Hi, I'm sure an expert will be along to offer some advice soon. However, my personal feeling is that whether or not a person in an IVA is "allowed" to be a guarantor, they will definitely fail any credit checks involved in the process. Also, they would be highly unlikely to be able to honestly state that they would be in a position to take over the payments should the person they were acting as guarantor for default on their payments. The whole idea of being a guarantor is so that if the debtor is unable to make payments then the guarantor can do so instead, and I know that I wouldn't manage to make even a small payment of £50 per month whilst still paying my IVA.
I'm pretty sure you're not allowed to but not 100% on that.
As you say, you would certainly fail any credit check.
Last edited by kallis3 on Wed Jul 28, 2010 8:26 am, edited 1 time in total.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
No you will not be allowed to be a guarantor I'm afraid.
You would be liable in total for the loan/rent that you guarantee and this would not be allowed under an IVA. To guarantor is really the same as taking out a joint loan with the person you are the guarantor for
Regards
