Write-off of loan debt for the guarantor

Life is full of unpredictable circumstances, and it happens that people who want to help their loved ones become guarantors for a loan. However, not always everything goes according to plan, and a situation arises when the borrower cannot fulfill his obligations. In this case, the entire burden of responsibility falls on the guarantor’s shoulders.

Grounds for writing off the loan debt for the guarantor

• Failure of the bank to fulfill its obligations: the guarantor can be released from the surety if the bank has not fulfilled its obligations to him, for example, has not notified about an increase in the interest rate.
• Invalidity of surety agreement: A surety agreement may be invalidated if it was entered into under duress, threats, violence or in a state of mental disorder.
• Death of the guarantor: the loan debt can be written off in the event of the death of the guarantor, if this is provided for in the guaranty contract.
• Insolvency of the guarantor: the guarantor can be released from the guarantee if he is declared insolvent by the court.
• Expiration of the statute of limitations: if the bank has not filed a lawsuit to collect the debt from the guarantor within the period established by law, the guarantor may be released from the guaranty.
• Other reasons: in addition to those listed above, there are other reasons for writing off the loan debt for the guarantor, which can be established by the court in a specific case.

Debt write-off for a guarantor is a complex legal process that requires careful preparation and knowledge of the law. Independent attempts to solve this problem can lead to serious mistakes that will make debt cancellation impossible.

What are the mistakes when writing off a debt without a legal specialist?

Self-discharge of the loan debt for the guarantor can lead to serious mistakes that will make this procedure impossible or significantly complicate it. Here are some of the most common mistakes:

Incorrect determination of the grounds for debt write-off:

• This is the first and most important mistake that can lead to the court rejecting the guarantor’s claim.
• It is necessary to carefully analyze the situation and determine which grounds for debt relief are right for you.
• It can be difficult to do it yourself, because the legislation is constantly changing, there are many nuances that need to be taken into account.

Incorrect processing of documents:

• To submit to the court, it is necessary to collect a package of documents that will be proof of your legal position.
• Incorrectly executed documents may result in the court not accepting them for consideration or not recognizing them as valid.
• A lawyer will help you collect all the necessary documents and prepare them correctly.

Unprofessional handling of the case in court:

• Litigation is a complex process that requires knowledge of legislation, experience and the ability to correctly argue one’s position.
• Unprofessional handling of the case can lead to the loss of the case and collection of the debt from the guarantor.
• A lawyer will represent your interests in court, protect your rights and make every effort to win the case.

Ignoring the statute of limitations:

• There is a statute of limitations, during which the bank can apply to the court with a claim to collect the debt from the guarantor.
• If you miss this period, it will be almost impossible to write off the debt.
• The lawyer knows all the statutes of limitation and correctly uses this legal basis for writing off the debt.

Neglect of your rights:

• The guarantor has a number of rights that he can use to protect his interests.
• For example, the right to demand from the bank to provide information on the progress of the loan agreement, the right to exercise one’s right to demand the borrower.
• A lawyer knows all your rights and will help you realize them.

Contacting a qualified attorney will help you avoid these mistakes, significantly increase your chances of successfully discharging your guarantor loan debt, and protect your rights.

Legal support from “Prykhodko and partners”: advantages

Contact the lawyers of the company “Prykhodko and Partners” if you need help with writing off the loan debt for the guarantor. We offer:

• Professional consultation. Our qualified lawyers will give you detailed advice on your issue, determine the optimal strategy of action and help you collect all the necessary documents.
• Comprehensive support. We will represent your interests at all stages of the case, from the collection of documents to the trial.
• Individual approach. We approach each client individually, taking into account all the nuances of his case.
• Transparent prices. We offer fair prices for our services, you will understand exactly what you are paying for.
• High score. We have a lot of experience with debt settlement cases for guarantors and can guarantee you a good result.

Contact the lawyers of the company “Prykhodko and partners” and we will help you to write off the loan debt for the guarantor legally and quickly.

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