Sunday, 13 July 2014

The guarantee of a financial liability

Sometimes, it's presented in a way trivial small favor for someone in the family, and even friends. The guarantee is actually much more important statement and is definitely not fine a favor, but a huge liability. In extreme cases, the surety may end up not repaying your loan, or a loan.

Surety Bank is one of the forms of security for the repayment of financial obligations. Most is therefore, as a promissory note or mortgage, collateral loan, or a loan. This is not just a signature, because the Civil Code stipulates that "the contract surety guarantor undertakes to perform an obligation towards the creditor in case the debtor has not provided". Such sound recording makes guarantor declares that repays a loan, or a loan, if this obligation is not itself the borrower defaults.

The question of

If you decide to bail undertaking a person close to us, it is important that before signing accurately determine the shape of the surety. It may in fact take different forms. It is possible, for example, only guarantee the outstanding capital. In this case, we are committed to repayment of the loan if the loan together with interest and other possible costs, but only to pay less accumulated influence of the amount of initial capital commitment. This kind of guarantee is the safest course for us.

It is precisely to clarify the scope of our responsibility, because if it is not precisely specified, it will pay off liabilities answers on a par with the borrower. This will be equivalent to the need to repay the capital value of accrued interest and possibly other fees.

In determining the scope and amount of the surety should also take care of other issues that contribute to the growth of our security. We can stipulate, for example, that any change in the credit agreement also required the signature, which protect us against a possible increase in the amount of the loan. In addition, we ensure a precise indication of the time at which execution may occur obligations, ie, when the lender may require us to repay the debt. It should be clarified that the execution began only when it will be impossible to acquire receivables from the borrower. Is also important that we have asked for the save in the credit agreement that any delay in the repayment of the loan should be immediately informed. This will allow for a possible early response and allow to prepare for the occurrence of any problems.

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