lending comaker/co borrower obligation

Hi Atty, i just need your help on this, I have an existing loan in a lending company and a friend asked me to become a co maker/co borrower of her loan coz she needs money for an emergency, i didn't give her my permission but the lending company already issued the check to her, i eventually signed the papers coz i don't have any choice.now the problem is, my friend resigned and no where to be found. and the lending company is hunting me,and since i still have an existing loan with them they're asking me to also pay my friend's loan on top of mine, they're threatening to sue me if i won't. I've been paying her loan for more than a year now and it seems that they're not taking any effort to look after her. Until such time, i resigned from my job and told them i don't have any money to pay. I'm just upset because they already know the permanent address of her relatives and they're not making any effort to visit them just to investigate if they know her whereabouts.my questions are: Am i really held liable for her loan? Can they really sue me if i will not continue on paying them? Can they force me to pay them when in the first place they released the check without my consent? ..Pls help me out..thanks...

hello, po...may tao po ba dito??? pls reply po..I really need your advice..

In my opinion,

They can file a suit but it will not prosper. The fact that there is absence of your consent makes the contract null and void.

Also, obligations derived from law are not presumed. They should be created by the acts of parties so that they would be encorceable and demandable between them.

Thank you for your reply shad.. it's very helpful.. But i'm just worried though because i signed the docs but it was couple of days ago after they issued the check... Will it be used against me??? Pls reply..Thanks a lot and more power.

You should have stated this essential fact earlier on.

The fact that they presented the document and you signed it (assuming you mistakenly signed it without intending to be a co-maker) without knowing what it is proved only that there is malice, fraud, misrepresentation, false pretense etc on the part of the lending company. Were you informed what document would that be? I guess that document is a modified contract to obtain your full consent to the earlier contract. By signing the document, you maybe ratifying the contract.

The law provides that the contract where consent is given through mistake, violence, intimidation, undue influence, or fraud is voidable. Being voidable, the contract has no legal effect and not binding on you.

Hope this helps!

here's what you can do ms. angel. by the way to set things straight when a contract is voidable it doesnt mean that it is without force and effect, or invalid, rather, it simply means that the contract is valid BUT it is subject to an action for annulment, therefore it is BINDING between the contracting parties. moreover, this kind of contract(s) can be ratified, HOW? either by accepting any benefits from such contract or from your failure to file an action to annul the same within four years reckoned from the time of the discovery of the existence of any of the grounds provided for by law among others.

stop paying them. what they (lending co.) should have done is, first, to exhaust all the properties of the Principal debtor and only after all the properties of the Principal debtor have been exhausted and there are still deficiency will they now be allowed to go after the co-maker or guarantor. since youve mentioned that they already knw the address of the principal debtor let them go after her, by the way, you can also collect from your "friend" what you had already paid to the lending co.

Thanks a lot Shad... I think the document that i signed was the terms and agreement for the loan or yes the contract, i just regret i'd signed it.

Thanks also attyman..you just don't know how you guys have helped me a lot. I've actually consulted a lawyer before and i was just told that there's nothing i can do,.it's really a relief reading your messages. I'm soo happy with your response, talagang i'll stop paying them na..at mapapanatag na ang loob ko, KUDOS and More Power to you guys..
Hindi na nagpakita yong friend ko atty, so hindi ko na mababawi yong nabayad ko para sa utang nya..

imo, you are liable to pay for the debt, but sometimes lending corps will not go so far as to filing an atual case if the debt is more than 100k

Hi AttyLLL,do you mean if the debt is not more than 100k? My friends debt was 30K, do you think they'll still go ahead and file a case?

some lending agencies have discovered how easy it is to file a small claims case.

good day poh may tanong lang ako kasi ginawa akong co-maker ng father ko nung nagloan sya.after nung ilang month hindi sya ngpapadala ng pera kaya hindi na kami nakabayad sa lending corp n pjh akala kasi namin binabayaran nya yun sa bangko nagulat na lang kami nang may overdue na balance na kaylangan ko bayaran. kasi nandun pa rin sya sa saudi ang loan nya ay 50k tapos ang naging balance ay 70k gawa na din daw ng tubo kaya tumawag ako sa kanila sabi ko hindi ko kayang bayaran ung ganon kalaking amount after non nawalan kami ng contact dun s pjh kaya after a year nagpadala sila ng letter na seriously over due na daw tapos naging 168,030,00 ang babayaran namin legal po ba ung ganon kalaki tubo ? makaksuhan po ba ako dahil dun? plss po pahelp namn

Good day po. ANo po talaga ang role ng mga comakers sa isang loan?

Haruka_2407 ano na nagyari sa kaso mo?