Default Notice To Guarantor
Description
How to fill out California Letter From Landlord To Tenant As Notice Of Default On Commercial Lease?
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FAQ
If the borrower can't make the loan repayments, you will have to pay back the entire loan amount plus interest. If you can't make the repayments, the lender could repossess your home or car if it was used as security for the loan.
In the event of default in repayment or the loan by the borrower company, all the guarantors are liable to repay the guaranteed loan with interest as the liability of the guarantor is co-extensive with the principal-debtor (borrower).
If you pay the full amount stated in the default notice, within the specified period, your creditor can't take any legal action against you. If you can't afford to pay the full amount within the specified period, you should seek debt advice urgently.
If you receive a default notice you should: Pay the amount owed and your usual repayment within 30 days. Once you have caught up with repayments, you are no longer in default and the lender cannot start legal action against you.
Default Notice/Guarantors means a notice given by Bank to Guarantors that a Default has occurred and providing with reasonable particularity the event(s) which has/have given rise to the Default.
