How to remove my name from someones loan guarantor
7 months 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, Which I came to know suddenly when I applied loan.Bank has not issued any notice reg this,
A.Dear Client,
There are several ways to remove your name as a guarantor from someone's loan. Here are some steps you can take based on the search results:
Talk to the lender: Depending on the terms of the loan, you may be able to remove your guarantor by talking with your lender. Schedule a meeting with your lender or talk to them over the phone if meeting in person is not possible. Be honest with your lender and explain the reasons why you want to remove the guarantor. Discuss with your lender all of the options available to you to remove or replace your guarantor
Issue a legal notice: You may issue a legal notice to remove your name as guarantor and ask the bank to recover the amount from the principal borrower. 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
Refinance the loan: One way to remove a guarantor from a loan is to refinance. To do this, you will take out an entirely new loan, possibly with a different lender. When you do this, the old agreement is closed, and you start from scratch with a new loan that won’t be attached to the guarantor anymore. Refinancing can also be an opportunity to lower the interest rate on your loan or even the monthly payment by extending the loan term
There are several ways to remove your name as a guarantor from someone's loan. Here are some steps you can take based on the search results:
Talk to the lender: Depending on the terms of the loan, you may be able to remove your guarantor by talking with your lender. Schedule a meeting with your lender or talk to them over the phone if meeting in person is not possible. Be honest with your lender and explain the reasons why you want to remove the guarantor. Discuss with your lender all of the options available to you to remove or replace your guarantor
Issue a legal notice: You may issue a legal notice to remove your name as guarantor and ask the bank to recover the amount from the principal borrower. 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
Refinance the loan: One way to remove a guarantor from a loan is to refinance. To do this, you will take out an entirely new loan, possibly with a different lender. When you do this, the old agreement is closed, and you start from scratch with a new loan that won’t be attached to the guarantor anymore. Refinancing can also be an opportunity to lower the interest rate on your loan or even the monthly payment by extending the loan term
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