Will my guarantor be chased if i enter IVA?

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amy925

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Post 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

kallis3

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Post by kallis3 » Mon Apr 02, 2018 11:54 am
Unfortunately they will.
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Foggy

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Post 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.
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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Lisa Thomas

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Post 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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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