legal advise

[steph01]

if i am a gaurantor for a loan for my son and he is now 21 can i be removed as a gauantor? what are my legal rights as a gauantor?

[Oneeyedvic]

No you cannot be removed as a guarantor unless the finance ocmpnay agree to it. They will very rarely do this unless they have a better guarantor.

Your legal obligations are that if your son defaults on any payments, you will make the payment for him. If it is a guarantee & indemnity, then you also indemnify the finance company against any potential loss that they may make

[ursula62]

The bad news is that guarantors don't have rights, only responsibilities. As Vic says, if your son defaults you have to pay up.

[123paul]

In truth it depends on the terms of the guarantee / indemnity you have.  It is possible in certain circumstances for a guarantor to serve notice in respect of the principal debt.

A guarantee is in essence a contract; you need to look at the individual terms.