satish (EXECUTIVE) 03 November 2011
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
M.Sheik Mohammed Ali (advocate) 03 November 2011
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.
satish (EXECUTIVE) 03 November 2011
no son...property no idea.
i can repay his outstanding loan but not interest.
SURESH GODBOLE (ADVOCATE) 04 November 2011
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
DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE ) 04 November 2011
First ask all the documents from bank about your liability.
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