my friend started a transport business a few years back. i was signed as a gauranter for his car. He purchhased his car on instalments. Few months back.. I came to know that he stop paying his instalments. due to this the company give my name to the cibil's defaulter list. as far as my personal financial records are concerns.. i'm paying my car loan at time, my credit cards are all cleared. i got a personal loan 3 years back, that is also cleared. know the problem is that, i'm so much worried for this, i jaust keep on thinking whether any bank will get me home loan or not .. plz help me.. and give me some solution...
1 Answers
Unfortunately you decided to become a guarantor for your friend's loan. You must have read conditions fully before become a guarantor.
In case the person who has taken loan, stop giving back, its guarantor's responsibility to pay bank. Bank is right is providing your record to CIBIL.
Now what can be done is that, you should contact your friend to pay pending payments to bank, or ask him to get guarantor changed on his loan. Once this is one, you can ask bank to write to CIBIL to remove your name from defaulter list.
if this is not done, it will affect your credit score badly and you won't be able to take loans/credit cards in future.
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