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loan guarantor/trustee

  • 28-09-2008 4:39pm
    #1
    daviddwyer
    Registered Users, Registered Users 2 Posts: 156 ✭✭


    Guys
    I hope that you can help me here. A few years ago our club took out a bank loan for development. At the time the chairman, secretary & treasurer went as guarantors. In recent years none of these people have any involvement wihatsoever the club... have all retired their positions. My question is... do they have to remain guarantors or is there a way out of it. I, personally am one of the original guarantors and tbh I didnt really know what I was getting myself involved with and I really want to get out as do the others. I thought that as a club each and every member was responsicble for the loan. Btw the club is very solvent and will remain so for the foreseeable future.:confused:


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    daviddwyer wrote: »
    Guys
    I hope that you can help me here. A few years ago our club took out a bank loan for development. At the time the chairman, secretary & treasurer went as guarantors. In recent years none of these people have any involvement wihatsoever the club... have all retired their positions. My question is... do they have to remain guarantors or is there a way out of it. I, personally am one of the original guarantors and tbh I didnt really know what I was getting myself involved with and I really want to get out as do the others. I thought that as a club each and every member was responsicble for the loan. Btw the club is very solvent and will remain so for the foreseeable future.:confused:

    Your name is on the loan so I would say you and the others are responsible for the loan if anything goes wrong. Best to ask the Bank whom issued the loan was there any special t&c on the loan if one of the guarantors left the club, i doubt it.


  • #3
    1966
    Registered Users, Registered Users 2 Posts: 1,655 ✭✭✭1966


    Talk to the present Committee or those that are now involved and willing to go Guarantor and ask that they let the Bank know that you all wish to withdraw as Guarantors and that XYZ will now sign for the Clubs borrowings.

    Up to the Committe and Bank to discuss these changes. If Bank are happy to take Guarantee from new parties there should not be a problem and you should all be withdrawn from your commitment.


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