Good day! I need some advise regarding an outstanding loan from a bank. I agreed to sign as co-maker for a colleague for a loan amounting to around 200k, this was around 4 years ago. I lost contact with this colleague since he moved to a different company. Around 2 years ago the bank sent me what looked like a demand letter asking that I cover the payments, apparently my colleague did not make any payments. I got in touch with the bank and gave all contact details I had for my previous colleague for them to try to locate and collect from him. Did not hear anything from the bank so I assumed they were successful in finding him.
Two week ago I got a call from the bank saying that they have not been able to contact him, they are claiming that since no payments were made, outstanding amount now is 300k factoring in the interest. He also mentioned they had filed a case in court against my colleague and I, and since we failed to make an appearance, they will proceed with seizing assets. I never received any summons, but i did move to a different address since then.
Thanks in advance for the help. Hope to hear from you soon.
Questions ko po:
1. Pano po if ang co-maker walang properties under his name pero may bank account sa pinas or an offshore account, enough to pay the amount loaned by the principal borrower? pwede po ba yon i seize din ng creditor if known? pwede bang i deny ng co-maker ang existing bank accounts nya?
2. pwede po ba i seize ng creditor ang assets and properties e.g car or house ng principal debtor kahit walang permiso/in the absence nito basta lang mapatunayan na pagmamay ari nila (debtor) ang mga ito?