A surety agreement concluded with a bank at the request of a friend or relative is considered by most people to be a formality. In fact, this document defines the status of the guarantor. Now he becomes a full-fledged participant in the financial transaction. In case of non-repayment of the loan by the main borrower, the guarantor bears full responsibility to the bank and will be forced to pay with his own funds. The guarantor will be able to get his money back by following the instructions below.
It is necessary
A package of documents from a bank, a recourse claim
Instructions
Step 1
Contact the bank with a requirement to provide you with a full package of documents related to your participation in this financial transaction. As a rule, this is a surety agreement and payment documents confirming the repayment of all debt under the loan agreement, as well as the main loan agreement.
Step 2
Contact the debtor with a written claim for debt repayment. In the letter, indicate the amount of debt, fines and penalties, the timing of the calculation, as well as the date of transfer of documents to the court. Send your appeal by certified mail with acknowledgment of receipt. Perhaps the debtor hiding from the bank will not avoid you and will try to pay off without bringing the matter to trial.
Step 3
Prepare a regressive action for going to court. This is a demand for the return of a debt paid by the creditor to a third party instead of the debtor. In your statement of claim, state the full amount of costs you incurred, including legal fees.
Step 4
If the debtor refuses to settle, transfer the documents to the judicial department for further proceedings. Wait for the judge to make a decision on your case and submit it to the bailiffs service for debt collection.
