Re: [www.keralites.net] Bank Guarantor problem
Unfortunately, law is specific and says liability of borrower and guarantor is co-extensive, hence the Bank is at liberty to proceed against either borrower or guarantor, or both.
Many innocent people have fallen into difficulties by taking up guarantor liabilities.
Golden rule, therefore, is never be a guarantor to any one's liability. Pay money outright, if you have it, but never a guarantee.
In your case, either the borrower, or you, or both together have to liquidate the loan.
Regards,
Sasi J. Alex
--- On Wed, 25/8/10, Verghese <varghese@dubaiprecast.ae> wrote:
From: Verghese <varghese@dubaiprecast.ae>
Subject: [www.keralites.net] Bank Guarantor problem
To: "Keralites" <Keralites@YahooGroups.com>
Date: Wednesday, 25 August, 2010, 5:49 PM
Dear Members I submitted one cheque in a bank as guarantor for my friend personal loan, now he is not paying his down payment properly, in this case bank people ask to me pay the due amount otherwise bank make a trouble for you.
So please advise me how can withdraw my check from bank. Or any proper solution.
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