I had my IVA approved in 2011 and since then I have been able to maintain my contributions agreed in the proposal. However, I have given a new personal guarantee to a factoring company to facilitate discounting of receivables . One deal has gone sour and they have threatened to call my guarantee.
This might just be a threat and can be settled amicably.
However, I need to know what the implications are
if I am in IVA. Can they call on my guarantee and if so can this be added to the amount in IVA?
Your iva will be based on your financial standing at the outset. If further debts come to light during the iva your IP may be able to consider adding them with the approval of creditors however they may also not ... It is worth asking that question to your IP direct.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You need to discuss this with your IP if they do not know already. Your guarantee would not have been worth much if you are already insolvent and I am surprised the factoring company took it.
Was the guarantee limited to a certain amount Kishore, and what level of exposure would you say you are facing at the moment in terms of monetary value?
