Questions & Answers
Legal liability of the loan guarantor in case of default
I signed a personal guarantee as "the wife" for a loan to my husband's company without being told what the documents meant.
Do I have any recourse to prevent it from being called for?
Dear questioner,
Yes, you have.
You should call the bank or visit the bank personally and submit your request to cancel the transaction of personal guarantee as you will be responsible if your husband defaulted on paying the loan back to the bank.
Should you have any further inquiry, please feel free to contact me on my email or my phone.
Thanks.
Dear questioner,
As the guarantor of the loan, you are also responsible for the payment of the loan in case of default by your husband.
As you have already signed a personal guarantee to the loan and if the loan has been disbursed, then you don't have any recourse.
If need be, kindly contact us by phone for a detailed discussion or write to us at our email for further assistance.
