Considering becoming a guarantor?
Put simply, a guarantor is a person or entity that agrees to be responsible for another's debt or performance under a contract, if the other fails to pay or perform. It is inherent in that becoming a guarantor is not a role that should be considered or assumed lightly. Most lenders now require prospective guarantors to seek independent legal advice before they sign the guarantee document to ensure that they are aware of the effect of the document and their role and obligation