan taken
. And you believe it so much that they are willing to vouch for it
. And now, read carefully - instructed not only in words but their own property or own funds
. And so if you are well aware of the financial solvency of the person for whom gathered vouch? Do not hesitate, because you run the risk of their own means and, importantly, nerves, so please read this very carefully from the point of view of the girlfriend of the guarantor
. Inquire at the bank where she might have took a loan
. Ask your friends in common, how often it takes the money and gives them there in time
. In this matter there are no trifles
. And if you have something embarrassing, better give up to be a guarantor
. If true friend, she will understand you
. And if not, then, as they say, you're left with the advantage of
Carefully read each item of the credit agreement. Especially those items that relate to liability of the guarantor in case of non-payment by the debtor of the necessary sum. And best of all - consult a professional lawyer. An experienced lawyer will be able to tell you about the many nuances that can help reduce your risk.
For example, the law provides for an indication of a specific amount, within which you are willing to guarantee.
Or specify a specific time frame within which you are prepared in case of complications, to be responsible for the loan.
It is not superfluous to include in the contract additional requirements. The fact that the bank agrees to negotiate any changes to the terms of the contract, not only with customers but also with the guarantor.
You can also insure themselves and with the other hand. That is, you can have the same lawyer to conclude a contract with the recipient of the loan include the items for which the borrower agrees not to sell valuable possessions or take new loans from other banks, without coordinating this with you as a guarantor. In addition, you must enter an item on the application of penalties in case of non-fulfillment of the contract.
But all these precautions are good only if you ask for a little time to think about their own risks. What to do if you have a rash consent faced with the need to repay foreign debt?
No money and will not be. What to do?
Many, before anyone gets a real threat of paying other people's debts are wondering - how to challenge a guarantee on the loan? It should immediately make a reservation - if you decide to sue the bank, then the chances of winning you miserable. In 99% of cases the court's decision shall be made in favor of the bank. For you personally signed all the documents, becoming the guarantor. No one is hiding from you a contract, in paragraphs it clearly spelled out your responsibility as a guarantor to the creditor. But do not give up and think that there is no escape. Output can be found.
The only condition under which the guarantor may be completely exempt from the payment of foreign debts is the lack of permanent source of income due to job loss. And the lack of liquid assets, that is, a property that can be sold to gain for it's money. Apartment, car, land. So that option when the entire property is decorated to your favorite in-law, from this point of view seems even attractive. But according to the law, if the recovery from the guarantor to repay the loan funds have a court decision, then, as soon as you get a job, the bank immediately has the right to require you to pay off existing debt.
Another opportunity not to pay money on the loan are those who have two minor children and parents with disabilities who filed for child support. If you pay persons who are your dependents, 70% of your earnings, the bank has no right to require you to repay the loan.
You must also remember that if the bank is not addressed to demand payment of the loan to the guarantor within six months after the receipt of funds from the borrower, it loses its legitimate right of the request to the guarantor to repay the loan
. Incidentally, it is not uncommon for the original asking "relationship" between the bank and the debtor has been delayed for a couple of months
. If we take the statistics, the borrower is in arrears in payments for about three months before the bank starts to take active steps
. Just a couple of months, the bank is trying all legal means to force the debtor to pay the debt, loan interest and penalties
. If you add up the time spent by the bank to independently decide the issue, will those same 6 months
. And on the guarantor can "remember" when required by law the term already held
. But do not count on it, and we believe that this will happen in your case
If, however, the bank will oblige you to pay someone else's debts, you can sue, or rather, your next of kin can. For what? To recognize you incapacitated. If a bank submits a counterclaim, all meetings will be held in the presence of the board of trustees. You may ask, what's the advantage? Yet not everyone will agree to plead incompetent. And the fact that the judgment in this case will be made not in favor of the bank. Hardly anyone would allow property to deprive the incapacitated citizen.
But do not forget - if you decide to sue the bank, in case of loss of the case you will have not only to pay all the debt on the loan, interest, and in that time has run fine, but court costs and lawyers all kinds of payment.
Now let's try to summarize the cases in which the lender may require the guarantor to repay the loan:
- in the case of death of the borrower, if the life insurance policy is absent;
- if the borrower does not want (can not) pay money for its obligations;
- if the value of the mortgaged property the borrower does not cover the loan amount.
You, as the guarantor, have the right to challenge the decision of the bank in the following cases:
- if a bank has addressed to you with a demand to pay the loan within six months after the cessation of receipt of payments on the loan;
- If you are recognized as incapable;
- if you spend more than 70% of their income for child support or maintenance of persons who are your dependents;
- If you are unemployed and do not have any property in liquid assets.
Learn to say "no"
Having examined all the above and to calculate their own is not infinite possibilities, any reasonable person will ask a question - how to refuse a guarantee on the loan?
If the person you care about, is to do so in the most correct manner, so as not to offend him.
Refer to the fact that you are going in the near future to apply for a loan, and if you become surety, the amount that a bank dare you to allocate significantly reduced.
Advise your friend to apply to another bank that issues the loan without guarantors, for example, the security of property borrower. And that is good friendship - to risk your property and take care of your own!
Refer to the fact that already the guarantor or the borrower. You can also add that if you become a guarantor once again, you most in the event of unforeseen circumstances, to grant a loan may decline.
If you decide to say "no" in any case not gnaw themselves with guilt. Where money is involved, there is no place to emotions, you must first take care of their own well-being and safety of your family. Therefore, before deciding whether to become a guarantor for someone else's loan, consider all the details. Do not take chances with what you have.