Loan guarentee

This query is : Resolved 
 


Querist : Anonymous (Querist)
18 August 2019

My friend taken a loan which he put me as a guranty ,
He is not paying the EMI,
loan type : personal , 4.0 lakhs
Finance firm is asking me , and telling they will take take legal action against me ,
in what way i can protect my self ?
I am also with financial burdens ,


Sudhir Kumar (Expert)
18 August 2019

You have to pay if you cannot make him to pay.

You have a right to recover money from him by civil suit.

PARDEEP KUMAR (Expert)
19 August 2019

Rightly advised by brother Sudhir Kumar

P. Venu (Expert)
19 August 2019

They can recover from you; but only in accordance with the due process of law.


Querist : Anonymous (Querist)
23 August 2019

Thank you sir, now He is telling that he will put IP and will be protected ,then also guarantier is responsible to repay ?

Sudhir Kumar (Expert)
30 August 2019

Bank has a right to recover from you even if he is multi millionaire.

P. Venu (Expert)
30 August 2019

As already suggested, recovery could be made from a surety only if there is a decree from a Court or an award in an arbitration proceedings (if so provided in the loan agreement). The factum of IP proceedings could be pleaded in such proceedings before the Court or the arbitrator.



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