Insider Economy Loan guarantor should be discharged of obligations because of delays

Loan guarantor should be discharged of obligations because of delays

The financial ombudsman has asked the successor of the co-op to release a guarantor of his obligations because of the delay in informing him that the loan he had guaranteed was not being repaid.

Ombudsman Pavlos Ioannou told the Cyprus News Agency that the legal framework has clear safeguards for guarantors.

Under the contract, the co-op should have informed the guarantor “without delay” the the the loan was in distress. But in this case, the guarantor was informed 17 months later — and after charges and additional interest was added to the outstanding amount.

 

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