629+ Lawyers are online 
What to do if guarantor's account is frozen due to default in payment
24-Feb-2023 (In Recovery Law)
Pathsaunstha loan of 1 lakh taken in 2016. last 4 Installements Bounced and they have freezed guarantors salary account. Demanding to pay 51 thousand against the pending installmet plus legal charges for recovery. Also the bank has added the amount of loan on satbara of land as 2lakhs..gives a feeling something is fishy..please advice..
If you stood as guarantor to the loan transaction and in event the principal borrower defaults in repayment of loan, then the lender can follow the guarantor and take charge of his assets which would suffice to recover the pending loan plus other charges incurred by lender. However the bank cannot take any action as stated in your query. You will need to correspond with the bank to get a clarification. Only after that further steps can be advised.
Helpful?
26+
26+
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 Recovery 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."
