Prolism wrote:What an odd situation. As others like Foggy have suggested, and experts agree (Source), if she defaults on the loan then it's pretty clearly yours to deal with now . What I don't quite get is how or why they'd have an issue if she's still managing to make / match her required payments. Any updates or extra info on this one? Really curious to hear how this pans out.
Semantics really ---- they would be happy to get the money, but are also bouind by the terms of the IVA. Those terms forbid a creditors being paid by the debtor in favour over other creditors .... so the debtor paying them is against the agreement. However, the guarantor paying them is not. To keep things ship shape, the guarantor could become a creditor in his / her own right. In reality though they will pay Amigo and the debtor could come to some arrangement with them privately -- which we will not go into.
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