What is a Letter of Personal Guaranty?

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What is a Letter of Personal Guaranty?

I need one for a credit app for the Trade Credit Reference section and I need to know exactly what to ask for if I need to define it to the Vendor. Thanks.

2007-02-28 03:59:20 · 2 answers · asked by meliss0681 1 in Business & Finance ➔ Small Business

2 answers

This website has all the answers...

http://www.creditmanagementworld.com/forms.html

2007-02-28 11:49:17 · answer #1 · answered by nickdc1960 7 · 0⤊ 0⤋

A letter of personal guarantee is saying the person signing will take personal responsibility for any debt incurred. This means if the business closes, the owner or whoever signs it is still liable and will have to pay the debt.

2007-02-28 12:02:44 · answer #2 · answered by mel m 4 · 0⤊ 0⤋