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What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
Who is the responsible person for a medical bill?
The guarantor is the person responsible for a medical bill. For a child, the guarantor is usually a parent.
If person does not show can guarantor be put in jail?
Generally, a guarantor cannot be put in jail solely because the person they guaranteed did not show up. A guarantor is a person who agrees to take responsibility for another person's obligations if they fail to meet them. If the person does not show up, the guarantor may have to fulfill the obligations, but it is unlikely to result in jail time.
Can you cancel an agreement being a guarantor?
No, you can not stop being a guarantor to an agreement while the terms of that agreement are in force. Thus if you are a guarantor for rent and the person your are guaranteeing fails to pay the rent - YOU must pay the rent.If you a guarantor to a loan and the person with the loan defaults, YOU must pay off the loan.This is what it means to be a guarantor - you can not get out of the agreement when things begin to go wrong.Think VERY carefully before being a guarantor to ANYTHING.
What is a grantor on a loan?
A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.
What legal responsibility does a guarantor have?
A guarantor is someone who pledges that a loan or other type of debt will be paid. Usually, a guarantor agrees to pay or perform another person's debt or duty should that person fail to do so. The term is most commonly used in reference to financial assistance. However, it is important to note that accountability varies from institution to institution. Often it is possible for a guarantor to opt out of their role as guarantor.
If a person goes bankrupt is the guarantor responsible?
You might be responsible for some or all of the debt. It depends what kind of guarantor contract you signed.
As a guarantor of a corporation can you be sued for the debts that they did not satisfy?
Of course. That's why a person becomes a guarantor -- to satisfy the corporation's debts if the corporation is unable to do so.
What are the responsibilities of the guarantor on an apartment lease?
A guarantor is someone who has agreed to be legally bound to pay certain debts of another person if that other person does not, for any reason, pay his or her own debts. A guarantor of an apartment lease will be liable for the rent not paid by the tenant, as well as for any damage done and repairs not made by the tenant. Being a guarantor involves much more than simply being a reference for another person. Being a guarantor could end up costing someone thousands of dollars.
What is the responsibility of a guarantor?
A guarantor is a person that guarantees to take responsibility to pay the debt of someone else. Guarantor acts as a signer of sorts wherein they make a pledge on their own services if the original debtor cannot continue their obligations.
What is a person called who signs a loan with the borrower guaranteeing that the loan will be repaid?
A guarantor.
What is the spelling of guaranter?
guaranter
