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

Discussion in 'Commercial Law Forum' started by john muir, 22 November 2014.

  1. john muir

    john muir Member

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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.
     
  2. Sarah J

    Sarah J Well-Known Member

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    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?
     
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  3. john muir

    john muir Member

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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.
     
  4. Sarah J

    Sarah J Well-Known Member

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    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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    Tim W likes this.
  5. john muir

    john muir Member

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    Thanks, that gives us a little bit of hope. Guess we'll have to see someone in person now. Thanks again, john.
     
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