Today it is quite easy to get a loan from a bank. Only in some cases, for example, with a sufficiently large amount of the requested loan, is the provision of collateral or surety required. If you are offered to become a guarantor for a loan, carefully weigh the pros and cons of such an obligation. It is much easier to become a surety than to terminate such an agreement.
Instructions
Step 1
When considering cases on termination of surety in controversial cases, the courts, as a rule, take the side of credit institutions. This is not due to a corporate conspiracy, but to the specifics of the surety agreement that you sign. Therefore, before becoming a guarantor, carefully read the contract and understand all its nuances, including the circumstances that allow you to terminate the contract.
Step 2
The easiest way to stop being a surety is to wait until the obligation secured by the surety ends. Wait for the recipient of the loan to fully repay the loan. In this case, the obligations assumed by you under the surety agreement also terminate.
Step 3
Carefully monitor the changes that the credit institution can make to the loan agreement unilaterally. The surety agreement will expire if the obligation is increased without your consent. An example of such a change: revision of the interest rate on a loan in the direction of an increase, as well as an increase in the amount of borrowed funds.
Step 4
You have the right to demand the termination of the surety if there are other adverse consequences for you beyond your control. Before insisting on considering newly discovered circumstances, consult with a lawyer, since specific facts are considered by a credit institution or a court strictly individually.
Step 5
If the creditor has transferred the debt under the obligation secured by the surety to another person without your consent, consider terminating the surety, since the law allows this possibility in this case. You are not obliged to be responsible for the actions of a new debtor, whom you may not know.
Step 6
Even if the recipient of the loan has problems with paying off the debt, you have the right to terminate your surety when the corresponding agreement expires. Therefore, carefully study the surety agreement offered to you and try to include a specific period of validity in it. If, nevertheless, the term is not specified, the surety will terminate if the credit institution does not file a claim against you and other loan guarantors within a year.
