I am a guarantor

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lyndsey227

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Post by lyndsey227 » Wed Aug 19, 2020 5:58 am
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I currently have an IVA in place but before i had this i went gaurantor on 3 loans which the person is not paying, am i protected from the creditors?
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kallis3

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Post by kallis3 » Wed Aug 19, 2020 6:51 am
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You will find the creditors will probably chase you for the loan. Nothing you can do about that.
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
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Foggy

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Post by Foggy » Wed Aug 19, 2020 8:17 am
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You were a guarantor on these loans when you entered your IVA ? Did you disclose these loans to your IP at the time ?
If you did they should have been listed as contingency debts. If not they will be treated as new debt or undisclosed debt and what happens depends on the circumstances and figures. If they are substantial amounts they could sink your IVA.
You need to discuss this with your IP as soon as possible.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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