1 Co-maker/guarantor on Mon Jun 22, 2015 12:19 pm
4 Re: Co-maker/guarantor on Wed Jun 24, 2015 12:50 pm
Consider the following when signing as a co-maker:
What is a co-maker?
A co-maker is a person who, by contract, promises to pay another person’s (principal borrower) loan if that person fails to do so.
Is a co-maker required in all transactions?
Different lending institutions (lenders) have different policies. A lender may require a co-maker if the principal borrower is unable to meet its credit criteria. A co-maker does not necessarily receive or benefit from the proceeds of the loan but is equally responsible for ensuring that the full amount of the loan, including interests and other charges, is paid.
When the principal borrower fails to pay the loan, is the co-maker required to pay it?
Yes, the lender does not need to proceed or collect first from the principal borrower and may immediately take the following actions against the co-maker if the principal borrower is unable to pay:
• Collect the full amount of the loan, including interests and other charges, from the co-maker; or
• Sue the co-maker along with the principal borrower in an attempt to collect payment; and
• Demand the payment of late fees or collection costs from the co-maker
What is the remedy of a co-maker who is made to pay the loan and the interest thereon?
The co-maker can demand the principal debtor to reimburse whatever amount he was made to pay.
since hndi na nakakapag bayad si principal barower. ?
kya na kay co-barower na ang responsibilities.
the best thing to do is inform mo si lending allm about and whereabout ni principal barower. substitue sa resp si co-maker once hndi nila ma force si principal ng pag babayad.
may point ka kung harasment na ang ginagawa sau and foul tactics na ang ginagawa ng agent sau sa pag collect ng payment.
pero may point din sya and tama sinsabi nya na thats another isue kung mag file ka againts to them.
kaya lng kasi pumirma ka bilang co-maker or co-barower at ang pag pirma ay indication ng
"pag sang-ayon" sa responsibilidad bilang isang comaker.
and if ikaw ang lahat ang mag shoulder ng dpt na kay principal?
then this is another issue. atleast karapatan mo naman na mabawi lahat even a single cent na binayad mo na dpt ay si principal ang mag bayad.
now this is now sa pagitan naman ninyong dalawa ni principal at ikaw bilang co-maker ang usapan.
5 Re: Co-maker/guarantor on Wed Jun 24, 2015 2:57 pm
6 Re: Co-maker/guarantor on Wed Jun 24, 2015 3:06 pm
imo.. kya ikaw ang hinaharas nila kasi ikaw ang naka bukas ang comunication sa kanila.
isa sa advantage ng may co-buyer or guarantor is may option-2 sila na pwde habulin kapag hard to reache yung principal debtor.
remember that agents from legal aid and debt collecting offices are very agressive. yes they can sue you for this pero in accordance naman yan sa right term.
they are just aftering a cholateral to ensure na makaka collect sila every collecting date. sadly.. sau sila naka focus dahil maaring hndi nakikipag comunicate ang principal debtor.
and things get easy for them dahil na haharas ka nila.
anong kaso daw ba ang isasampa sau?
hndi naman maaring estafa kasi hndi nyo naman tinataguan at katunayan eh nakikipag setle pa nga ikaw at negotiate yta diba?
so wlang estafa sa ganun kasi ang elemento nito ay kapag may halong pang loloko kapalit ng pera or pag tatago matapos makuha ang pera. o pag gamit ng maling identity para maka panloko or pag talbog ng tseke na may halong pananadya..
sa collecting sum of money naman is may figure of amount na tinatanggap. if im not mistaken 400k yta??
then if less than 100k ang perang pinag uusapan?
they can only lift the case sa small "claim court"
hndi ito kasong kriminal kya wag matakot kung sakali. itoy isang paraan lng ng korte sa pag kakasundo ng paraan ng pag babayad ng nangutang at inutanagan.
ano daw bang kaso? at mag kano?
pautang nga din ako haha
7 Re: Co-maker/guarantor on Thu Jun 25, 2015 5:53 pm
> they again texted me today at napag meetingan daw ng company nila na pgbayarin na in full si principal debtor which tge latter declined. So dahil nagdecline si principal debtor ako daw ang kailangang magbayad. What?ako agad porket nagdecline si principal debtor?eh may trabaho nga sya meaning he still has the capacity to pay. Tama ba ko sir raheemerick?
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