Loan Guarantor Declaration

Please fill out the form below to apply to be a guarantor on a loan.

Please complete in full:

Borrower's Name

Member No.

Relationship to borrower

Total amount being guaranteed

Due to the above-named borrower's current financial circumstances, you have been proposed as guarantor for a potential loan from Leicester Caribbean Credit Union.

In order to assess your suitability as guarantor, we need some information about you, as well as proof of your ID, address, National Insurance Number, income & expenditure (your last 3 months payslips/last self-employed return, proof of benefit entitlement and your last 3 months bank statements).

IMPORTANT INFORMATION ON BECOMING A GUARANTOR

If, after reading and understanding the implications of guaranteeing a loan, you are willing to act as guarantor, please sign below and return this form to Leicester Caribbean Credit Union.

I am guaranteeing this loan without undue influence or duress.
I am entering into a legally binding commitment to repay the outstanding loan amount, interest and all associated charges if the borrower fails to repay or becomes unable to pay his/her loan in accordance with the credit agreement.
If the borrower defaults on his/her loan repayments, I will be responsible for the entire loan balance on the Credit Agreement, which I will sign as Guarantor. Once entered into, the guarantee will only cease once the loan is repaid in full.
My ability to withdraw my credit union savings (if any) or to borrow from Leicester Caribbean Credit Union may be limited by my status as Guarantor. I am aware I may not be able to withdraw from my savings if my balance is below the value of borrowers outstanding loan account and will require special approval.
If the borrower defaults on his/her loan repayments, I hereby authorise the Credit Union to transfer any or all of my savings held in the Credit Union to the repay the loan and/or loan arrears.
I may still apply for a loan on my own account; however, the Credit Union will take into account the current status of the loan for which I am a guarantor when deciding whether or not to approve my loan.
If the borrower defaults on his/her loan repayments, I will be notified of such default.
I understand that I have the right to seek independent legal advice regarding the implications of guaranteeing a loan with Leicester Caribbean Credit Union.

Guarantor's Signature

Guarantor's member No.

Date

Day

Month

Year

I hereby authorise the above guarantor to have access to my account statements and financial information until this loan guarantee on my account is discharged in full.

Borrower's Name

Guarantor Personal Information

Section 1 - About You

First name

Last name

Member No.

Nat. Ins. No.

Address & Postcode

Home Tel. No.

Mobile

Work Tel. No.

How many adults live in your household?

How many children live in your household?

What are their age(s)?

If employed, name, address & postcode of current employer

Years with this employer

Months with this employer

Do you work (leave blank if n/a)

Full time

Part time

Under 16 hours

Over 16 hours

*If fixed term, please confirm length of term

Have you been notified of any changes to your employment/income? If so, what?

Please answer all questions below:

Are you in good health?

Yes

No*

Do you have a disability or suffer from a long term illness?

Yes*

Have you ever been declared bankrupt or been the subject of an IVA?

Yes*

Have you ever applied for or entered into a Debt Relief Order or debt management plan?

Yes*

Have you ever had any County Court Judgements against you?

Yes*

Please give further details about any answers marked * above

Section 2 About Your Finances

Please download this form, complete accurately and in full and upload using the section below. This is an important part of your application.

Additional Details Document Upload