How can I release myself from a guarantor contract?

skeman74

My father stood as guarnator for my sisters franchise business approx. 8yrs ago. Over the years she has periodically faulted on payments and he has helped. He is now entering retirment and doesn't have a particularly close relationship with my Sister and would like to stand down as guarantor. Can anyone please advise how he would go about doing this.

Horace

I think that he would need to see a lawyer - one that specialises in contract law.

hannahjayne2407

he can't be released unless now your sister would be granted the same agreement on her own - an entirely new agreement needs to be drawn up, either with a different guarantor or on her own if the creditor agrees she is no longer a risk. If they will not let her on her own he is stuck im afraid

mcjordi

Horace wrote: »

I think that he would need to see a lawyer - one that specialises in contract law.

x2
seek advice

Broken_hearted

The whole point of him being guarantor was to protect the bank or whomever the agreement was with if the sister failed to live up to her obligations. As she is now failing to do so I cant see them letting him off his obligations sorry.