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n. an intentional delay in collecting a debt or demanding performance on a contract, usually for a specific period of time. Forbearance is often consideration for a promise by the debtor to pay an added amount.
Rating Newest Oldest. Best Answer: A guarantor is someone who pledges that a loan or other type of debt will be paid. Usually, a guarantor agrees to pay or perform another person's debt or duty should that person fail to do so. The term is most commonly used in reference to financial assistance.A parent who cosigns a student loan for a child could be considered a guarantor â should the child default on his or her debt, the parent would be held liable for the remainder of the loan.he term is most commonly used in reference to financial assistance. A parent who cosigns a student loan for a child could be considered a guarantor â should the child default on his or her debt, the parent would be held liable for the remainder of the loan.