we 3friends have given surity to my friend for 400000rs.he is not paying,that is private loan,not chit fund,financier is pressuring on us to pay 4 lakhs,what should we do,we r unable to pay.please need advise.given 3empty cheqs and empty bond papers.
2 Answers from Attorneys
once you have given surety, you are liable to pay. however, consult a lawyer and show him all the documents. is the lender legally authorized to lend the money?
Thanks and Regards
make the stop payment of these cheques and then you can send legal notice to withdraw your surety by giving detail of property of your friend for whom you stand surety.
Anyhow it is typical situation but atleast you can try.
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