As the guarantor of the borrower of a bank or financial company, he usually doesn't understand the serious consequences of being implicated. People who wholeheartedly lend money to relatives, friends or colleagues may end up paying a high price: once the borrower defaults, the guarantor will pay his debts for him. When you sign the loan contract as a guarantor, you agree to amortize any debt owed to the financial institution for the borrower. Being a guarantor is risky: a) You may be sued. If the borrower defaults and owes money, the bank or financial company will sue you. B) You may be declared bankrupt. If the debt exceeds RM 30,000, you may be declared bankrupt. C) multiple guarantors are unsafe. Don't think that just because you have multiple guarantors, you feel safe. Debt is not necessarily borne equally by multiple guarantors. Banks also don't have to choose to collect debts from richer guarantors. Lenders have the right to choose to collect debts from all or one of the guarantors. D) death does not mean that the guarantee is exempted. It depends on what kind of protection it is. In joint and several guarantees involving multiple guarantees, after the death of the guarantor, his legacy can still be used to repay debts. However, if it is only a joint guarantee, its legacy does not need to be used to pay off debts. Can the guarantor opt out in the future? This is up to financial institutions to decide. You can ask the guarantor to pay off the debt and terminate the contract. It can also ask a new guarantor to take over. It may not even allow the original guarantor to quit. When can the guarantor withdraw? When the loan is paid off. However, if the borrower dies, you are responsible for repaying his debts in installments. If the borrower defaults and fails to repay, who will the bank recover the debt from-the borrower or the guarantor? Banks don't have to collect debts from borrowers first. Banks have the right to choose to take legal action against borrowers or guarantors first. You can even recover debts from both parties at the same time. Generally not, but you can declare the guarantor bankrupt! Banks can pay their debts by applying to the court to execute the sale of the guarantor's property! !

Second, I am a teacher, and I just made a guarantee for someone else's loan not long ago. Want to buy a house now. Can I still apply for a mortgage or loan at the bank?

Of course. No problem.

My relatives urged me to vouch for him. I don't want to vouch for him. He was very angry. What should I do?

A rogue cousin who can support you and your parents strongly reject you, your parents' wealth will never be inherited by your cousin, unless your cousin murders all relatives, including your parents' grandparents, your father's brothers and sisters, and your cousin's parents. In this case, no one knows that your cousin caused your murder, so you have it. Your cousin is not a good person, why can't he get a high loan? There is no matching economic source and credit, and it is estimated that there are still bad records. So your family should beware of him.

4. I am a teacher. My relatives asked me to borrow money from the bank. I hesitate. Can I promise?

I can't. If the other party can't pay back the money, you should bear the corresponding responsibility, not just make a guarantee.