My friend ask me to help him loan a car from our company. we are getting some discount if we purchase car from our company. I helped my friend because he is a good person and trusted as well. He is from India and I am from Philippines.
in 2008, we took a car and got good discount. we ageed verbally that i will take the car under my name and issue my cheques as well for 6 years or total of 72 months cheque. he said he will transfer the car in his name after one year and i trusted his word. in return he give me some money as a token of appreciation for helping him. like 30% of the discount he got from the car.
after one year he starts to delays his deposit to my account to fund the cheques i issued to the bank and resulted some cheque return and bad image on my accounts although he was paying those charges. then during that time most of the banks stops allowing to loan or top up if your salary is less than dhs 10,000 including my bank. I start a sking him when he will pay the car and transfer it to his name. that was after 1 year since we took the car. he said he is also now having some financial problem and he cannot apply for loan to buy my car..so we continue as the usual set up..
i manage to close my bank by getting loan from one bank and i have to pay all my liabilities from them. but the cheque i issued still not replaced from the bank where we took the loan. my friend agreed to pay the stop cheque deposit for every due cheque by paying extra dhs 100 every month. on this bank where we took the loan, they give me credit card even i did not request for it. now this card is overdue and i cannot pay anymore which reached more than the credlit limit. due to this card, i receive email from them that if i am overlimit to the credit card i cannot request for stop cheque deposit anymore…
i am now in dilemma what i have to do to my friend..he still now cannot buy the car and difficult to deal with. i have no written a greement before and i cannot do anything now. he is still driving the car under my name. i want to get rid of the car loan but i dont know what is the better way to deal with my friend at least problem only wiht the credit card and not on car loan.
is there any case that i can do for my friend because of not paying the cheque due on time? can the bank file a case against me because of not paying my credit card even i am paying for the car loan?.
thanks for your advice in advane
Desperada in Dubai
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