Guarantor Issue

[Jehuty]

I became a guarantor for my childhood friend and now he hasn't paid his installments, is there anyway I can own the bike instead of him?

 

Was hoping they can tow it back to shop. Its a S4 but I won't have class 2A till next year. Insurance won't cover it I guess since I don't have a license for it. Can do lay up instead?

[aRcHeR]

ask yr bikeshop.

[kinwei]

As per Archer's advise, check with the bikeshop. I will advise you quickly settle with the bikeshop before it get towed. When it get towed, be prepared to pay a certain amount of charges.

[yeukeong]

I became a guarantor for my childhood friend and now he hasn't paid his installments, is there anyway I can own the bike instead of him?

 

Was hoping they can tow it back to shop. Its a S4 but I won't have class 2A till next year. Insurance won't cover it I guess since I don't have a license for it. Can do lay up instead?

 

Dont let them tow back to shop!!!!!!! u may need to pay a lot of $$$$ for tow, parking, legal fee, etc......

 

U can call LTA hotline for more information of taking over without Class 2A & about lay up..

[Jehuty]

Not like I can do anything about that, if he never pay, they'll tow it anyway.

[KeraKing]

try go make deal with bike shop before they can tow it ah..

[Jehuty]

The other guarantor offered to settle it, not really my prob, for now. If this issue becomes a problem again, eventually I'll have to own the bike myself. Might as well just let me continue the installment with me just paying for insurance when I have class 2A which is soon.

 

Bike shop say I can take over ownership if he can't pay but as far as LTA, not exactly sure. Don't really want to come down to this though.

[mechwira]

you can legally be the owner of a bike for which you are unlicensed and/or uninsured to operate.

 

you cant just cant legally ride it, thats all.