Bad experience with Personal Loan. Could anyone share their personal loan experience?

[anuragmukherjee28]

I had a bad experience with a personal loan. Although I didn’t take the loan at first. Actually my friend needed a personal loan. The bank wanted a guarantor for personal loan. He asked me for help. I was hesitant but I agreed to help him. Now, it has been several months, he isn’t paying loan EMI. My credit score has kept on decreasing and I don’t have any idea what to do now? I have asked a lot of people and they say ab kuchh nhi hoga. If someone has solution, it will be very helpful!

 

[bekifaayatifan]

If the guarantor is liable to pay off the loan and you have the option to close the loan, do that if you can. Whether you close the loan or not, consult a lawyer and sue your "friend" for liabilities if it's legally possible. You shouldn't have to run after borrowers.