Help needed!

sarbub1

I have got myself into a massive amount of debt over the past year. Due to working part time, having a child etc. My problem is my friend has acted as my guarantor and the loan repayments are totalling over £800 per month. I am up to date with repayments but it is a struggle. I need to declare myself bankrupt in order to survive, i have other debts in an existing debt managemnt plan and a car loan. All of which are upto date. My main problem is i cant consolidate the guarantor loans to lower the repayments. If i could do this it would make everything do much easier. Can anyone help me with any advice? Its all getting on top of me.

Johnsmith2016

What is the total of your debts?
What is the total of the gurantor debts?
Do you own a home?

fatbelly

Johnsmith2016 wrote: »

What is the total of your debts?
What is the total of the gurantor debts?
Do you own a home?

and how much money would you have available each month if you had no debts, i.e. what is your surplus income?

foxy-stoat

If you do go down the IVA route then your friend may well end up paying the full amount for the guarantor loan.