You're unlikely to be able to continue as, your son will be totally responsible for the loan and creditors will chase you.
Speak to one or two companies for advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The loans would be listed in your IVA as contingency loans. How the lenders would react I do not know, but, in theory, as long as your son continues with the repayments, they should be OK. I would suggest checking the loan agreements for any mention of guarantor insolvency.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I don't believe being a guarantor will preclude you from an IVA, as Foggy says I think that you would have to declare this to any potential IP so that it can be set aside as a contingency debt or some action required to release you from the contract? You need to speak to a few companies about entering an IVA so don't forget this as an addition to your debt management plan.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I am a guarantor to my son but have debts of my own and I am in the process of entering an iva what happens to his loan now if he doesn't pay and I have iva?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
