Gaurrantor needs HELP !

[sinner0_5]

Well,this is the problem:

 

I came to know tis guy thru a best friend,and after some times going out i find him quite a ok person and furthermore he is a army regular.One day he wanna change his bike to a X9 evolution which cost him 9k+.He got it out from ASphoon and he asked me to be his gaurrantor.Actually he asked my friend to ask me and cos my friend was underaged at that time.I agreed at the point tat i consider tat he is a army regular and shouldn't be a problem on paying the monthly installments.

 

BUT...things start to happen...shortly after bout 3 months later tis guy breached army contract and had to serve back as NSF for 2 years.And the subsequent installment he start to delay.Bike shop start chasing after me and so i start to go to his house,he change his numbers.Kept giving fake reasons like atm card is with mum.loansharks find him,I did wat i could - sell back the bike,but the guy don know how he ride until box don have crashed til so wrecked that the shop take back only at 2k.i found another gaurantor for Asphoon which is his own father.but they say they cannot let me out of this.They can only add on the father.Wat the hell......

 

ANd i proposed deducting the rest of the outstanding by GIRO on the army payday.But can't believe it guys.....he went to withdraw till dry to prevent deduction.his pay was $790.Installment was $330. HE told me when i confronted him the same ATM card story.and add on tat i had to pay or else get into trouble with him lo,i can't do anything to him.WAT A GUY....

 

I've been paying for him since last year july.....HELPPPP

 

Any legal aids to nail the guy?Or Any curse or killer u know of to bump him off?Willing to pay but not for clearing his debts and he just go free..HAHA joking.......Going mad liao.

 

Seriously i need u guys help and advice. thx a lot.....

[Nicholai]

.. what an a$$hole, man!! Apologies for being direct but you should not have agreed to the deal in the first place, man... You only knew this guy for a while and, WHAM, you agreed to become his guarantor of a not-so-cheap product without even knowing this guy inside-out... well, the least you can do now is, perhaps, report this to the authorities (police, MINDEF [possibility of him being charged], etc) on the grounds of this fella cheating you of your $$... then again, it may not help much since you aleady agreed to and signed the deal on paper... maybe you can talk to this fella about what are the problems ($$ being 1 of them) he has and see if the both of you can come up with a compromise.

 

Hope this helps (perhaps, a bit), bro...

[sinner0_5]

As u have state- he's an a#shole and wat comes out of a as#hole?

 

Not tat i never try talking to him But he always tell lies and back out on words....

 

Wat i hope now is to get out of this.i don mind spending $ to get my name out .

 

Just don wish to see him go scott free...and so arrogant somemore....

[Arcfire]

Hmm, I'm not familiar with legal matters but doesn't it seem too easy for someone to run away from debts? juz simple giro cannot go thru means you have to pay? I suggest you go read though the agreement papers to see if there are any clauses about being the guarantor. It'll be good if you can find out on what grounds will you be liable for the loan. eg, death of borrower, bankruptcy etc. Ask a friend well versed in legal matters if possible.

 

And since you can get the father to be added in, then if being uncontactable means defaulting on the loan, simply add the father in and disappear. Thus the liability falls on the father.

[sinner0_5]

haizz....sad to say that the whole family got some pshycological prob.

- Mother don care,want divorce,get out of the family,

- father got woman in china,borrow money from loansharks,whole body debts

- elder bro got money but don give a damn whether the family member dies.

- 2nd brother only know how to talk but no money on heated argument actually

ask me i play wat number....WTF Really feel like smacking him with my helmet.

 

So how do i not worry and just disappear??? Ha.....

[adr77]

You hav my sympathy. I was in a similar case before but the owner was a x-colleague. the prob is he sold his bike (03 hayabusa) without tranferring his name n the new owner always delay in paying the instalment (est 16k). My x-colleague changed his hp n thus the bike shop pester me monthly to pay up or prepare to face in court.......cannot sleep well since the instalment is so huge. Since then I brighten up, dun put urself into unnecessary problem even to ur siblings (if not living togehther) unless u know them deep inside. Too many cases for example.

[Arcfire]

Originally posted by sinner0_5@March 08, 2007 02:08 pm

haizz....sad to say that the whole family got some pshycological prob.

- Mother don care,want divorce,get out of the family,

- father got woman in china,borrow money from loansharks,whole body debts

- elder bro got money but don give a damn whether the family member dies.

- 2nd brother only know how to talk but no money on heated argument actually

ask me i play wat number....WTF Really feel like smacking him with my helmet.

 

So how do i not worry and just disappear??? Ha.....

Ur best bet now is to get legal advice. Find out what are your options. Don't just listen to the bikeshop. 99% of the time the words that come out of their salesman/manager/boss mouth are worthless bull. They only know how to make use of the clauses in the agreement to make you believe that they are right.(Which isn't the case everytime)

[pyro13]

go to a lawyer.. did u keep the receipt since last year.. keep it..and show the lawyers..maybe send a lawyer letter to the a$$hole and he might get shaken??

[Strong Eagle]

I think I would file a lawsuit against the guy in lower court. I would ask that the NS garish his wages by the payment amount every month, plus an additional amount to catch up what he owes you, plus your court costs. In other words, file to have first claim on his pay and have the courts enforce that NS deduct his payments to you frst before handing him a paycheck.

 

I think you could hook him up for theft by deception. Sounds to me like you have a good case.

[sinner0_5]

Originally posted by pyro13@March 08, 2007 04:42 pm

go to a lawyer.. did u keep the receipt since last year.. keep it..and show the lawyers..maybe send a lawyer letter to the a$$hole and he might get shaken??

I had went to lawyers.All told me that i'm stucked.And even if i bring it to court chances r very slim cos i'm the one that signed the papers... wat strong eagle says is good,but does it works? Strong eagle u have pm.

[Nicholai]

In that case, repo the bike from him, man... that is the root cause to your problem... if possible, force him to hand over the bike key to you... he's being unreasonable enough already...

[tingchiyen]

You have several problems because

(a) garnishee proceedings are a means of enforcement of a judgment for money;

(b) you will first need judgment against the owner for the sums you've already paid;

© you can't get judgment for the outstanding hire-purchase installments which haven't fallen due yet simply because you haven't paid them yet; and

(d) garnishee proceedings do not apply to salaries, only to debts that are already due

 

If action is taken against you by the finance company, you have to stop thinking of this as some kind of liability which can be based on the fault of the owner, because it is not - the liability on YOUR part is based solely on the guarantee that you signed. That's the entire point of having a guarantee: you guarantee personally that if someone else does not pay, you will personally take responsibility for the payments. If everybody could squirrel out of a guarantee, then there would be no point in having one.

 

What you should be doing is to suck it up and either make the payments or reach some sort of accomodation with the finance company by stretching out the installments or arriving at some kind of settlement. Your only recourse after that is to take over the responsibility of suing the owner on the payments that you have made on his behalf.

 

All the above is solely my own opinion. Get thee to a lawyer for real advice.

[sheep]

Try calling his unit to complain.

Thats what my friend did last time.

Sort of work.

[happydog_83]

Hi

 

As you had signed the Hire Purchase Contract personally, you have to guarantee for the hirer if he defaulted in payment, you will have to pay the outstanding balance for him. There is no way you can run away from this unless the bike shop willing to let you out from this contract.

 

Don't ever try to run away from the bike shop as the bike shop can take legal proceeding against you. You will have to pay for the legal cost incurred by the bike shop. If such thing happen, in future you have have diffculty in getting a loan from the bank.

 

My advise for you now is try talking to mindef about this case and whether can reach an agreement with them to deduct a portion of the NS allowance of the hirer to make repayment for the bike.

 

My advise to all is try not be a guarantor for anyone if possible.

[Demon]

strictly speaking, this is a private matter, so Mindef wouldn't get involve.

 

No crime has been committed here. The person acting as guarantor acted on his own free will, and he has signed on the dotted line with full acknowledge of his liabilities. The guarantor bears the same liabilities as the hirer. If the financial institution can't get the hirer, next in line is the guarantor. If it's so easy for the guarantor to get off the hook, why bother to have one in the first place ?

 

You are on your own, you have to find him and settle this matter directly with him. You are in deeper sh*t than you can imagine. If this matter drags on, it will affect your credit ratings. In future, you will have problems apply for credit cards, apply for any type of loans from any bank in Singapore. Go talk to the family.

 

Just in case you are not aware of the existence of the Credit Bureau.

 

http://www.dbs.com/sg/personal/cards/creditbureau/

 

 

 

[sinner0_5]

Thks guys but i have already know the proceedings and liability of gaurantor.

 

I'm hoping to c if anyone have any ideas in resolving this.By directly getting out of tis with the present finance company i know is impossible.Maybe other plans like....

 

for example any other loans which can be recommended which will be taken in that guy's name.After which i'll repay the bike shop.And let him taste his just desert with the new finance company, i will have nothing to do with him then.

 

But I'm facing problem like: 1- tis guy is 22 yrs this year. 2- He is on NS. 3- needs another garuantor 4- No bike shop willing to do reloan on my bike even if i'm willing to sacrifice it by selling it to him on high price.i own a CBR 400 HURRICANE.

 

any credit company to recommend????

[Demon]

Originally posted by sinner0_5@March 10, 2007 02:41 am

any other loans which can be recommended which will be taken in that guy's name.After which i'll repay the bike shop.And let him taste his just desert with the new finance company, i will have nothing to do with him then.

 

But I'm facing problem like: 1- tis guy is 22 yrs this year. 2- He is on NS. 3- needs another garuantor 4- No bike shop willing to do reloan on my bike even if i'm willing to sacrifice it by selling it to him on high price.i own a CBR 400 HURRICANE.

 

any credit company to recommend????

If he is worthy of any loan, you wouldn't need to be a guarantor right ? If he is willing to buy your bike at a high price, wouldn't it be easier for him to service his existing loan. In short, he is either unable or unwilling.

 

Work on the family, be it his sister, brother, father or mother. If he is a deserving family member, they will help. At least one of them has to be working or at least have a credit card. Get them to take a renovation loan, credit line, OD, EZ cash, loan shark, whatever money you can squeeze out of them and sell the bike back to the shop. The objective is to reduce the loan amount as much as you can, and whatever that's balance, you have to swallow. If necessary, re-finance the outstanding amount, so it's easier for you on the monthly instalment but the penalty is paying more interest. If you can get him to service the instalment by counselling him that you have already done you part as a friend. Take it as a lesson. Thank goodness, the amount is not big. For less than $10k, they can bankrupt you.

 

[contrarian]

You could sue the person you guaranteed after you have paid out as a guarantor. While it may not be easy to get money back this way, some creditors would prefer to pay up than to have assets in the house sold off or be bankrupted.

 

Talk to a lawyer on what action you can take against a defaulting person whom you guaranteed (instead of whether you can get out of the guarantee).

[sinner0_5]

Originally posted by contrarian@March 11, 2007 12:51 am

You could sue the person you guaranteed after you have paid out as a guarantor. While it may not be easy to get money back this way, some creditors would prefer to pay up than to have assets in the house sold off or be bankrupted.

 

Talk to a lawyer on what action you can take against a defaulting person whom you guaranteed (instead of whether you can get out of the guarantee).

Ok i will check with my lawyer aain on this.Bt if the guy denied tht he own me any money wat to do?

[Nicholai]

Originally posted by sinner0_5@March 12, 2007 10:30 am

Ok i will check with my lawyer aain on this.Bt if the guy denied tht he own me any money wat to do?

Keep the receipts and get a copy of the document regarding the purchase of the bike and the one you signed as the guarantor from the bike shop. No way out for him...

[Demon]

Originally posted by sinner0_5@March 12, 2007 10:30 am

Ok i will check with my lawyer aain on this.Bt if the guy denied tht he own me any money wat to do?

 

surely the guarantor can exercise his rights of reimbursement against Borrower for claims arising out of this Guaranty. But this amount is proportionately small as compared to the cost of a legal recourse. Moreover, it's below $10k, if you win, it could be a mere paper victory as you can't bankrupt him in the event of non-payment.

 

[contrarian]

Originally posted by Demon@March 12, 2007 03:28 pm

Moreover, it's below $10k, if you win, it could be a mere paper victory as you can't bankrupt him in the event of non-payment.

if i'm enforcing a debt of less than $10k, then i'll get a writ of seizure and sale to sell the assets in the guy's home. getting the stuff in his home sold off cheaply will surely be as much of an irritation as bankrupting him. it certainly will be irritating for the other people in his home, especially if they want to prove that the items belong to them instead of the debtor.

[2_wheeler]

Originally posted by contrarian@March 12, 2007 09:34 pm

if i'm enforcing a debt of less than $10k, then i'll get a writ of seizure and sale to sell the assets in the guy's home. getting the stuff in his home sold off cheaply will surely be as much of an irritation as bankrupting him. it certainly will be irritating for the other people in his home, especially if they want to prove that the items belong to them instead of the debtor.

I think you can find you answer in here

 

http://www.singaporebikes.com/forum/index....howtopic=133037

[Demon]

Originally posted by contrarian@March 12, 2007 09:34 pm

if i'm enforcing a debt of less than $10k, then i'll get a writ of seizure and sale to sell the assets in the guy's home. getting the stuff in his home sold off cheaply will surely be as much of an irritation as bankrupting him. it certainly will be irritating for the other people in his home, especially if they want to prove that the items belong to them instead of the debtor.

This guy is probably in his early 20s, and was a SAF regular for only 3 months before breaching his contract. How much of his possession can be officially tag as his personal assets ?

 

[contrarian]

Originally posted by Demon@March 13, 2007 03:32 am

This guy is probably in his early 20s, and was a SAF regular for only 3 months before breaching his contract. How much of his possession can be officially tag as his personal assets ?

 

He stopped paying instalments after 3 months. That doesn't necessarily mean that he was a career soldier for only 3 months.

 

That being the case, I'll just get the bailiff to go to his house and seize the assets in the house. If they belong to someone else, guess what?

 

The alleged owner has to enter an Interpleader Summons. At the Interpleader Hearing, the party claiming the seized items will have to prove that the seized items belong to him/her.

 

If the family members are the owners and they can't prove ownership (most people don't keep their ownership papers and receipts in a systematic way), then they are likely to want to help pay off the debt or else have their stuff sold off.