How long before the guarantor is contacted about a missed payment?
Most lenders will act fast 🏃♂️
If your payment is not received on your payment date, they will often notify both you and your guarantor as soon as they become aware.
- Lenders have an obligation to your guarantor to notify them about anything that could potentially affect them and that includes any late payments.
- That usually does not mean that they are immediately asking them to pay.
- They will want to make them aware in case they are not able to agree on a way forward with you.
- If an agreement is not made with the lender, they may ask your guarantor to make the payment and they will want to give them as much notice as possible so that they can plan to set aside funds in case it’s needed.
It is important to note that if both you and your guarantor fail to make payments as agreed, it could affect whether either of you can obtain credit in the future.
Money problems see: Where can I get advice if I am having money problems?
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