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.
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.
no son...property no idea.
i can repay his outstanding loan but not interest.
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
First ask all the documents from bank about your liability.
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