If you happen to be a surety for someone else's loan, you may have to pay someone else's debts. This happens all the time, because the financial situation is unstable and any person can suddenly find themselves out of work, which means there will be nothing to pay. How to refuse a surety?
Instructions
Step 1
Do not take the surety lightly at all. Even if you are asked to become a surety by close friends or relatives, remember that this is a huge responsibility, and if a loan is taken for a large amount, then you may even lose your own home. Therefore, it is better to abandon this obligation altogether and not enter into such transactions.
Step 2
It is impossible to completely refuse to fulfill the obligations of the guarantor. If the agreement is signed, the guarantor confirms with his personal signature that he has undertaken obligations to pay the debt if the borrower is unable to pay. However, there are some loopholes that can be used to significantly reduce payouts.
Step 3
The surety can get rid of the obligation to pay off the debt in the absence of a permanent job and any expensive property. That is, if you quit your job, and the apartment is not registered with you, the bank will have nothing to claim, and the court's decision will return back to the bank without execution. Of course, the bank will be able to send the case to court again, but to no avail.
Step 4
The surety obligations have a limitation period. It is usually six months. If the borrower does not pay the loan for two or three months, then for a long time agrees to restructure the debt, then they may even remember about the guarantor when the time has already passed. This is the most significant chance to get rid of obligations.
Step 5
If the guarantor has two minor children or disabled parents, he has the right to officially give up to 75% of his income to them. In this case, a very small amount will remain to pay for the bank loan, which the guarantor has the right to repay over time. That is, it turns out that you will pay the bank a scanty part of your income on a completely legal basis. Thus, even if you become a surety and you are obliged to pay the debt, do not give up. Fight against the arbitrariness of the bank and try to bring the debtor to justice.
