Yes.

When a credit agreement secured by a guarantor enters into default, the credit institution shall inform the guarantor, within 15 days of the due date of the obligation in question, of the delay and amounts due.

The guarantor may apply to be included in the out-of-court arrears settlement procedure (OASP) within 10 days of being contacted by the credit institution to pay the debt in lieu of the bank customer.

The guarantor’s OASP is an autonomous procedure in relation to the OASP developed for the defaulting bank customer. The parties may, however, agree on a single solution for the settlement of default.