Hi All.
When selling a cc, and i have signed as one of the sureties on vehicle finance, what do i do regarding removing my name as a surety, to make sure once i have left that i don't end up leaving myself at risk? (this has happened to me before and I ended up with a 1.8m bill to pay off - so just checking how it is done if any one knows. )
Do I notify the bank? Is it as easy as i am thinking?
You will still be the surety.
You need to approach the bank, they will probably require some one else to sign surety.
Anthony Sterne
www.acumenholdings.co.za
DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.
Agree with Sterne.
In search of South African Technology Nuggets(R), for sale & trading in South East Asia.
Get the purchaser to re-finance the vehicle, you cancel your current agreement, he signs surety and becomes the new person responsible.
Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za
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