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Bank Loans

Volume 952: debated on Friday 23 June 1978

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asked the Chancellor of the Exchequer if he will seek to prevent individuals being asked to guarantee bank loans on behalf of anyone other than their immediate families; and if he will seek to ensure that the liabilities of a guarantor are fully explained, in simple language, in all cases.

It would not be appropriate to restrict bank loan guarantees. While it is obviously in the interest of both parties that the guarantor should be clear as to the responsibilities he or she is undertaking, this must remain a matter for the parties concerned.