Guarantor
Querist :
Anonymous
(Querist) 19 June 2015
This query is : Resolved
with respect to my dear lawyer members here, I Prabhakar, an high school teacher , a guarantor to multiple loans from Sriram Finance to a borrower,who is absconded for 3 years. I am a co-guarantor in 4 loans. While the last loan he took, the loan agent said that all the previous loans were cleared,but after he absconded they are saying and sent me notices for all the 4 loans. Apart from these the same finance company gave him a mortgage loan on his property. Now they recovered all the debt gave on property. Now my question is what is the way finance company recover from me? I am a salaried person.How to reduce the my monthly recovery ? I have no property on my name.I am leading my family with lot of financial problems. So request the experts here please give your valuable suggestions.Thanking you all.
Sudhir Kumar, Advocate
(Expert) 20 June 2015
court will attach only attachable part of your salary.
you cannot say that you have nor property.
do not you have mobile, computer, TV fridge, ac/cooler/fan and other appliances etc
Rajendra K Goyal
(Expert) 20 June 2015
Guarantor is liable to pay in case of default of borrower. Court may attach part of your salary.
Querist :
Anonymous
(Querist) 20 June 2015
Thanks dear advocates. As a guarantor ,I am liable to pay. But what is the procedure of recovery from salary? How long ? Is there a way to minimize the attachment amount/ month ? . As I want pay lowest amount every month for a long time.
