Guarantor for a friends loan...


 

Dear ld. friends

I was a guarantor for a friends loan... he expired and the loan repayment got stopped. Its almost 2 years.

I have received a letter from the Bank for payment with interest as I was the guarantor.

 

Please suggest me the best option to settle the matter as my my has expired. 1) I am ready to pay the balance outstanding loan. 2) Am i also liable pay interest? 

Please help me with your valuable advice.

Thanks

 
Reply   
 
advocate

best thing you engage a advocate, he will help you, same time your friend having any property or sons then mentioned the details to the concern bank. 

 
Reply   
 



no son...property no idea. 

i can repay his outstanding loan but not interest.

 
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ADVOCATE

Your deceased friend must have hypothecated the propert to the Bank .

Ask Bank what has happened to that property

Study the Gurantee Form (signed by you ) thouroughly , and find out what is your Liability

Does your Liability begins after the hypothicated property being auctioned to recoup the loan amoun

Are the heirs of  your friend , who are going to get the property  ready to repay the loan and get the property freed from the Bank Loan or not

 

 
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POWER OF DEFENSE IS IMMENSE

First ask all the documents from bank about your liability.

 
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