In the article “What risk if I act as guarantor”, I have been able to analyze in detail what is meant by guarantor what are the elements that characterize this contract.
I then presented the central figure and that is the true “protagonist” of the guarantor, namely the guarantor.
Just to refresh the memory of everyone, the guarantor (or also said guarantor) is the one who assumes the obligation to ensure that the claim claimed by the creditor is met in the event that the debtor is in default.
But I have also highlighted everything that being a guarantor implies, therefore the risks involved (obviously in the hypothesis in which the debt is not paid).
But I do not want to repeat myself too much, so I strongly suggest you read the article about it because it can really help you.
Given what has been said, the guarantor decides to become himself as a sort (let’s say this but it is not the correct term) of a debtor on a par with the original one with all the implications that this entails.
But then, the question that arises is whether the guarantor also has the power to decide if and when to end his position, namely “Is it possible to stop being a guarantor of a loan”?
How to take off as guarantor of a loan of others
The fact that the guarantor decides of his own volition to oblige himself could make one think that then he also has the faculty to decide when he should no longer do so.
But will it be true? Or does becoming a guarantor hide something more complicated?
The answer is not so immediate.
First of all, I appeal to various rulings by the Supreme Court in which it is pointed out that, in general, the guarantor is not recognized as such , unless it is the same bank to grant it (which will happen only if the first replaces a new guarantor) .
The reasons for this position? They are recognized in the intrinsic nature of the surety itself, whose purpose is precisely to allow the creditor to be guaranteed his own credit thanks to the possibility of claiming on the guarantor in case of default of the debtor. Certainty is given to his credit.
It is therefore clear that, if the guarantor had the possibility of rethinking, this certainty would be lost.
To take off as guarantor can you?
Fortunately, this does not mean that there are no cases where this is admissible.
There are indeed exceptions:
- – The Court of Cassation has made a distinction between: a) fixed-term loans, for which under no circumstances is the unjustified withdrawal before the deadline; b) open-ended loans, in which the guarantor may withdraw, but the withdrawal only operates against debts arising after the withdrawal, while the guarantee remains in favor of all debts incurred up to the moment in which notice is given by withdrawal;
- – It is possible to free yourself from the guaranty bond when the guarantor pays his debt, ie paying half of the remaining debt. It is essential in this case that the credit institution issues a release to the subject, which is that document that protects it from any future requests;
- – Falsification of the signature of the guarantor, for which to sign was another person;
- – When the guarantor has been obliged to sign;
- – When the signature was obtained through deception, for which the subject was not aware of what he was signing, the real purpose and the duties related to the signature;
- – The last case is the one already mentioned of the replacement of the guarantor with a new one, which has been “accepted” by the bank (which will check that it can guarantee the credit in the same way as the original guarantor).
- In short, becoming a guarantor has its beautiful load of responsibility, this is undoubted.
Fortunately, “loopholes” have been planned to lighten the situation.
So, if you ever decide to become a guarantor or if you already are, keep in mind that it is not said that you will be alive, just because there are cases that allow you to withdraw.