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collection of sum of money

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1 collection of sum of money on Sat Aug 13, 2016 7:30 pm


Arresto Menor
to whom it may concern:

I have a problem regarding with the Loan of my partner's friend named xxx. He asked my partner if I can be his co-maker year May 29, 2014. After 2 years dated May 21, 2016 I received a demand letter stating that I'm the one who is responsible to pay the remaining balance of xxx including the said interest. What will I am going to do? I am liable to pay even though I'm only a co-maker? Please response immediately. Thanks!

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2 Re: collection of sum of money on Mon Aug 15, 2016 5:25 pm


Reclusion Perpetua

It depends on what the contract of loan states. If the contract states that you and zaldy pacheco are SOLIDARILY or JOINTLY AND SEVERALLY liable, then you are as liable to pay as Mr. Pacheco.

However, if you are only JOINTLY liable and Mr. Pachecho is the only principal debtor, then you will only be liable to pay if they have already tried to collect from Mr. Pacheco but not able to do so.

My advice is to read through the contract of loan and check the information i have provided above.


Atty. Katrina

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