Sharia Law about loaning money

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JasfurJQ wrote:

I need a lawyer, can anyone help me pls. I've been a guarantor for my friend who's been transferred in riyadh and I never wonder that he will betrayed my trust. Now the loaning company is looking at me and asking me to pay the debt of my friends since I'm his guarantor. But the person is still here in ksa so why don't they hunt him down, why me? Probably o can only pay his debt of his dead but his not....can anyone help me. Thus the company has right to put me in jail because I signed the contract? What does sharia Law says? The last warning I received from the loaning Co. Is they send the case in the higher level...I called my so called friend nut he doesn't reply anymore. I just help him his financial burden now his burden becomes mine....pls someone help me.....

Aha....

It will be best if you get proper legal guidance, and the best reliable source would be your consulate. I am sure there are strict explicit Sharia laws against your friend's action, however you should take a proper legal action.

Also, if a local can explain the Sharia Law on this, it will be great help for JasfurJQ and other exapts.

Good luck
Z

JasfurJQ wrote:

I need a lawyer, can anyone help me pls. I've been a guarantor for my friend who's been transferred in riyadh and I never wonder that he will betrayed my trust. Now the loaning company is looking at me and asking me to pay the debt of my friends since I'm his guarantor. But the person is still here in ksa so why don't they hunt him down, why me? Probably o can only pay his debt of his dead but his not....can anyone help me. Thus the company has right to put me in jail because I signed the contract? What does sharia Law says? The last warning I received from the loaning Co. Is they send the case in the higher level...I called my so called friend nut he doesn't reply anymore. I just help him his financial burden now his burden becomes mine....pls someone help me.....

We do have contact but he only keeps his promise till I found out he also borrowed cash to individuals and never return these money only them.......

JasfurJQ wrote:

I need a lawyer, can anyone help me pls. I've been a guarantor for my friend who's been transferred in riyadh and I never wonder that he will betrayed my trust. Now the loaning company is looking at me and asking me to pay the debt of my friends since I'm his guarantor. But the person is still here in ksa so why don't they hunt him down, why me? Probably o can only pay his debt of his dead but his not....can anyone help me. Thus the company has right to put me in jail because I signed the contract? What does sharia Law says? The last warning I received from the loaning Co. Is they send the case in the higher level...I called my so called friend nut he doesn't reply anymore. I just help him his financial burden now his burden becomes mine....pls someone help me.....

Not just Sharia law, but contractual law, in any part of the world I'm afraid. Being a guarantor for any kind of debt is a contract stating that YOU will be responsible for the debt, should the borrower default on payment for any reason. That's pretty serious stuff that you should understand before you agree to act as a guarantor.

Why is the lender coming after you, and not him??? Well that's easy to answer, they're coming after you because you are there and he is not. They're coming after you because you, yourself, authorized them to do just that. This wouldn't be any different in San Francisco, Toronto, Rio de Janeiro or Karachi. Lenders are not going to waste their time trying to track down somebody who has skipped out on a debt, and possibly out of the country where they're untouchable by local civil laws when they've got someone else right there who has assumed financial responsibility. Simple as that.

What can you do about it? Nothing, other than to use it as a learning opportunity. Legally you are as responsible to pay off the debt as the borrower was, since you guaranteed the loan. Learn from it, learn to either avoid the situation entirely in the future or to choose more wisely between those you THINK you can trust, and those who you really can trust.

Don't waste your time and money on a lawyer, it won't produce anything you're hoping for. You're already "on the hook" for the balance of the debt and there's absolutely no way out of that (other than possibly declaring personal bankruptcy), so why lose more money trying to fight it and put off the INEVITABLE?

Cheers,
James    Expat-blog Experts Team

I will totally follow James' advice. I had a similar situation in my younger years twice and I was thrice shy! We have a proverb which roughly translates to, 'If you want to make your best friend your enemy, lend them money.'...

Lending money to someone often has bad bad consequences.. Taking guarantee for someone else's loan is even worse!!

Although, in contrast to James' well-meant and point-on pessimism, (you should heed his (and my) advice for not repeating the same mistake again) I would suggest that you would need to put in effort and get in touch with possible legal advisers. Because I am assuming that if you do not take legal action, you will paying for your friend's debt by suffering punishment. Lets hope for the best.
Z

Get in touch with these individuals, and gather them for a good legal defense.

Z

MannyLQ wrote:

We do have contact but he only keeps his promise till I found out he also borrowed cash to individuals and never return these money only them.......

So I have to face the consequences....I agreed because I thought his my friend but instead he chose money over me.....

I don't know where to start pls do guide me...I never had this kind of big issues and I feel terrible and scared cos for sure they can deport me because of this and I'm not ready for that. Been here for so long and trying my best to be a good expat but the people around us make as look bad.....huhuhu

The best starting place is to go to your Consulate and ask them to advise you proper consul.

Z

I don't think our consulate is a good idea....

A lawyer can't prevent possible legal action against JasfurJQ for the debt. The only thing that a lawyer could possibly do is to bring on a civil action against the so-called friend and the real debtor, if he's still in the country. The only option if he's not is to retain a lawyer in the country where he actually is. As far as a lawyer helping to avoid paying off the debt, you can forget that. The very "best case scenario" that could ever result is that maybe, just maybe, a lawyer could possibly negotiate a reduction of the amount owed, but likely you could even do that yourself. Some financial institutions will write-off a debt if they receive the principal paid back and forego the interest. It might be worth checking with them to see if they might agree to such a deal, but don't hold your breath.

Cheers,
James    Expat-blog Experts Team