00:00 We will give legal and legal questions to the law.
00:04 Let's find out from your legal partner,
00:06 Attorney Gabby Concepcion.
00:07 Happy Friday, Attorney.
00:09 Take it away.
00:10 Hey, I have a loan.
00:19 Can you be my guarantor?
00:20 Come on.
00:21 This is just a requirement.
00:23 You just need to sign it.
00:24 It's easy.
00:25 Oh, you're just being shy.
00:27 That's not a hooray.
00:29 Has anyone ever told you that?
00:31 Before you sign,
00:33 do you know what it means to be a guarantor?
00:36 Well, here's all you need to know.
00:38 Ask Attorney Gabby.
00:40 #AskAttorney
00:55 Attorney,
00:56 what does it really mean when I become a guarantor of a loan?
01:00 Am I the one who will be chased if I don't pay the loan?
01:03 What if I don't have a payment?
01:05 This is what Attorney Gabby said.
01:08 Well, when you say you're a guarantor of a loan,
01:11 you're being taken as a security that you will be the one to pay
01:14 if you can't pay the loan.
01:16 And eventually,
01:17 you will be the one to chase
01:19 so that you can pay it when the loan defaults.
01:22 But you also need to make sure
01:24 what's really in the contract.
01:26 There's also what's called a surety.
01:28 It's also like that.
01:29 You will also be paid if you can't pay the loan default.
01:32 The difference is,
01:33 if you're a guarantor,
01:34 you won't be paid
01:35 unless you've already used up all the property of the debtor
01:40 and you've already done all the legal remedies against it.
01:43 And this is what's called an excursion.
01:46 You will use it up before you're chased.
01:48 But if you're a surety,
01:50 you can be chased right away
01:53 when you're not charged with the actual debt
01:56 and there's no benefit of excursion.
01:59 So actually, it's not important what title is given to you.
02:02 You need to look at what's your obligation
02:06 under the document.
02:07 Even if the guarantor calls you,
02:09 but if you see the words
02:11 "Joint and Solidary"
02:13 or it's written that you're waiving the benefit of excursion,
02:16 you will be chased right away
02:18 if you haven't paid the loan.
02:20 That's a trap, right?
02:22 You haven't enjoyed the money that others have lent you
02:25 but you're still going to pay it?
02:27 That's painful.
02:28 So be careful.
02:29 #AskAttorney
02:32 "Attorney, I was surprised when someone called me
02:34 and I was shocked
02:36 because I was the guarantor of a loan to him.
02:40 I don't know anything about this.
02:41 What am I chasing here?"
02:43 Well, said Attorney Gabby,
02:45 "Of course, they shouldn't be chasing you
02:48 and you won't be charged.
02:50 As a general rule,
02:51 if you don't know anything
02:53 and you didn't give consent
02:55 or you didn't sign anything,
02:58 well, you don't have an obligation.
03:00 You can't be a guarantor if you don't know about this.
03:03 Of course, tell the lending company or the lender
03:07 that you don't know about the loan.
03:10 Second, ask them who is this person
03:13 who is saying that you are the guarantor.
03:16 You're probably not a true friend, right?
03:19 Of course, eventually, ask for a copy of the document
03:23 where you didn't sign and give consent as a guarantor.
03:27 Check the signature and see if it's obviously fake.
03:31 Or maybe you'll be asked to analyze it
03:34 to prove that your signature is fake."
03:38 Some people say that a person who owes money
03:41 should pay the debt of the loan.
03:45 But many are not like that, right?
03:47 In any case, we'll make it clear
03:50 when we talk about the law.
03:51 For the peace of mind,
03:54 don't think twice.
03:55 Ask Attorney Gaffney.
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