Unpaid Loan - Promissory Note - Signatory

Hi everyone! thank you very much for taking the time to read my question. I appreciate any advice/opinion you can provide.  

My parents got a loan from a friend years back.
They agreed to pay the creditor certain amount with interest every month until loan is fully paid. Things turned around and our business went unstable and so
it also affected the payments to the loan they made.

During the 2nd year of loan period, my parents and I were asked to sign a summary of account to be paid to them. The form includes interest rate, terms, figures, dates and loan amount. There are no
words/labels/conditions indicating who the main borrower is, and who the witness is and the like.

Now, the creditor is asking/forcing me to sign another form summary of account (I have not read/seen the form yet), and quite asserting that I am liable to the loan as well as if I am the main borrower. I
always thought that I was just a witness and my parents are the main borrowers.

He's telling me that he will take legal steps once I don't agree to sign.


My questions:

: Am I liable to pay the loan my parents made to the creditor because I signed the form even if I was told before (my parents) that I was just a witnessed to the transaction?

: What makes a promissory note valid?
- The form I signed did not indicate that I was just a witness? who the main borrower is? and there was no words indicating "I "my name" promise to pay..."

Again, thank you very much for your kind help
Regards!

Baka nga hindi ka lang witness. Baka nag-sign ka as a co-maker ng promissory note, in such case, you are jointly making with your parents a promise to pay. Hindi rin kailangan lumabas yung mismong mga salitang "I promise to pay" if in the wordings of the note, it can be seen that you are also binding yourself to pay for the obligation. Kaya baka habulin ka rin nila sa obligation arising from that promissory note kung sakali mang co-maker ka nga. https://www.alburovillanueva.com/proven-ways-debt-collection You have to check the note again just to be sure.

christian7321 wrote:Hi everyone! thank you very much for taking the time to read my question. I appreciate any advice/opinion you can provide.  

My parents got a loan from a friend years back.
They agreed to pay the creditor certain amount with interest every month until loan is fully paid. Things turned around and our business went unstable and so
it also affected the payments to the loan they made.

During the 2nd year of loan period, my parents and I were asked to sign a summary of account to be paid to them. The form includes interest rate, terms, figures, dates and loan amount. There are no
words/labels/conditions indicating who the main borrower is, and who the witness is and the like.

Now, the creditor is asking/forcing me to sign another form summary of account (I have not read/seen the form yet), and quite asserting that I am liable to the loan as well as if I am the main borrower. I
always thought that I was just a witness and my parents are the main borrowers.

He's telling me that he will take legal steps once I don't agree to sign.


My questions:

: Am I liable to pay the loan my parents made to the creditor because I signed the form even if I was told before (my parents) that I was just a witnessed to the transaction?

: What makes a promissory note valid?
- The form I signed did not indicate that I was just a witness? who the main borrower is? and there was no words indicating "I "my name" promise to pay..."

Again, thank you very much for your kind help
Regards!

Hi Sir!

Thank you sir sa reply and advice.
Alam ko po na I was not a co-maker kasi
alam ko that I do not have the capacity to pay
in the first place and I asked my parents before signing na wala ako obligation to pay.

Sa pinirmahan ko po, walang nakasulat na co maker or statement na borrower ako.

Liable padin po ba ako?

Thank you