I have guaranteed a person in 2003 for a loan(something -TMRY scheme?) for establishing a small scale industry from Corporation Bank.
Now I received a notice of defaulter from the bank in 2004 for deposit the amount as being a jointly and severally guarantor.
i met the borrower and he assured me that he would pay it . After so many years I again received a notice on 2011 that he has not deposited a single penny yet.
Now he is missing/absconding as taken money from many persons.
1. what is remedy available to me in that case I am an old person of 70 years age and a pensioner.
2. Someone guided me that the loan may be write off by bank if requested, can it possible , if yes what is the procedure.
3. please guide me , what are the options for saving myself.
thanx for sparing time for me.