ARE YOU A CO-MAKER?
REMINDER TO THE PUBLIC

Released by the Bangko Sentral ng Pilipinas to the public on 10.10.2012

version in FILIPINO follows

Consider the following when signing as a co-maker:

• What is a co-maker?

A co-maker is a person who, by contract, promises to pay another person’s (principal borrower) loan if that person fails to do so.

• Is a co-maker required in all transactions?

Different lending institutions (lenders) have different policies.  A lender may require a co-maker if the principal borrower is unable to meet its credit criteria.  A co-maker does not necessarily receive or benefit from the proceeds of the loan but is equally responsible for ensuring that the full amount of the loan, including interests and other charges, is paid.

• When the principal borrower fails to pay the loan, is the co-maker required to pay it?

Yes, the lender does not need to proceed or collect first from the principal borrower and may immediately take the following actions against the co-maker if the principal borrower is unable to pay:

• Collect the full amount of the loan, including interests and other  charges, from the co-maker; or
• Sue the co-maker along with the principal borrower in an attempt to collect payment; and
•  Demand the payment of late fees or collection costs from the co-maker

• What is the remedy of a co-maker who is made to pay the loan and the interest thereon?

The co-maker can demand the principal debtor to reimburse whatever amount he was made to pay.

For further clarification, please contact:

The Head
Financial Consumer Affairs Group
Supervision and Examination Sector, BANGKO SENTRAL NG PILIPINAS
A. Mabini St., Malate, Manila  1004
E-mail: consumeraffairs@bsp.gov.ph  I  Tel. No.:  708-7701 local 2584

ISA KA BANG CO-MAKER?
PAALALA SA PUBLIKO

Tandaan  ang  mga  sumusunod  bago  pumayag maging isang “co-maker”:

• Sino ang co-maker? / Ano ang ibig sabihin ng co-maker? / Ano ang kahulugan ng co-maker?

Ang co-maker ay isang tao na nangangakong magbabayad ng utang ng ibang tao kapag hindi nito nakayanang bayaran ang nasabing utang.

• Kailangan bang may co-maker tuwing uutang?

Depende sa patakaran ng institusyong nagpapautang.  May mga nagpapautang na humihingi ng co-maker mula sa umuutang lalo na kung ito ay hindi nakapasa sa batayan sa pagpapautang ng nasabing institusyon.  Ang co-maker ay hindi kailangang makinabang sa pagkakautang ngunit siya ay may obligasyong tiyakin na mababayaran ang utang, kabilang ang interes at iba pang kaakibat na bayarin sa pagkakautang na kanyang pinirmahan bilang co-maker.

• Kapag  hindi  nakabayad  ang  taong  nangutang, dapat bang ang co-maker ang magbayad nito?

Oo. Hindi kinakailangang singilin muna ang pangunahing nangutang upang mapanagot ang co-maker.  Bilang co-maker, siya ay maaaring pagbayarin sa pagkakautang tulad ng pangunahing nangutang.  Maaaring gawin ng nagpautang ang mga sumusunod na hakbang kapag hindi nakabayad ang nangutang:

• Singilin ang buong halaga ng utang, kabilang ang interes at iba pang kaakibat na bayarin sa pagkakautang sa co-maker; o
• Ihabla ang co-maker kasama ang pangunahing nangutang upang masingil ang utang; at
• Singilin ang co-maker ng mga “late fees” o “collection costs”.

• Ano ang maaaring gawin ng co-maker na nagbayad ng utang ng pangunahing nangutang?

Maaaring singilin ng co-maker ang pangunahing nangutang para sa halagang kanyang binayaran sa nagpautang.

Para sa mga karagdagang katanungan, maaari kayong makipag-ugnayan sa:

The Head
Financial Consumer Affairs Group
Supervision and Examination Sector, BANGKO SENTRAL NG PILIPINAS
A. Mabini St., Malate, Manila  1004
E-mail: consumeraffairs@bsp.gov.ph  I  Tel. No.:  708-7701 local 2584