Legal Question in Credit and Debt Law in India

One of my friend needed some money for personal reasons and I helped him to get it from someone who finances people with interest. I signed the deed as a guaranty and as per the deed if my friend fails to return the money I will be held liable to pay it. My friend stopped paying anything and the guy who financed him is now forcing me to pay it, he is harassing me day in and day out. I have also paid him some amount last month.

I need your suggestion and want to know if I am liable to pay it and can I take any action against my friend who is not ready to pay.

Thanking you

Seema Yadav


Asked on 12/23/14, 11:29 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

24.12.2014

Dear Seema,

You are liable to pay off and settle the debt since you were the guarantor for payment. You should settle the debt; and if your friend fails to repay you the amount, simply lodge a Police complaint for cheating against your friend.

Regards,

Read more
Answered on 12/24/14, 5:23 am


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