Hire Purchase related issue

[Kuro_Tenshi]

Hi guys, I want to seek your advice on an issue.

 

Last June, a friend had asked me to be his guarantor to buy his S4. Seeing that he is working in the gov sector, I thought it should be alright..

 

However I was wrong.. To my horror, I discovered that his job was contract base and ended in Feb. Then, he on and off late payment for his bike.

 

Now is the worst thing that could happen to any guarantor. He went M.I.A.. I do not know IF he is dead or alive. I could not get in touch with him. Even his parents claimed that they do not know where is he. He had another guarantor. However that person.. I do not know IF he too is dead or alive.

 

I managed to find the bike and got the bike shop to tow it back. Thereafter I requested the shop not to release it back to him until he settled the money issue.

 

Now the thing is.. Several letters from the bike shop, including a L.O.D had been sent to him. So far no news from the bike shop. So the poor me have to bear all the balance to repay the shop..

 

I know I was stupid for a moment. Thus I hope you guys stop rubbing salt into my wound.

 

Question is... Has anyone encountered this kind of issue before? And what actions can I take against that person? I know the chances are slim..

 

Thanks for reading..

 

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