I took a loan from a loan shark who is not licensed. My former colleague asked me to be his guarantor so that he can also loan from her. Unfortunately, my colleague was terminated. Thus, as a co-maker, the loan shark is now asking me to pay for his debts.
We left our ATM cards with her when we took the loan and can only get it back when we have fully paid. I paid the remaining amount of my debt but she would not return my card due to my former colleague's debts. I signed a contract that as a co-maker, I will be deducted in case my former colleague couldn't pay his debts. Does the creditor have the right to keep my ATM card and oblige me to pay for my former colleague's debts even if she's not licensed? The contract was not notarized by a lawyer. What will happen if I refused to pay my former colleague's debts since I already paid mine?
My former colleague is willing to pay for his debts, however, he has no source of income as he was terminated.