Would I now be responsible for Amigo loan payments

Get expert opinion. This is the place for new questions to be posted.
2 posts Page 1 of 1

shelley911

User avatar
Posts: 1
Joined: Wed Aug 15, 2018 7:05 am

Post by shelley911 » Wed Aug 15, 2018 7:05 am
I am a guarantor for a Amigo loan of £5000. I am currently in a IVA of debts of 21k. The person who I guaranteed the Amigo loan for is struggling to make payments. The Amigo loan was not included in my IVA would I now be responsible to make the Amigo loan payments?

Would it be possible to include the Amigo loan in my current IVA at this stage?

Foggy

User avatar
Forum Expert
Posts: 28340
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed Aug 15, 2018 7:49 am
The loan should have been included as a contingency payment, then, if the original debtor defaults, it would have been included in your IVA. Did you tell your IP about being a guarantor when your IVA started ?
If you become responsible now there is an outside chance it could be included, but it could also derail your IVA for a number of reasons.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
2 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”