Sunday, 4 May 2014

Is it wise to be a guarantor?

It is never wise to be a guarantor. Usually people become guarantors for others in their difficult times. People who become guarantors are usually very close to those of whom they become guarantors. The are brothers, sisters, parents, children or close friends in usual cases.

A thing is that the guarantor becomes the defaulter in case if the person whose guarantee he gives defaults. That brings the guarantor in very odd position. Legally speaking the guarantor is liable to compensate the loss inflicted by the person on whose behalf he/she guarantees.

If the guarantor doesn't compensate for the loss as per the terms of document he/she signed being a guarantor, such a person has to face dire consequences. The property of guarantor can be attached and auctioned through court. Similarly in some matters, the guarantor can be arrested by the court of law.

If you are facing any legal consequences being a guarantor, do write us at internationallawyerinfo@gmail.com

Regards,
Salman Yousaf Khan
International Lawyer
+92-333-5339880

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If you have any queries related with this post you can contact at internationallawyerinfo@gmail.com

Regards,
Salman Yousaf Khan
Chairperson
International Lawyer
+92-333-5339880