My friend Personal Loan
My best friend got one personal loan in 2011 (based on him job) in one Doha bank. But he terminate the job, then bank asked one guarantor for the loan or settle immediately. But he didn't have money to settle it or any bank guarantor. He went to the back home without paying loan. Still bank and back home agent pushed him to pay the loan. He don't have money to pay. he got loan with insurance. once he got the loan he paid reasonable amount for the insurance but they said they can deduct the loan from insurance and he paid last salary and redundant amount for settle the loan, but it not enough and he asked to bank please settle rest of the amount from insurance but they don't agree it. I am so sad for him. he just want to know, still increase the loan adding the interest or freeze the account now. please give him a solution until he settle the loan.
Guarantor need to pay the loan. am I correct
Please help him he is in serious situation always thinking about the loan. he will be cray one day
In simple terms, your friend has run away with the money possibly putting the guarantor into trouble.
will he go to the jail one day.
You friend is hiding important info from you ............... ......
He asked bank to reschedule the loan, they said can't do it. they gave him two option
1. find guarantor
2. pay the loan immediately
If loan is getting increased monthly, one day he has to pay huge amount.
thanks for ur comment
I too have been telling here for the millionth times that do not fall in the loan trap ........ but human beings would never understand it ............
1. Your friend probably had used the loan fund to buy home or any asset. He needs to dispose off that asset and repay the loan.
2. The insurance of loan covers only the "Death Risk" of the borrower, and it does not cover the "Non Payment" risk.
No insurance company guarantees the loan non payments, because it is a huge risk which no insurance company is willing/able to bear.
3. To stop the interest application on the loan, he needs to write a formal request to the bank, requesting them to "Stop the Interest Accrual' henceforth.
4. He can also write a request to the bank to "Reschedule" the loan, thereby making new installments plan, based on his new job or source of income.
5. If the loan was guaranteed by another person, then he too is responsible to repay the loan from his salary.