If a person who wants to take a loan from the bank does not pay the debt, the person who agrees to undertake this debt is called a guarantor and the act of accepting the assurance is called a guarantor. After accepting to be a guarantor, from the moment of signing, the person who made the debt together with the person who is the guarantor in front of the laws is deemed to be the debtor. There are many issues that warrants need to know and pay attention to.
Matters to be Considered While Being a Guarantor
Being a guarantor to help someone is not a bad event contrary to what is thought, but since it is a very risky action, you need to investigate who and what kind of debt you are a guarantor. If the person you are guarantor has never shaken your trust and someone we know very well, being a guarantor will not cause bad results for you.
But still, when you become a guarantor, thinking that you have taken out a loan for yourself will help you to avoid a debt that you cannot overcome after a possible failure.
Even if you know someone very well, it will be in your best interest to check whether it delays its financial status and invoices.
From the moment you decide to become a guarantor and sign in to become a guarantor, you should check that the installments paid and the payments are delayed as if you had withdrawn the debt yourself.
The most important process you will do is to read the agreement text of the debt you have guaranteed very well and to review all the articles.
What happens if the guarantor dies?
Another point to be considered is to check whether the guarantor has life insurance. If the guarantor has life insurance, these debts can be covered by the insurance after a death. However, it is necessary to carefully read the items written in life insurance. Because, according to the items in many life insurances, if the death is suspicious or the perpetrator is unknown, the debt remains the guarantor again.
Which Obligations Are Undertaken By Being a Guarantor?
Although you promise to borrow someone’s loan when you vouch for someone’s loan, the bank will have the right to take legal action if the original debtor does not pay the debt. In addition, if the debt you have undertaken becomes a problematic loan (this event is called TGA), you will see that you have a delayed loan in the reports issued by the Central Bank until this debt is over. When this happens, you will not be able to take out a loan if you need a loan with your credit degradation due to a debt that does not actually belong to you.
What Happens If There Are Subsequent Changes In The Contract Of The Debt You Are Guarantor Of?
Any changes made in any article without informing the guarantor after the contract is signed shall not concern the guarantor. When any changes are made, the guarantor must be consented. However, it should be known that the responsibility of the guarantor for the debts made before this change will continue.