WA Can I Get Money Off Other Joint Guarantors for Loan?

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john muir

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22 November 2014
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I went to a guarantor for a loan agreement. Four others signed as well. Can I pursue them to help pay the loan under commercial law? I had no financial gain from the business.
 

Sarah J

Well-Known Member
16 July 2014
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Melbourne, Victoria
Guarantors are pursued by the creditor (usually the bank) when the debtor defaults on a payment. Why would you be getting the other guarantors to pay the creditor now? Are you the debtor?
 

john muir

Member
22 November 2014
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I had to pay loan off. It is actually only one person I'm interested in getting money from. Am told Imight be able to get civil action against him.
Went guarantor for loan. Four others signed as well. Can I pursue them to help pay the loan? I had no financial gain from the business.
 

Sarah J

Well-Known Member
16 July 2014
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250
2,389
Melbourne, Victoria
I would say you have an action for co-contribution toward the debt from the other co-guarantors. Therefore, you can seek indemnity from the other guarantors and from the debtor him/herself.
 
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john muir

Member
22 November 2014
3
0
1
I would say you have an action for co-contribution toward the debt from the other co-guarantors. Therefore, you can seek indemnity from the other guarantors and from the debtor him/herself.
Thanks, that gives us a little bit of hope. Guess we'll have to see someone in person now. Thanks again, john.