2006-07-04 05:25:50 · 8 answers · asked by Tracey H 1 in Business & Finance ➔ Credit
Yes, but the understanding is that if you default on the loan the responsibility falls on them to repay it.
Having a guarantor for a loan is not an excuse to not pay... it's a requirement because your credit wasn't satisfactory to secure the loan by itself. This person is putting themselves at financial risk in order to help you build your credit history so it can stand on its own.
2006-07-04 05:29:22 · answer #1 · answered by J.D. 6 · 0⤊ 0⤋
1
2016-09-28 16:04:00 · answer #2 · answered by ? 3 · 0⤊ 0⤋
There is not statute of limitations on owed money in Australia, so you will eventually have to pay it plus interest, Going bankrupt is not a good idea, because all your assets will be seized, and it will stop you from getting any sort of credit at all,. You need to approach the banks, explain your problems, and try to reach some repayment agreement with them
2016-03-27 03:38:51 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Yes but they need to be given independant legal advise about what they are signing up for.
2006-07-04 07:59:18 · answer #4 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
Yes, of course. The loan then becomes the obligation of both of you....
2006-07-04 05:31:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Are u so keen on taking a loan, huh? What if u cant repay?
2006-07-04 05:29:48 · answer #6 · answered by drnayar 1 · 0⤊ 0⤋
sta ja znam
2006-07-04 05:27:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
consult your bank
2006-07-04 05:43:24 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes.
2006-07-04 05:27:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋