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Co-maker of an Unpaid Loan

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1 Co-maker of an Unpaid Loan on Wed Feb 25, 2015 10:22 am

zyra m. plata

Arresto Mayor
Good day.

Last year, I agreed to co-make a loan (my in-laws being the principal borrower and actual user of the proceeds).

I have no communication with them since then.

I have received a final demand letter which means that my in-laws were not able to settle the debt.

I am a solo parent now (their son leaving me and not giving any financial assistance).

Is there any step I should do to clear my name in this situation?

Thanks in advance.

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2 Re: Co-maker of an Unpaid Loan on Sat Feb 28, 2015 8:01 pm

tsi ming choi

Reclusion Perpetua
You will pay their(in-laws) obligation to clear your name to the creditor, BUT you have the right to ask for reimbursement from the maker(in-laws) for the payment made to the creditor.

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3 Re: Co-maker of an Unpaid Loan on Mon Mar 02, 2015 10:02 am

zyra m. plata

Arresto Mayor
Sir, thanks for the response...Is there no other way? I mean can't I declare that I am not financially capable of paying the debt?

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4 Re: Co-maker of an Unpaid Loan on Thu Mar 26, 2015 5:11 pm


Arresto Menor
pano po dapat gawin kapag yung co-maker ang nagbayad ng utang lahat dahil. ibig po bang sabihin cleared na yung record nya sa nbi/police clearance,pd ko parin po bang habulin yung ginarantoran ko.thanks po.

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5 Re: Co-maker of an Unpaid Loan on Fri Mar 27, 2015 7:46 am


Reclusion Perpetua

Kailangan muna madismiss yung case laban sa iyo bago ka maclear sa NBI. Yes, pwede mo habulin yung principal debtor para i-reimburse ka sa binayaran mo.

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