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Removing my name as guarantor
3 years ago
How will i remove my name from someone's loan guarantor?
That person has defaulted on loan and it is effecting my CIBIL scores
A.Dear Sir,
You may get issue a legal notice to remove your name as guarantor and ask the bank to recover the amount from the principal borrower.
You may get issue a legal notice to remove your name as guarantor and ask the bank to recover the amount from the principal borrower.
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Ankur Goel @ Complete Law Shield
Responded 3 years ago
A.being guarantor does not affect only cibil score.
after default you can not remove as guarantor.
somebody have to agree to change you as guarantor.
but nobody else will become guarantor instead of you for defaulted loan.
Hope this clarifies,
Advocate Ankur Goel (Complete Law Shield)
#YourLifeYourChoice
after default you can not remove as guarantor.
somebody have to agree to change you as guarantor.
but nobody else will become guarantor instead of you for defaulted loan.
Hope this clarifies,
Advocate Ankur Goel (Complete Law Shield)
#YourLifeYourChoice
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
You can approach the bank if you have a substitute guarantor or if the loan was given without your consent. Generally if you have signed the loan agreement then you cannot back out as a guarantor.
You can approach the bank if you have a substitute guarantor or if the loan was given without your consent. Generally if you have signed the loan agreement then you cannot back out as a guarantor.
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A.Hi,
If you are a guarantor for a loan you can ask to be removed as the guarantor: if you couldn't afford to repay the loan without difficulty; or. you were pressured into becoming the guarantor; or. you didn't understand the implications of being a guarantor.
If you are a guarantor for a loan you can ask to be removed as the guarantor: if you couldn't afford to repay the loan without difficulty; or. you were pressured into becoming the guarantor; or. you didn't understand the implications of being a guarantor.
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