177+ Lawyers are online 
UNABLE REPAYMENT BANK INSTALLMENT, CAN A GUARANTOR BE SAVED?
10-Jan-2023 (In Banking / Finance Law)
Hello Sir,I got a notice from bank and they forced me to pay monthly Rs.5000/- from your salary but this loan taken by my husband. I am just guarantor for him. What can I do in this situation?
Wife is not a liable for any kind of liability that owns by husband even though u r guarantor
Please note there is different between guarantee and security.... If u r guarantor then u r safe in the case of being wife....
Please note there is different between guarantee and security.... If u r guarantor then u r safe in the case of being wife....
Helpful?
10+
10+
Adv. Satya Prakash Hariom Shukla
Mumbai | 25+ Answers
CONTACT NOW
Greetings. Guarantor assures the bank for repayment of loans in the case of defaults. if you are a guarantor to the bank in your husbands loan, bank can ask you to repay the outstanding. have u signed the documents with bank at the time of taking loan?
Helpful?
16+
16+
Adv. Bhakti Thakur
Thane | 25+ Answers
CONTACT NOW
Your question does not have ample facts however, based on what I understood you need to clarify how bank forced you? Generally speaking guarantors are liable to pay debt if principal borrower fails to pay debt. It is only after bank is unable to recover amount from the borrow it can go after guarantor to the extent of amount to be recovered from borrower. If you are still in marriage with your husband then your situation is even more precarious as in the eyes of law husband and wife are one. Therefore, if bank well placed to recover from you if your husband has failed to pay debt.
Helpful?
21+
21+
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Banking / Finance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
