Will a guarantor be chased if I do IVA?

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
User avatar
karen959
Posts: 1
by karen959 » Mon Apr 16, 2018 7:14 am
will my mum be chased for money if I went through iva as she was my guarantor?
User avatar
kallis3
Forum Expert
Posts: 73480
Contact
by kallis3 » Mon Apr 16, 2018 7:21 am
Hi,

Yes she will be liable for the debt and have to maintain payments.
User avatar
plasticdaft
Forum Expert
Posts: 9509
Contact
by plasticdaft » Mon Apr 16, 2018 7:33 am
karen959 wrote:
will my mum be chased for money if I went through iva as she was my guarantor?

Unfortunately yes.


Paul
User avatar
Foggy
Forum Expert
Posts: 26893
Contact
by Foggy » Mon Apr 16, 2018 7:50 am
Can only echo those above -- she will become responsible for the debt and will have to make the payments. She could apply to your IP to be a creditor and get a few pence in the pound back, but this is sometimes voted down by the commercial creditors as she is associated to you.
User avatar
Lisa Thomas
Industry Expert
Posts: 6869
Contact
by Lisa Thomas » Mon Apr 16, 2018 8:33 am
Yes. she can then claim as a subrogated creditor in your IVA.
User avatar
Shaun Vickery
Industry Expert
Posts: 719
Contact
by Shaun Vickery » Mon Apr 16, 2018 2:33 pm
Unfortunately that's the nature of acting as someone's guarantor.
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: kallis3 and 15 guests