Can a guarantor stop being a guarantor?
Unfortunately, if you have signed the loan agreement and the loan has been successfully paid out, you cannot stop being someone’s guarantor.
Nonetheless, once you are their guarantor, you cannot change this.
What happens if I am a guarantor?
Being a guarantor involves helping someone else get credit, such as a loan or mortgage. Acting as a guarantor, you “guarantee” someone else’s loan or mortgage by promising to repay the debt if they can’t afford to.
Can I stop being a guarantor for rent?
If the Tenancy Agreement becomes periodic, then the guarantor will STILL be the guarantor. However, when the fixed term is over and becomes periodic, the guarantor can opt out of the deal by writing to the landlord to terminate the agreement.
What is a guarantor liable for?
You might need a ‘guarantor’ so you can rent a place to live. A guarantor is someone who agrees to pay your rent if you don’t pay it, for example a parent or close relative. Your landlord can take legal action to get any unpaid rent from your guarantor. The agreement sets out the guarantor’s legal obligations.