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What should the guarantor do?


Penn1
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Hi Guys,

 

Recently came across a sad and disturbing scenario encountered by my wife colleague

 

She agreed to become the guarantor for her cousin who claimed that he needed a car for his work. Young chap who probably lured by the privilege of owning a car.

 

So he defaulted on the loan instalment payment. Finance Company try to repossess the car but could not find it. Letters were probably sent to his house and conveniently ignore. Now the finance company is going after the guarantor, issuing lawyer letter demanding the car. They are not interested in the outstanding instalment payment anymore. They wanted to repossess the car and auction it off. She was given until a certain deadline to respond(< 1week)

 

The guy know will avoid her phone call now. Refusing to answer, acknowledge and disclose the location of the car. Even his mum could not get any information from him. He can only say he will pay off the outstanding instalment before the deadline.

 

Under the brief description above, what is the rectification recommended for the guarantor? Seriously speaking, she know nuts. Dunno what car, what model etc etc. Signed blindly on the loan agreement, trusting her cousin etc etc.

 

I would recommended her to speak with the finance company lawyer and meet up with a senior office from the finance company to explain that she is actually the victim of such circumstances. Hopefully, on sympathy ground, they will extend the deadline or propose another solution.

 

Anyone of your guys have better suggestion?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Supercharged
(edited)

sorry to burst your bubble of hope. I have heard of one such case before and the finance company went after the guarantor as much as the borrower. the guarantor was made a bankrupt as well.

 

never be a loan guarantor no matter how much you pity the borrower. there's a Chinese saying that "don't be a guarantor, you will have good fortune for all your generations

Edited by Acemundo
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Supercharged
(edited)

Act blur for now but at the same time pack her bags and get ready to run road.

HAHAHA!! harsh but the most practical advise..

 

she don't know what car/make/model/number plate? if she know the details, make police report so police will look for the car..

 

once found the car, bank will repo it.. and cousin will dulan and not pay outstanding..

 

bank will come back to guarantor and haunt her like siao.. end up become bankrupt..

 

so what Watswheels said is right, pack and leave now! Since either way she's dead here..

 

by the way, why waste time to "explain" that she is the "victim"? she volunteer to sign to be the legal scape goat.. where got victim... [hur]

 

 

 

 

 

 

 

by the way.... your wife's colleague chio or not???

Edited by Knoobie
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(edited)

call police?

 

next time tell these youngster learn how to walk before they want to fly.

Edited by Jman888
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Turbocharged

sorry to burst your bubble of hope. I have heard of one such case before and the finance company went after the guarantor as much as the borrower. the guarantor was made a bankrupt as well.

 

never be a loan guarantor no matter how much you pity the borrower. there's a Chinese saying that "don't be a guarantor, you will have good fortune for your current and next life.

 

i always have this saying to share,

dont be "chung" (middle)

dont be "baw" (guarantor)

dont be "mei ren" (cupid) 3rd generation good...

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Supercharged

 

i always have this saying to share,

dont be "chung" (middle)

dont be "baw" (guarantor)

dont be "mei ren" (cupid) 3rd generation good...

不做中不做保不做媒人三代好

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Hi Guys,

 

Recently came across a sad and disturbing scenario encountered by my wife colleague

 

She agreed to become the guarantor for her cousin who claimed that he needed a car for his work. Young chap who probably lured by the privilege of owning a car.

 

So he defaulted on the loan instalment payment. Finance Company try to repossess the car but could not find it. Letters were probably sent to his house and conveniently ignore. Now the finance company is going after the guarantor, issuing lawyer letter demanding the car. They are not interested in the outstanding instalment payment anymore. They wanted to repossess the car and auction it off. She was given until a certain deadline to respond(< 1week)

 

The guy know will avoid her phone call now. Refusing to answer, acknowledge and disclose the location of the car. Even his mum could not get any information from him. He can only say he will pay off the outstanding instalment before the deadline.

 

Under the brief description above, what is the rectification recommended for the guarantor? Seriously speaking, she know nuts. Dunno what car, what model etc etc. Signed blindly on the loan agreement, trusting her cousin etc etc.

 

I would recommended her to speak with the finance company lawyer and meet up with a senior office from the finance company to explain that she is actually the victim of such circumstances. Hopefully, on sympathy ground, they will extend the deadline or propose another solution.

 

Anyone of your guys have better suggestion?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

was in this line previously, her best hope now is to request to pay the loan by instalments and also to force her cousin to disclose the car location.

 

the car, which is asset of the finance company is missing, of cuz they kanjiong to find it.... car value - loan = lower outstanding then the whole outstanding loan itself

 

your wife colleague is a victim? in what way? the loan was disbursed partly because your wife is the gurantor... she knows what she was in for....she got played out by her relative is her problem... but she is not a victim....

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(edited)

You guys have to form search parties to hunt for the car.. Tedious and time wasting? Yup, but thats the price you pay for "Signed blindly on the loan agreement, trusting her cousin etc etc."

But you can take heart as S'pore is so small, where to hide? Good luck, you'll need it.. :)

Edited by VenomMX
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Hi Guys,

 

Recently came across a sad and disturbing scenario encountered by my wife colleague

 

She agreed to become the guarantor for her cousin who claimed that he needed a car for his work. Young chap who probably lured by the privilege of owning a car.

 

So he defaulted on the loan instalment payment. Finance Company try to repossess the car but could not find it. Letters were probably sent to his house and conveniently ignore. Now the finance company is going after the guarantor, issuing lawyer letter demanding the car. They are not interested in the outstanding instalment payment anymore. They wanted to repossess the car and auction it off. She was given until a certain deadline to respond(< 1week)

 

The guy know will avoid her phone call now. Refusing to answer, acknowledge and disclose the location of the car. Even his mum could not get any information from him. He can only say he will pay off the outstanding instalment before the deadline.

 

Under the brief description above, what is the rectification recommended for the guarantor? Seriously speaking, she know nuts. Dunno what car, what model etc etc. Signed blindly on the loan agreement, trusting her cousin etc etc.

 

I would recommended her to speak with the finance company lawyer and meet up with a senior office from the finance company to explain that she is actually the victim of such circumstances. Hopefully, on sympathy ground, they will extend the deadline or propose another solution.

 

Anyone of your guys have better suggestion?

 

solution?

 

1) stake out his home. I am sure he will park nearby so can follow him.

 

2) once car is located call the the bank.

 

3) be prepared to go all the way, including sueing the cousin. Claimvsigned under duress.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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wife colleague buay chio [:p] . Auntie lar. Dunno virgin or not. [sly]

 

I view her as a victim. She dun own the car, under pressure, she sign on the loan agreement. Trying to make a headway for a young guy. True that is the price to pay for signing blindly. Sometime when relative comes calling, its very difficult to reject. U can call her gullible, kum lan, bo nao etc. But still she is a victim of circumstances.

 

my personal opinion, the car could have changed number plate. Hence repossess vehicle cannot locate the car. Or the car is somewhere in Msia. Camouflaged nicely in some kampong.

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Supercharged

 

Hi Guys,

 

Recently came across a sad and disturbing scenario encountered by my wife colleague

 

She agreed to become the guarantor for her cousin who claimed that he needed a car for his work. Young chap who probably lured by the privilege of owning a car.

 

So he defaulted on the loan instalment payment. Finance Company try to repossess the car but could not find it. Letters were probably sent to his house and conveniently ignore. Now the finance company is going after the guarantor, issuing lawyer letter demanding the car. They are not interested in the outstanding instalment payment anymore. They wanted to repossess the car and auction it off. She was given until a certain deadline to respond(< 1week)

 

The guy know will avoid her phone call now. Refusing to answer, acknowledge and disclose the location of the car. Even his mum could not get any information from him. He can only say he will pay off the outstanding instalment before the deadline.

 

Under the brief description above, what is the rectification recommended for the guarantor? Seriously speaking, she know nuts. Dunno what car, what model etc etc. Signed blindly on the loan agreement, trusting her cousin etc etc.

 

I would recommended her to speak with the finance company lawyer and meet up with a senior office from the finance company to explain that she is actually the victim of such circumstances. Hopefully, on sympathy ground, they will extend the deadline or propose another solution.

 

Anyone of your guys have better suggestion?

 

solution?

 

1) stake out his home. I am sure he will park nearby so can follow him.

 

2) once car is located call the the bank.

 

3) be prepared to go all the way, including sueing the cousin. Claimvsigned under duress.

 

no one with the right mind will go sue the cousin... not because blood is thicker than water.. but the chances of him declaring bankrupt and wife's colleague got to bare more legal costs is too high...

never......

 

ever......

 

be a guarantor.....

 

no matter how chio she is.....

 

period.

I agree..

 

but if chio, I don't mind helping her to find the car!! [laugh]

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wife colleague buay chio [:p] . Auntie lar. Dunno virgin or not. [sly]

 

I view her as a victim. She dun own the car, under pressure, she sign on the loan agreement. Trying to make a headway for a young guy. True that is the price to pay for signing blindly. Sometime when relative comes calling, its very difficult to reject. U can call her gullible, kum lan, bo nao etc. But still she is a victim of circumstances.

 

my personal opinion, the car could have changed number plate. Hence repossess vehicle cannot locate the car. Or the car is somewhere in Msia. Camouflaged nicely in some kampong.

 

i tot cousins usually similar age? how come you conclude 1 old auntie, 1 young chap?

 

victim of circumstances? how so? so finance company has to bear loss because she feels hard to reject a relative? don't be naive lar.

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(edited)

 

i always have this saying to share,

dont be "chung" (middle)

dont be "baw" (guarantor)

dont be "mei ren" (cupid) 3rd generation good...

 

Bro wat is middle?

 

 

 

 

When borrow money time. Borrower is king!

 

When come to return money. Lender is superior king!!!

 

Edited by Rustyz
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i tot cousins usually similar age? how come you conclude 1 old auntie, 1 young chap?

 

victim of circumstances? how so? so finance company has to bear loss because she feels hard to reject a relative? don't be naive lar.

 

Please lar...whoever suggest the finance company to bear loss?

 

If nothing to suggest, keep your opinion to yourself.

 

At least people suggest stake out at his place, hunt down the car etc.

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