Being a guarantor is an important procedure and carries with very onerous responsibilities and consequenses.
If the borrower defaults the bank will naturally go after the guarantee and the guarantor.
Subsequently you can try to go after him for the sum you paid to the bank through legal means.
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Circumnavigator, lawyer and columnist and the man who divides his time between Singapore, Hong Kong and China. I believes that etiquette transcends nationality and race. 
In this column I will offer stylish advice to everyday questions on etiquette at work and at home and anything else that may be bothering you.