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Husband forced me to sign as Bank loan guarantor what can i do.
26-Nov-2023 (In Banking / Finance Law)
Hello, My husband had forced me to sign as guarantor to his loan for business. He has lost his business completely and underwent open heart surgery. Now the bank is forcing me to pay the amount. I have no property, I only have my job as my source for my livelihood. Please help me legally. Thank you, With
Dear Madam,
As the business lost,it does not mean you need to pay all the outstanding.I need to see the copy of the document on which you signed as guarantor. Bank can not force you to pay all the outstanding.
thanks,
Adv.niranjan
As the business lost,it does not mean you need to pay all the outstanding.I need to see the copy of the document on which you signed as guarantor. Bank can not force you to pay all the outstanding.
thanks,
Adv.niranjan
Helpful?
48+
48+
Dear Madam
Forced is a subjective term. It is the bank option to take recovery action against the borrower or the guarantor depending on their net worth. Guarantor has no right to ask the bank to exhaust all the remedies against the borrower. Contact the bank manager to settle the issue amicably.
Forced is a subjective term. It is the bank option to take recovery action against the borrower or the guarantor depending on their net worth. Guarantor has no right to ask the bank to exhaust all the remedies against the borrower. Contact the bank manager to settle the issue amicably.
Helpful?
50+
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