Guarantor against father buisness loan

Asle (Querist) 21 September 2012 This query is : Resolved
Hi,

around 25 years ago when I was 20, 21 my father had taken loan for his business .I and my mother in whose name there was another business run my father. I myself and mother was made guarantor for this loan.in 1998 my father died due to heart attack and the loan debts were asked from me and my mother to clear.I however was not in job then and am still struggling to make my living.the bank is asking for my pan card number and wants me to come and meet them and settle the dues.
Is I really liable to pay this debt and really am I guarantor becoz as I understand the guarantor needs to be at least 25 years of age and should be financially capable of repaying it in case the primary debtor defaults.when I was nto even earning then I was in fact studying my engineering.My question is am I really responsible for this payment of dues.Over that I was even not aware about the loan details and now after 10 years the bank is asking for my detials and telling me to come an meet them.I am also looking for a solution /action to take to handle this issue.

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ajay sethi (Expert) 21 September 2012
since you and your mother are guarantors you are liable for repayment of loan as guarantors of loan taken by your father

Asle (Querist) 21 September 2012
Is there a way out to get rid of this

Devajyoti Barman (Expert) 21 September 2012
If you are guarantor , you have no way to escape it.
But first check how much is still due and whether anything at all is due to be paid in the account or not.
You can always negotiate with bank to decrease the amount to be repaid.

Guest (Expert) 21 September 2012
As guarantor, no way out except to settle the account with the bank by negotiating the terms and/or amount of interest, etc.

Sudhir Kumar, Advocate (Expert) 21 September 2012
you can get rid of it by paying loan.

It is you who stood guatantee without assessing paying capacity and ther eis no requirement of 25 years of age.

V R SHROFF (Expert) 21 September 2012
you stood guatantee,
you fulfil your responsibility, as bank gave loan on your words.
bank money is public money, and you allowee ur father to use it.
keep your words.

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