How would it affect the guarantor of my loan if I settled my IVA early ?

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Val.10

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Post by Val.10 » Mon Jul 14, 2014 4:49 pm
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If I settle my IVA early through an agreed settlement figure, what happens to the guarantor of the loan that was included in my IVA? Would she still be chased by the bank for the balance or would she also be free of this debt too?
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Adam Davies

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Post by Adam Davies » Mon Jul 14, 2014 5:32 pm
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Hi

It is very likely that they will be chased for any shortfall following your settlement, are they being asked to pay at the moment ?

Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Mon Jul 14, 2014 8:07 pm
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The IVA does not release guarantors from ongoing liabilities - I assume that they are aware that you are in an IVA, and hence are anticipating further exposure to the debt?
Regards, Melanie Giles, Insolvency Practitioner
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