How to reduce risk of the guarantor on the credit?
“ We in the answer for those for whom were charged “. It is so possible to paraphrase the known saying. Bank, being afraid for the granted loan, insists on a joint liability of the recipient and guarantor. That is he will not begin to understand especially who is right or guilty, and in case of delays of payments will begin actively “ to press “ on both, will not get the refund yet.
Such norm is usually provided by the standard contract of guarantee. Employees go for change of a standard form extremely reluctantly. They can be understood. They care for the interests.
But how to be with “ other party “? Contract “ by default “ practically never reflects interests of those who guarantee repayment of the loan. It is worth fighting for the rights and to try to reduce own risk.
The legislation allows the instruction in the contract of the concrete sum for which the guarantee is given. In other words, it is possible to guarantee return not of all credit, but its some part as in percentage terms, and the exact sum. Similarly it is possible to be charged only for a principal debt, without percent, a penalty fee, penalties and charges for service.
It makes sense to limit the guarantee on time, i.e. to specify the term during which you are ready to bear responsibility in the contract. Not superfluous will be to demand (and to enshrine in the contract or the additional agreement) that any changes were made to terms of credit only in coordination with the guarantor.
At first sight can seem that such requirement is favorable to more client, than the guarantor, and protects bank, the first from unilateral actions. But situations when the main characteristics of the credit, such as the sum, terms and an interest rate change in coordination of the debtor and creditor are possible. In the standard contract increase in the sum automatically expands a vicarious liability framework. As a result it is necessary to be responsible for the sum, big to that on which “ subscribed “.
As a rule, the bank persistently insists on the version of legal registration of the guarantee. The reason not only in desire to reduce risk of granting the credit, but also in usual routine. It is easier for employees to fill in the standard form, than to develop for everyone the separate agreement.
“ At strong always powerless is guilty “. Quite often “ bankers “ declare that if conditions are not pleasant, then good riddance, go there where will agree with you. But, on the other hand, clients are necessary to banks, and than it is more than persons interested “ to give money in growth “ those more often to the financial organizations should crawfish.
The guarantor can secure himself and “ on the second " front; having signed the contract with the recipient of the credit on providing the guarantee. It is possible to specify a number of requirements, for example, to oblige the borrower not to sell valuable property without consent of the guarantor, not to take other credits or to report to the guarantor on the income in it.
It is difficult to control performance of such contract, but for violation it is possible to provide financial sanctions. And nobody forbade the guarantee on a paid basis.
The mechanism of the guarantee is old as a financial system. Terrible in it there is nothing. It is only necessary to consider the acts, to treat the actions responsibly and not to trust ringing, but empty promises.]