We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Need help

Options
shreegan123
shreegan123 Posts: 1 Newbie
in Loans
Hello all,
I am from Maharashtra, India.
I am guarantor to one of my friend for land buying & develop loan. He had taken loan & now he is not repaying it from long time. Bank want us to repay his loan from my salary. Can anybody tell me how to get out from this situation.

Please guide me..It's urgent...
Thanks in advance...

Comments

  • Browntoa
    Browntoa Posts: 49,602 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    afraid we are only able to advise on United Kingdom Loans

    you need a forum with experts in India Loans

    but assuming the same as UK , you as gaurantor have to pay
    Ex forum ambassador

    Long term forum member
  • Caz3121
    Caz3121 Posts: 15,832 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Assuming same as UK. Often a guarantor is required when the lender believes that the borrower will not repay their debt. The documents you signed will identify what your responsibility is but basically if they don't, you need to and you would need to deal with your "friend" separately (in the UK this would be through the small claims court)
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture