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 sonicool83
Joined: 16 Sep 2009
Posts: 11
3.66 Dollars($)
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 Posted: Sat Sep 19, 2009 2:23 am Post subject: LAST 6 MONTH HAS NOT PAID EMI ON THIS LOAN |
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ONE OF MY BEST FRIEND HAS TAKEN LOAN FOR HIS PERSONAL NEED,FOR IN THIS DEED I AM THE GURANTEED.
LAST 6 MONTH HAS NOT PAID EMI ON THIS LOAN.SO BANK HAS SEND NOTICE REGARDING PAYMENT TO ME.
I DONT KNOW BANK IS SENDING NOTICE TO MY FRIND.
MY QUESTION IS IF MY FRIEND WILL NOT PAY PAYMENT THEN BANK WILL TAKE MONEY FROM ME. OR I AM THE RESPONSIBLE TO PERSON TO PAY PAYMENT BECAUSE I AM THE GURANTEED????
I AM SCARE ABOUT THIS. SO PLEASE HELP ME.
THANKS
SONI |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Sat Sep 19, 2009 5:51 am Post subject: |
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soni, you should have been scared about this before you signed on behalf of your friend. cosigning is serious business, and you are obligated to pay the entire debt. i suggest you contact your friend and find out his intent. if he refuses to pay, you are on the hook for the entire amount.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sun Sep 20, 2009 6:27 pm Post subject: |
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If you frind is not paying and if you are the guranteer, you are equally responsible to make the payment
The might send some notice and somemore calls later it will be turned over to the collection agency |
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