I stood gurantor for car loan
1 year ago
Hi sir I stood gurantor to my friend for car loan for his driving school .but hi did a fraud loan which car was already mortgage in anothe bank the manager gave him loan without checking the documents now after 12years bank has freezed all my accounts and court gave reward to them for that.what should I do .and the borrower has already shifted his business on his mother's and sisters name but he is having an fathers property in which 2sisters and 1brother are there.can we give this information to bank and what can I do to tell the bank to recover the car either money from him please help
A.In my humble suggestion, you should resolve the issue with your friend because, in my judgement, the bank won't take any further action once they've recovered the money from you.
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A.Dear Sir,
You may go to concerned bank and file application to withdraw such guaranty ship. You may get issue legal notice also.
You may go to concerned bank and file application to withdraw such guaranty ship. You may get issue legal notice also.
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A.Dear Client
You can share whatever information you have on the borrower but the fact is that you were the guarantor and hence the bank has invoked its right to seek the recovery from the guarantor. You need to settle the matter with your friend as in m opinion bank is not going to do anything once they have recovered the money from you.
You can share whatever information you have on the borrower but the fact is that you were the guarantor and hence the bank has invoked its right to seek the recovery from the guarantor. You need to settle the matter with your friend as in m opinion bank is not going to do anything once they have recovered the money from you.
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