Can my mum be a guarantor while in iva? Is it valid?

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ajl
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by ajl » Wed May 31, 2017 8:33 pm
Hi, My mother is in an Iva and is a guarantor for a family member , unfortunately the worst case has happened and there are demand letters now seeking legal action for non payment of rent ? Suppose what I'm asking is if mum was on an Iva and signed into being a guarantor is this valid ?
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Michael Peoples
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by Michael Peoples » Thu Jun 01, 2017 8:27 am
If the guarantee was signed prior to the IVA approval then the creditor should have been informed and your mother would be protected. If she signed the guarantee after approval she should not have done so and this could be a breach of the IVA. She needs to speak with her IP.
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Foggy
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by Foggy » Sat Jun 03, 2017 4:52 pm
I echo Michael's thoughts. If the guranteed loan was disclosed at the outset it should be OK -- if not, the situation is not so good but might not be unsalvageable. She does need to speak to her IP.
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