Would I be able to act as guarantor for sons loan ?

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Bevdn34

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Post by Bevdn34 » Sun Oct 19, 2014 9:25 pm
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Hi..I'm currently in an iva and my son is looking for a car loan - would I be able to stand as a guarantor (not sure that's the right spelling!) For my son's loan or would my iva preclude me automatically?
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Foggy

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Post by Foggy » Sun Oct 19, 2014 9:31 pm
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Hi you are not allowed to stand guarantor as, if your son defaulted, you would be taking credit, which is not allowed.

In any event they would credit check you and you would be rejected by the loan company.
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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Shining

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Post by Shining » Sun Oct 19, 2014 10:56 pm
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Hi and welcome to the forum. Unfortunately, I doubt you would pass the credit check, when my daughter needed a guarantor for her flat I asked my brother who did it and told him a little white lie as to why I couldn't. I made him think she would never default knowing he was the guarantor. Is there someone else who can do this for your son?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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