quesliability of the loan guarantor

I have do guaranty of my relative in a finance co.my relative gave no emi.company do case in sole arbitration act.I have no property and anything on my name.what will can be against me.how I will be safe?

  • ansYou acted as guarantor of loan taken by your relative so the finance company will proceed against both of you and obtain award against you before sole arbitrator. The liability of principal debtor is co extensive with that of guarantor so the company can attach your property if any in recovery of loan.

    Further, if you dont have any property finance company can proceed personally against your relative and you to recover funds advanced

  • Send a legal notice for recovery of dues @ Rs. 1999/- only

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