I need legal advice.....

Philippines
July 28, 2008 12:55am CST
anyone here can give me a good advice? a lawyer or not maybe someone who has been on the same situation i am right now...pls do share here it is, last year i met a couple and had befriended me, as i stated on my previous discussion before this couple had befriended me for money...i actually help them to get money loan under my name as a guarantor and i signed it..now both of them had loans of 20 thousand pesos, in dollar its more likely on $500 each of them so thats $1000...this couple run away and didn't wanna pay the bills..i got stuck for months now trying my best to pay it as its under my name and i could be sued on it under legal matters... yesterday, i received a notice from court stating that we are legally sued by the company for the sum of money loaned..all three of us, the thing is even if i am paying for it i can still be one of those they can sue because i am signed as a guarantor to them..they can exempt me from the case if i signed another legal paper with the judge that i am to shoulder that sum of money and if this couple will not do the same thing they will sue them and they will go to jail for estafa... now my question is, is there a way that i can get out of this without paying those sum of money? do i still got choice or just follow what they want to keep myself away from being inside bars? have you ever been in this exact situation? what did you do? please do share your advice..any kind will be appreciated..
4 people like this
2 responses
@zandi458 (28124)
• Malaysia
28 Jul 08
This is a very sticky situation. As a guarantor you are equally liable for settling the amount owed. Failing which you will be declared a bankrupt which of course is no fault of yours. In Malaysia, there is no way out, a guarantor is equally responsible for the money owed. If you fail to settle the whole amount they do a property search on you and garnish your salary. you are indeed in a very tight situation and if you fail to locate the borrower I am afraid you have to settle the amount and there is no more legal recourse pursuing on this case. But again you can check on your country's law and see if there are any loopholes that can save your situation.
1 person likes this
• Philippines
28 Jul 08
its kind of the same thing here in Philippines..as of now they garnish all my salary till they find them..now they said if they found them and settled the money owed they said they will give it back to me..but my worries are i'm sick n i'm paying hospital bills and i got house bills as well to pay..i feel i'm doomed
1 person likes this
@kun2349 (23381)
• Singapore
29 Jul 08
Sorry to say that, u have to pay up.. Because u are a gurantor and that's makes u the legal party to pay up if they disappear or cant pay up.. By signing and agreeing to be their gurantor, it means that u are willing to be a witness between them and the party whom loan them the money, and fo fear that they might not be able to repay, and thus a witness/gurantor is needed to make sure that the loan will be paid up on time.. So in this case here, u have to pay up or u might face bankrupcy..