I just wanted to ask you something.
I am guarantor for somebody who is now on iva. Obviously the debts was only me die to the other person’s circumstances.
I was wondering what are the chances of me suing him for that??
The loan was taken before the iva.
I doubt it would get you very far and would end up costing you, or him and may even bankrupt him and you would still be out of pocket.. You will be liable for the debt I'm afraid.
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
I have been a guarantor for somebody who entered iva few weeks ago.
As he’s not paying for his loans,the duty is shifted into me..
Can you please advice if I can sue the person for the money I will have to pay?
You are, as you know, liable for the debt. You cannot sue him as you agreed to take the risk when you guaranteed the loan.
You can, I believe, become a creditor in his IVA and get a dividend --- but this will only be pennies in the pound, if the IP accepts your claim and it doesn't derail the whole arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have already been paying for his debts for the past year and half..Because if that I had to go myself for the debt management plan..
It’s all very stressful for me and life lesson..
Fri Nov 20, 2020 9:05 pmIzunia1981 wrote:
I have already been paying for his debts for the past year and half..Because if that I had to go myself for the debt management plan..
It’s all very stressful for me and life lesson..
If you go into a DMP, the debts you are a guarantor for will also be considered --- but the creditor can refuse to co-operate. You could also get an IVA and roll those debts into that.
Definitely a sobering lesson
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
