I want to withdraw as a guarantor for Vehicle loan or any suggestion
2 years ago
Hello Sir myself Chandrashekhar from Koppal , I Became a guarantor to my friend to Purchase a commercial vehicle for his business support, due to bankruptcy he couldn't able to pay all EMI of vehicle. Bank personals seized the vehicle and auctioned without notice to me. Now they are saying still amount to be paid. Bank personal didn't involve me or owner at the time of auction. I or Owner don't have information for which amount they auctioned the vehicle, Also they informing after all these activities when i requested them regarding my home loan interest reduction, Now they saying there is still amount to be paid after that only my home loan interest will get reduced. Owner of the vehicle is abscond but his brother and mother are lives in my village only. How i can proceed with this could you please give some tips on this.
A.Dear Sir,
You may get issue a legal notice about your intention and ask them to get another guarantee from the borrower.
You should have applied for removal of your name as guarantor when the loan was good and if you apply now then they are not going to remove your name. Being guarantor you are laible towards the bank and will have to cooperate with the bank. Discuss with the bank manager and try to resolve it.
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