i will be lodging a police report soon but even if he is convicted, how am i going to settle the debts that he left behind, i just start my business, and due to the writ of summoned issued to me, i cant apply for any loan as iam being blacklisted by fininciall instituitions. please advice me how to clear my name and settle this miserable mishap. thank you
2006-08-13 19:50:55 · 7 answers · asked by Herman 1 in Local Businesses ➔ Singapore
Live & learn. Some people.
2006-08-13 19:52:44 · answer #1 · answered by Mr. C 3 · 0⤊ 0⤋
the compromised tat u given to an ex-convict for being a guarantor, it is.. at yr own risk.. even, if u report to the police, they cant do.. anything coz its oredi over.
official assignee will send u, a letter.. u can declare.. how much, can u repay for each month. in tis matter, the ex-convict.. no longer in the picture & u have to bear all the consequences.
if u juz started a biz, u muz get an approval from the official assignee, whether they allow u.. to continue or not?
for the loan, definitely.. financial institution will not grant u bcoz of the credit report, it will state the bankcrupty tat u are proceeding now..
the only way, talk to tis person.. try to get him or her or family abt yr predicament..
bankcrupty are not a laughing matter.. it takes 6 years to clear yr name from credit bureau.. until then.. u can get, whatever loan but then, its not a guarantee.. tat bank will approve coz they need to check yr stability to pay up.. too.
2006-08-14 07:19:43 · answer #2 · answered by larki27 2 · 1⤊ 0⤋
as a guarantor, you are legally bound to the person you guaranteed. You should be very careful when entering legal contracts, as they will say that you should know the person you are guarantor for. However, since his deception is based on prima facie (first appearances), you could argue that he was not acting in a bona fide (good faith) manner, and that if you knew about his activities you would not have done this. Hence the contract is not legitimate... Get legal representation either way. Or you can pay me money...
2006-08-14 03:02:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
As what you do is to pay what up for him as a punish for being a gurantor. As for your business, you could only ask any of your frend or relative that is truthful and willing to lend u a hlping hand.
2006-08-14 23:42:04 · answer #4 · answered by jamie t 1 · 0⤊ 0⤋
The above advices are wise move & just got to be extremely careful when dealing with peoples.Sorry abt yr misfortune,take care yrself.Pray to God for blessings & peace of mind.
2006-08-14 22:57:41 · answer #5 · answered by Goosters 3 · 0⤊ 0⤋
My sympathy to you... No signature is free from hassel. Try getting a laywer to help you. But it seems to be difficult to get away from responsibilities...
May have to talk to the creditors on how to pay by installment.
Lesson learnt for those out there...
2006-08-14 09:25:18 · answer #6 · answered by petertaytc 1 · 0⤊ 0⤋
call my lawyer Aziz
2006-08-16 05:29:27 · answer #7 · answered by Baby_Apocalypse 4 · 0⤊ 0⤋