gurantor for a jcb machine

theertha kumar (Querist) 08 December 2014 This query is : Resolved
Sir when I have good time a year ago I signed as a gurantor for JCB machine for my friend then some problems I sold my machine now I doesent have any assets property
But my friend defaulted In his loan and machine seized and bank sold to another person now the bank asking me to settle the balance amount so what do
So what happens if him or me doesent settled what are consequences
will they send warrant against us
Please tell me clearly
Thanks regards theertha kumar

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Devajyoti Barman (Expert) 09 December 2014
The creditor may proceed against you and attach your properties.
Negotiate with bank for amicable settlement. They often agree on such proposals.

Sailesh Kumar Shah (Expert) 09 December 2014
You are rightly guided by learned expert sh. Devajyoti barman.

Guest (Expert) 09 December 2014
Repeated query. Guaranter is fully liable to get the loan repaid or be ready to pay, himself.

Rajendra K Goyal (Expert) 09 December 2014
Repeated query:

http://www.lawyersclubindia.com/experts/i-signed-as-gurantor-for-jcb-bachoe-loader-511811.asp#.VIaDPDGUen0

http://www.lawyersclubindia.com/experts/i-signed-as-gurantor-for-jcb-bachoe-loader-511806.asp#.VIZyTjGUen0

ajay sethi (Expert) 09 December 2014
repeated query

T. Kalaiselvan, Advocate (Expert) 11 December 2014
Guarantor is fully liable to repay the loan in the event of the borrower defaulting the loan repayment.

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