A surety is a popular type of loan security, which is often used when issuing large loans. The guarantor is fully responsible for the financial obligations of the borrower to the bank in the event that he stops paying on the loan.
It is necessary
- - surety agreement;
- - lending agreement.
Instructions
Step 1
In order to understand in what situations the guarantor may not pay the loan for the borrower, it is worth carefully studying the surety agreement. It should spell out the rights and obligations of the guarantor, as well as the mechanism for returning funds. The agreement of surety may provide for joint and subsidiary liability. In the first case, the bank immediately shifts responsibility to the guarantor if the borrower stops paying the loan. Subsidiary liability is more beneficial for the guarantor and is extremely rare. In this case, the bank must make sure that it is impossible to collect the loan from the borrower, and only then contact the guarantor.
Step 2
It is quite difficult to get rid of a guarantee on someone else's loan. Obligations do not end even if the borrower divorces or dies. Although in the latter case, the legal practice is ambiguous. There is a Supreme Court decision which recognizes that the death of the borrower exempts the surety from paying the debt to the creditor. In other situations, in order to terminate obligations as a surety, you must obtain the consent of the bank. They, in turn, very rarely agree to change the terms of the loan agreement, because this reduces the chances of repayment of borrowed funds.
Step 3
There are very few situations in which you can legally avoid payments on someone else's loan, being a surety. One of them is the expiration of the statute of limitations. According to the law, the bank can collect funds from guarantors only within six months (this is less than the limitation period for a loan agreement - up to 3 years). And if the guarantee agreement does not provide for another period, after 6 months it will be impossible to compensate the loan amount at the expense of the guarantors.
Step 4
Another case when it is possible to get rid of payments under a surety agreement is the recognition of the agreement as invalid. For example, due to the incapacity of the guarantor. To do this, parents (relatives) need to go to court with a corresponding statement.
Step 5
If both the borrower and the guarantor do not fulfill the terms of the loan agreement, despite the requirements of the bank, he goes to court. Then the foreclosure will be levied on the property of the surety, or the court will establish deductions from wages. At the same time, the debt cannot be returned at the expense of the only housing of the guarantor, household items, food, social benefits. The amount of deductions from wages cannot exceed 50% of the employee's remuneration, and he must have at least the minimum wage (5554 rubles) in his hands. And if the guarantor pays alimony and supports disabled parents, then there may not be any income for collection at all.
