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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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