Can I legally be a guarantor for my wife ? I am in my third year of an IVA.

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Brad.mk

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Post by Brad.mk » Mon Sep 01, 2014 10:10 pm
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Hi
My wife wants a loan secured on a property she owns with no mortgage and the loan company said that I would have to be her guarantor as her wage is low. The problem is that I'm in my third year of an IVA and am not sure if I can do this. The equity is around 250K and she only wants to borrow 10K.
Does anyone know if I can legally do this for her?
Thanks.
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Foggy

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Post by Foggy » Mon Sep 01, 2014 10:21 pm
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No, I am afraid that you cannot, as you will be taking on a contingent loan as guarantor. In any event, you will fail any credit check and be refused.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Michael Peoples

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Post by Michael Peoples » Tue Sep 02, 2014 8:57 am
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She should speak to another lender because there is no need for a guarantor with that level of equity. I know Shaun Vickery at Select has access to secured loans and remortgages so could possibly beat what is on offer. His details are in the ask the experts section.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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