I stood as a guarantor for a loan from a cooperative society and borrower and his wife is co-applicant. they have not paid the loan and the bank has approached Maharastra Deputy registrar co-op societies and they sent an attachment order to my bank and freezed my account and they have also approached my employer and asked to deduct my salary. Is it legal for an employer to deduct my salary as they have not signed or agreed upon this. Also shouldn't the bank file a case against the borrower and cease all his moveable and immovable asset. The borrower is not absconding but still the bank is harrassing the guarantor. Please assist.
How long the case is going on? Do you know that Bank has not taken action against the borrower? Has the borrower got assets from which the amount could be recovered? Generally a surety is needed only when the borrower has no assets to pledge.