Kalyan (officer) 06 April 2012

Guarantee sing for my friend (he got car with loan)

Sir,

In 2009, my friend got a Car (four wheeler) from finance company and i was guarantee sign on paper for my friend. Since 2010,my friend is not paid monthly due payment to finance company. Car also misplace somewhere and insurance also not live. In mean time, i got lawyer notice from finance company for as guarantee. Now i am very upset and confusion and my friend is not take care in this serious issue. What i am to do next ? Please help legally help me

I awaits for your valuable reply.

Thanks and Regards

V.Kalyan

Reply Follow

2 Replies

Kumar Doab (FIN) 06 April 2012

Kindly approach a lawyer immediately and let your lawyer handle the notice from the bank.

Has your friend also received notices, legal notice from the bank?

Do you have the copy of the loan agreement? Bank is under obligation to provide certified copy of agreement.

You must have signed as responsible jointly or severely.

You may also approach the BM of bank and provide the whereabouts of your friend to the bank in writing under acknowledgment. Bank should exhaust all options of recovery from your friend.