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    minianni's Avatar
    minianni Posts: 1, Reputation: 1
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    #1

    Feb 6, 2009, 10:31 AM
    When a guarantor wants to resign
    I have taken a loan and now due to some differences my guarantor wants to resign.. how will this affect me?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Feb 6, 2009, 11:29 AM

    Welcome to AMHD. I am not certain I understand your question. A guarantor is "A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a "guaranty," which is an assurance that the debt or other obligation will be fulfilled. "
    guarantor - legal definition
    You may have to provide another guarantor for this one to resign.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Feb 6, 2009, 12:44 PM

    A guarantor CANNOT "resign" once the loan has been processed. The only way to get the guarantor off the loan is to refinance or get the lender to accept a replacement.

    However, as long as you pay the debt, the guarantor has nothing to worry about.
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