That is something I would suggest you deffinatly talk to your IP about. You are potentially opening yourself up to an unspecified amount of liability if anything happens
I would speculate this would be in the same area as new credit whilst in an IVA and due to the potential liability, the IP will say no
But see what they say
There are 10 kinds of people that understand binary, those that do and those that don't
Hi. I am afraid you will not be able to be a guarantor. As althas says, this will be a contingent liability and potentially further debt. In any event, as a guarantor you will be credit checked and will fail that check.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
You can stand as guarantor with your IP's permission, so arrange to discuss the circumstances surrounding this with them directly. If the borrower subsequently defaults on their payments, you will not be able to include any resultant debt into your IVA.
