Posted on: 19th Sep, 2009 02:23 am
ONE OF MY BEST FRIEND HAS TAKEN LOAN FOR HIS PERSONAL NEED,FOR IN THIS DEED I AM THE GURANTEED.
LAST 6 MONTH HAS NOT PAID EMI ON THIS LOAN.SO BANK HAS SEND NOTICE REGARDING PAYMENT TO ME.
I DONT KNOW BANK IS SENDING NOTICE TO MY FRIND.
MY QUESTION IS IF MY FRIEND WILL NOT PAY PAYMENT THEN BANK WILL TAKE MONEY FROM ME. OR I AM THE RESPONSIBLE TO PERSON TO PAY PAYMENT BECAUSE I AM THE GURANTEED????
I AM SCARE ABOUT THIS. SO PLEASE HELP ME.
THANKS
SONI
LAST 6 MONTH HAS NOT PAID EMI ON THIS LOAN.SO BANK HAS SEND NOTICE REGARDING PAYMENT TO ME.
I DONT KNOW BANK IS SENDING NOTICE TO MY FRIND.
MY QUESTION IS IF MY FRIEND WILL NOT PAY PAYMENT THEN BANK WILL TAKE MONEY FROM ME. OR I AM THE RESPONSIBLE TO PERSON TO PAY PAYMENT BECAUSE I AM THE GURANTEED????
I AM SCARE ABOUT THIS. SO PLEASE HELP ME.
THANKS
SONI
soni, you should have been scared about this before you signed on behalf of your friend. cosigning is serious business, and you are obligated to pay the entire debt. i suggest you contact your friend and find out his intent. if he refuses to pay, you are on the hook for the entire amount.
If you frind is not paying and if you are the guranteer, you are equally responsible to make the payment
The might send some notice and somemore calls later it will be turned over to the collection agency
The might send some notice and somemore calls later it will be turned over to the collection agency
