Hi, I have a guarantor loan, which I no longer can no longer pay

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Markdm22

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Post by Markdm22 » Fri Nov 14, 2014 9:06 am
Hi, I have a guarantor loan, which I no longer can Pay. My guarantor as started an IVA and included the loan. The problem I have got is the loan company are chasing me for the money, saying I'm liable abs need to come to don't sort of arrangement. I know they won't get all the money via the IVA but if i paid they would end up with more.
 
 

Michael Peoples

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Post by Michael Peoples » Fri Nov 14, 2014 9:15 am
If you pay the debt you will become a creditor in the IVA. You should have received notification of the IVA and a copy of the proposal so register your claim with the IP. If this is causing severe problems you may need to get some advice yourself.
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
 
 

Steve Rees

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Post by Steve Rees » Fri Nov 14, 2014 10:03 am
Creditors should never get more in total, but under the terms of the guarantor loan they can pursue both parties so as to be able to recoup as much as possible of what is owed.
In the first instance you should contact the loan company and try to make some arrangement with them and if that does not prove fruitful, as Michael suggests you should speak to an advisor yourself asap
Steve Rees - A spokesperson for IVA.co.uk and Director at Vincent Bond & Co.

Want to share your story? Highlighting the issues facing people in debt is often a story that the media want to hear about. iva.co.uk will pay up to £500 for a successful case study - if you are interested please email steve.rees@iva.co.uk for more details.

You can visit my blog at http://blog.vincentbond.com/
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