1. The guarantor is liable to the creditor and cannot deny the guarantee at will. If you don't want to continue to undertake the guarantee responsibility, you can negotiate with the creditor to terminate the guarantee agreement.
2. If the guarantor has actually assumed the guarantee responsibility and paid off the debt to the creditor, he may exercise the right of recourse against the debtor (borrower) and demand repayment of the amount repaid by the guarantor.
Legal analysis: According to the law, guarantee refers to the act that the guarantor and the creditor agree that when the debtor fails to perform the debt, the guarantor will perform the debt or assume the responsibility according to the agreement.
1. The guarantor is liable to the creditor and cannot deny the guarantee at will. If you don't want to continue to undertake the guarantee responsibility, you can negotiate with the creditor to terminate the guarantee agreement.
2. If the guarantor has actually assumed the guarantee responsibility and paid off the debt to the creditor, he may exercise the right of recourse against the debtor (borrower) and demand repayment of the amount repaid by the guarantor.
The guarantor needs to bear the repayment responsibility, which is also the behavior of the bank to reduce the loan risk. If the guarantor and the borrower fail to repay the loan for a long time, the following consequences will occur:
1. Default interest of the loan. After the bank loans overdue, the penalty interest and liquidated damages are very high. Cumulative calculation will increase the repayment pressure of the borrower and guarantor.
2. After being collected by the bank and loans overdue, if the borrower can't be contacted or the borrower doesn't repay the loan, then he will ask the guarantor to repay the loan, and he will receive a collection call from the bank every day.
3. Credit information will be affected. After loans overdue, the credit information of borrowers and guarantors will be affected, and it will be more difficult to apply for loans in banks later.
4. After being sued by the bank, the court will enforce it and auction the property and automobile products of the borrower and guarantor.
Legal basis: According to Article 687 of the Civil Code of People's Republic of China (PRC), if the parties stipulate in the guarantee contract that the guarantor shall bear the guarantee liability when the debtor fails to perform the debt, it belongs to the general guarantee.
The guarantor of a general guarantee has the right to refuse to undertake the guarantee liability to the creditor before the main contract dispute has been tried or arbitrated and the debtor's property has been enforced according to law, except in one of the following circumstances:
(1) The debtor's whereabouts are unknown and there is no property available for execution;
(2) The people's court has accepted the bankruptcy case of the debtor;
(3) The creditor has evidence to prove that the debtor's property is insufficient to perform all debts or cannot perform debts;
(4) The Guarantor waives the rights stipulated in this clause in writing.