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john.readman | 11:10 Sat 31st Jul 2004 | How it Works
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if loan is guantored and you do not pay loan what does the guarantor have to pay
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Avatar Image Hippy
If you default on the repayments then the lender is entitled to recover their money, lost interest and costs from the person who agreed to guarantee the loan at the outset. I expect the lender will only do this as a last resort after encouraging you to repay without success.
11:15 Sat 31st Jul 2004
Avatar Image wildwood
If it is you who are thinking of going guarantor for someone, consider carefully. In the end you would be liable as if you took the loan out yourself.
21:01 Sat 31st Jul 2004

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