Got notice as a bank guarantor
Santosh Kumar Pattnaik
(Querist) 11 March 2013
This query is : Resolved
Dear all,
I am a resident of Orissa and had an account in Syndicate bank, Angul in year 2003. In year 2004 the sister-in-law of a very close friend of mine who is also a govt. teacher applied a loan of Rs. 35000/- for computer n the same bank and that time I signed as a guarantor by a good faith.
But today after 9 years suddenly my parents received a notice by my name from the bank against the non payment of the loan amount from the borrower and I have to pay the amount of Rs. 106971/- including bank interest within 15 days. And the letter itself dated 01/03/2013.
Before that I never got a single letter from the bank within the 9 years of time regarding the nonpayment of the loan by the borrower.
So please suggest what to do as I am staying out of state and very much confused as 1 lac rupee is very big for me.
Regards
Santosh
ajay sethi
(Expert) 11 March 2013
reuest bank to furnish detailed staement of account as to how figure of rs 1,06, 971 has been arrived at .
check the statement of account carefully . when was last payment made by principal debtor? if no payment has been amde for over 3 years claim would be barred by limitation . i preusme you have not signed any letter acknow leding your liablity to make payment or handed over any blank signed documents to the bank
Sudhir Kumar, Advocate
(Expert) 02 June 2013
