v ramesh 06 January 2017

Surety

I have given surety to one person who is taken loan from finance company and that person some times not paying so consequently I am getting lawer notice now what should I do to remove my surety from that company please give an idea

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3 Replies

Maithili Khamkar 06 January 2017

You should contact a lawyer

Advocate R K Tripathi (Advocate) 06 January 2017

contact a Local lawyer

(Guest)

Sir,

If you have given surety and the person has defaulted then you can be made liable to pay the dues. Even if you revoke your surety now it would be for future transaction as per my understanding. If he has defaulted for little amounts then I will suggest that you pay the amount and moreover send the legal notice to the finance company that for future transactions you are not liable. Further then you can sue the person as you will step into the shoes of creditor and recover that amount.

Regards,
Rit Arora
Advocate
7838737001