What to do if guarantor's account is frozen due to default in payment

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..

Answers (1)

180 votes

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.

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