Will my guarantor be chased if i enter IVA?

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amy925
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by amy925 » Mon Apr 02, 2018 11:50 am
Hi there... I had my car repossessed back in April 2017... I have been making monthly payments on this finance every month to avoid legal action . As my father is my guarantor for that car I did not want this affecting him. I have just decided to enter into an iva as I am struggling every month. I will be making payments to the finance company for my repossessed car every month included in my iva. I was wondering whether my guarantor will be chased for the money now that they are receiving a lower monthly instalment via my iva. Many thanks
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kallis3
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by kallis3 » Mon Apr 02, 2018 11:54 am
Unfortunately they will.
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Foggy
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by Foggy » Mon Apr 02, 2018 11:55 am
Yes he will become responsible for the whole debt and will have to continue making payments.
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Lisa Thomas
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by Lisa Thomas » Tue Apr 03, 2018 8:36 am
Yes he will - he will be able to claim himself as a creditor in your IVA but this may be little comfort depending on the estimated dividend and timescales etc.
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