Made a guarantee in loan
1 month ago
Sir pethpedi Make me a guaranter in someone's loan.but I don't recognise that person and he cheated by taking sign without asking
A.Dear Client,
As a guarantor, you bear equal responsibility for repaying the borrower's debt. Even in the absence of the guarantor, their legal heirs remain liable for settling the debt from inherited assets. While you may request additional time from the bank to settle the dues, you cannot evade liability. Legal action, including civil suits or criminal proceedings, may be initiated against a guarantor. Debt recovery tribunals can also be used to attach the guarantor's property for debt recovery. Despite legal avenues, obtaining relief in such matters can be challenging. However, filing a criminal suit against the defaulter for cheating remains an option, with the burden of proof lying on the complainant.
As a guarantor, you bear equal responsibility for repaying the borrower's debt. Even in the absence of the guarantor, their legal heirs remain liable for settling the debt from inherited assets. While you may request additional time from the bank to settle the dues, you cannot evade liability. Legal action, including civil suits or criminal proceedings, may be initiated against a guarantor. Debt recovery tribunals can also be used to attach the guarantor's property for debt recovery. Despite legal avenues, obtaining relief in such matters can be challenging. However, filing a criminal suit against the defaulter for cheating remains an option, with the burden of proof lying on the complainant.
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A.Dear Sir,
You must be very careful in signing the documents. Immediately go to such finance company and file an application withdrawing from guaranteeship if they do not oblige lodge a complaint with Police as it was done by cheating.
You must be very careful in signing the documents. Immediately go to such finance company and file an application withdrawing from guaranteeship if they do not oblige lodge a complaint with Police as it was done by cheating.
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A.Dear Client,
A Guarantor is equally liable for repayment of the debt of the principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes steps for recovery of debts from the Guarantor attaching the security offered by the guarantor against the loan. Even in the absence of a Guarnator his or her surviving legal heirs are held liable to write off the debt from the asset or property they inherited from the deceased guarantor. Being Guarantor you can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against a guarantor including filing a civil suit in court or initiating criminal proceedings against him. The banks may also make use of debt recovery tribunals to recover the dues they are owed from the defaulter borrower by attaching the guarantor's property. The Lender has probably filed a recovery suit before the Debt Recovery Tribunal(DRT) seeking attachment of the guarantor's property. So, desired relief in the matter is almost remote even through litigation before the Court. However, you can file a criminal suit against that person for cheating under Sec.415 of IPC punishable under Sec.420 of IPC and the onus to prove cheating lies on the complainant/Plaintiff. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path forward to resolve the crisis.
A Guarantor is equally liable for repayment of the debt of the principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes steps for recovery of debts from the Guarantor attaching the security offered by the guarantor against the loan. Even in the absence of a Guarnator his or her surviving legal heirs are held liable to write off the debt from the asset or property they inherited from the deceased guarantor. Being Guarantor you can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against a guarantor including filing a civil suit in court or initiating criminal proceedings against him. The banks may also make use of debt recovery tribunals to recover the dues they are owed from the defaulter borrower by attaching the guarantor's property. The Lender has probably filed a recovery suit before the Debt Recovery Tribunal(DRT) seeking attachment of the guarantor's property. So, desired relief in the matter is almost remote even through litigation before the Court. However, you can file a criminal suit against that person for cheating under Sec.415 of IPC punishable under Sec.420 of IPC and the onus to prove cheating lies on the complainant/Plaintiff. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path forward to resolve the crisis.
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