I need help! I've been asked to help my friend pay for his car loan cos i'm his guarantor!?
I'm the guarantor of my friend's car loan. Now his car got sold off my finance co due to default of payment and I'm being pursued by the finance co to help him to pay up a huge 5 figure amount.
He doesnt seemed to be willing to pay and i've been told by the finance company that if i dont pay up, they will take legal actions against me.
I really regretted being this friend's guarantor but there's really no use crying over split milk now. I have two old parents and what i earned is barely enough to cover all the living costs. How am i supposed to help my friend pay off this 5 figure amount?
I would like to know, any one of you encountered the same problem? Is there any alternative methods that i can take? Such as, legal actions against my friend? I know my friend still have assets under his name, such as his HDB flat, possible to get the finance to issue an injuction to him or acquire his flat?
Any advice is appreciated, kind folks!
You can tell the finance company that you intend to file bankruptcy if they pursue you, that you know your friend has assets and they might as well pursue him directly.
If they sue you without also suing him, then you have to interplead him.
You don't say where you live. The court clerk can show you the forms necessary to interplead somebody and bring him into a case where he is responsible for an eventual judgment against you.
Corporal Punishment of Young People