You might find this difficult as, if the other person defaults, then you are liable for the loan.
Have a word with one or two companies - Vincent Bond (details under the ask experts a question link on the left hand side of the page) can be contacted for some free advice.
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
I agree that it is a good idea to have a chat with several companies.
As for the guarantee you have given, this can be included in your IVA as a contingency debt. This means that your IP will not include it, as such, from the start, but will be aware of the possibility of you becoming liable for the loan if the debtor defaults during your IVA.
Last edited by Foggy on Fri Oct 21, 2016 5:32 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This debt would have to be included even if it is being paid. This offers you protection should the other person not pay and you will not be able to stand guarantee again for a while.
