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Guarantor responsibilities in case of borrower fails to pay due


06-Jul-2023 (In Recovery Law)
One of my relative fails to pay his debt due to financial crunch in his family. and he is doing trial in court for settlement. nnow in the mean time what is the role of guarantor what is the process gurrantor come into the picture proper notice should be send by court if any action on gurantor. lender lawyer threatens to gurrantor for collateral damage without any notice this is case of motor loan
Answers (2)

Answer #1
812 votes
Dear Client The legal liability of a guarantor depends on the terms of the guarantee. In general, a guarantor is liable to repay the debt of the borrower if the borrower defaults on the loan. The guarantor's liability is co-extensive with that of the principal debtor, unless it is otherwise provided by the contract. This means that the guarantor is liable for the entire amount of the debt, even if the borrower only owes a portion of the debt Feel free to get in touch to discuss further.
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Advocate Abhinav Sharma

Adv. Abhinav Sharma

LawRato Delhi | 700+ Answers
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Answer #2
686 votes
Okay I will help in this regards then you have to connect with me for regarding the same and in which court your case is pending for settlement kindly tell me each and very details pertaining to the case
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Advocate Himanshu Jain

Adv. Himanshu Jain

LawRatoDelhi | 100+ Answers
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