I am a guarantor for a loan, borrower is thinking of IVA

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david970
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by david970 » Wed Apr 25, 2018 5:38 am
Hi,

I'm a guarantor for an Amigo loan, my borrower who I am no longer on good speaking terms with is thinking of getting an IVA. What does this mean for me?

Many thanks.
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Foggy
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by Foggy » Wed Apr 25, 2018 6:44 am
The loan company will look to you for repayment, the IVA will absolve the borrower. You can become a creditor in your own right and put a claim in to his IP regarding the repayments you have to make on the borrower's behalf. I am afraid that, if anything, you will only get a small proportion of the money back.
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Lisa Thomas
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by Lisa Thomas » Wed Apr 25, 2018 9:11 am
You need to be prepared to repay the balance of the loan plus any relevant interest.
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