Requirements to be a Guarantee: Here you will find the information you need to know

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If a family member or someone has asked you to be their endorsement you may want to know what this implies. Therefore here you will see the requirements and additional information for you to consider.

What is a Guarantee

It is known as a endorsement the bond contract for the exchange law. This arose in London for their uses with respect to the bill of exchange, which is a unilateral commitment for payment. Which is generally quite solidary and it is in favor of a third party who will also receive the benefit.

Even if the guarantor does not comply with his part, for this reason the one who is the guarantor of said endorsement is called guarantor. It is applied in the same way for the endorsement the rules that legally apply to the surety, if this is not the case for the supplementary application. It does not usually fit which one guarantor You are obliged to cancel without any reservation in order to object.

Instead the endorsement banking is one of the particular cases in which the endorsement for any reason. In this case it is a credit union, the bank, a savings bank or any other of the credit institutions.

Therefore, the guarantor will be for this reason the guarantee of the obligations that are unrelated.

It also undertakes to be the guarantor of an obligation that is foreign, for this reason it is in charge of covering the passage of credit or interests. This is true in any case that the person debtor did not comply with the entirety of the respective debt.

What is an Endorsement for?

It is useful in mutual contracts with the respective mortgage guarantee, even when the guarantee is the property. You may also decide keep record the payment with the credit titles, in this way it is frequent that the banks request.

What are the requirements to be a Guarantor

So that it can be a guarantor and for this reason offer their respective endorsement in any of the credit or loan operations. For this, it is necessary that you have the most adequate solvency, therefore the financial entity will request that some requirements.

Most of the conditions requested are of the generic type, this for all types of guarantors.

Although it will depend on the type of operation that is guaranteed, the financial institution may be a little more demanding with their respective criteria

Acting as a guarantor In addition to this, it may imply a series of obligations or limitations that are important.

To know before you can endorse any type of operations. Mainly it will be necessary to comply with:

Economic solvency

To start, the person you want endorse any credit operation must have good financial solvency,

This has to be at least as good as the one in the future debtor. Also know that you assume the debt immediately if there is non-payment.

Solvency of all heritage

In addition to having a total solvency economic, or financial entities that are responsible for ensuring that all guarantors also have equity.

Especially any property real estate, that do not have the mortgage charge.

Because this is responsible for offering a higher quality of warranty for the savings bank or the bank.

A good Record of credit

One of the main aspects that the financial institution values ​​the most is that it has a record credit totally flawless.

This credit history is in charge of verifying it by your respective bank, with the respective report issued by the central risk of the country.

It is the reason by which it is important that he be totally sincere, with the entity because these you too they will know the truth.

Monetary income must be stable

This is the last of the requirements who are in charge of establishing the banks and their savings banks.

This to act as a guarantor in order to have some really stable income.

What should I know before deciding to be a Guarantee

To be able to be guarantor It is necessary that you know all the consequences in which you assume with the person you endorses. This regardless of whether it is only at the time of the firm or for the long term.

As we have repeated at various times, the guarantor it has to guarantee the payment of the debt in the event that the debtor does not cancel it. This warranty could affect the entire heritage in the future and the present.

Once you know this information you just have to evaluate if you really want to take this responsibility.

Because also in case you die this debt to be you endorsement it will also be inherited by his successor.

Therefore, you also have to pay attention to the following points:

Consider who is the person who is applying, if it is a friend or relative, if it turns out to be someone near if it is reliable.

Or if it is responsible, if it complies with what it is promising, if it is formal with any of the debts that are pending.

IF you have a suitable credit history or not.

What is the type of relationship you have with the person, if you do not know much about this person no you shouldn’t even consider it.

Even if this person appeared to be responsable as you could end up in some trouble.

Once you are totally convinced to give the answer of yes, in the case of getting involved in the whole Of the debt.

You should consider that in that case it is necessary you have to pay off the debt.

Well the responsibility it is also yours with all the implications.

And finally have the respective solvency economical that is demanding the debt to be able to carry out the backup.

Success!

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