I have a amigo loan that I can’t afford to pay and it’s making me ill. My friend is a garentour and there is no way I can let him down and liable for the loan I’m so worried I’m making myself ill will an Iva help and not cause him to pay
I am afraid not. As soon as you fail to pay, even by going into an IVA, Amigo will turn to your friend to make the payments. The perils of being a guarantor. Sorry, I wish I had better news.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I know it's hard but when your friend signed up to be guarantor this is exactly the situation he was guaranteeing - that he would pay if you could not, so he must be prepared for it.
You need to take advice and deal with the debt as things can spiral out of control if you cannot get on top of it. You could lose control of your options.
How much is the debt?
I agree, better to seek advice now rather than putting it off....even if just to clarify what your options are. Why not speak to one of the experts like Lisa who contribute here (click on the IVA experts link on the left hand toolbar).
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.