Selling shares in a cc while having signed surety on vehicle and asset finance.

[RichardGale]

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?

[sterne.law@gmail.com]

You will still be the surety.
You need to approach the bank, they will probably require some one else to sign surety.

[desA]

Agree with Sterne.

[Justloadit]

Get the purchaser to re-finance the vehicle, you cancel your current agreement, he signs surety and becomes the new person responsible.