Moratorium / Guarantor Loan

Dave2015

Hi,

New to the forum and hope this is the correct area for my thread.

I have recently been accepted for a Moratorium as I am looking to enter a DAS (Debt Arrangement Scheme). I have informed almost all my creditors of the moratorium and they have all placed holds on my accounts, no interest / charges etc, until I set up my DAS. I still have one creditor to deal with and this relates to an unsecure personal loan which is also a guarantor loan through my dad. Does a moratorium give protection from a guarantor loan or can they still chase my dad for the money during the moratorium period?

Thanks

fermi

If it's like similar things in England, then I doubt there would be anything preventing them pursuing the guarantor for the full loan.

Probably best to give some where like National Debtline Scotland a call

https://www.nationaldebtline.org/S/Pages/default.aspx

coolcait

Well done for being so proactive, and getting your creditors to freeze interest etc - the moratorium doesn't oblige them to do that, so getting in touch with them has been time well spent.


Unfortunately, whether you have a moratorium or a full DAS the creditor will still be able to chase your guarantor for the full amount of the debt.

National_Debtline

coolcait wrote: »

Unfortunately, whether you have a moratorium or a full DAS the creditor will still be able to chase your guarantor for the full amount of the debt.

Thanks for confirming this coolcait. I’ve been looking into it but couldn’t find anything which mentioned a DAS having any effect on a guarantor’s position so assumed they could still be pursued.


James
@natdebtline