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!
2006-09-17
21:48:56
·
10 answers
·
asked by
kikoball
2
in
Buying & Selling