I have been in an IVA for 5 years and became guarantor for my partners debt. I have received a letter advising that I am liable for the debt if he does not pay. A meeting is to be arranged with the creditors, but I would appreciate nformation regarding avoiding his debt- which he can pay off.
Regardless of the fact that you say that he can pay the debt off, you are liable for the whole amount if he doesn't.
I'm actuallyh surprised that you were accepted as a guarantor whilst in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm surprised too that your creditors agreed to you being a guarantor.
Did you realise that by being a guarantor you would assume full responsibility for the debt if your partner couldn't pay it for some reason? I only ask because some people don't.
I don't think the creditors did know about it - I imagine the meeting is to discuss what is going to happen as effectively Sean has taken out credit (although not his own obviously) without permission by the looks of it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
