If someone has an IVA can they get a guarantor loan?

es_1998

asking for a friend and literally cause my !!!!!! anit in debt lmao. 

so yeah basically can someone with a iva in place get a guarantor for guarantor loan or will they be rejected straight away?

and before anyone says ' if someone needs to have a guarantor , not advisable with iva ' etc I dont care about that, I just want the question answered.

Thanks.

DCFC79

es_1998 said:

asking for a friend and literally cause my !!!!!! anit in debt lmao. 

so yeah basically can someone with a iva in place get a guarantor for guarantor loan or will they be rejected straight away?

and before anyone says ' if someone needs to have a guarantor , not advisable with iva ' etc I dont care about that, I just want the question answered.

Thanks.

I dont think any checks or in depth checks are done.

sourcrates

Just to clarify what your asking.

Are you asking if an insolvent can get a guarantor loan, or be a guarantor themselves ?

Standard terms of most IVA’s prohibit credit of more than £500.
You would be playing with fire taking any form of credit whilst insolvent, taking out a guarantor loan whilst insolvent would be insane.

Most guarantor loan companies are rather sloppy in there due diligence, as long as they can obtain a guarantor, to pay when you can’t,  the money is more or less yours.

But, this would most certainly lead to the IVA being failed, so there’s your answer.

es_1998

sourcrates said:

Just to clarify what your asking.

Are you asking if an insolvent can get a guarantor loan, or be a guarantor themselves ?

Standard terms of most IVA’s prohibit credit of more than £500.
You would be playing with fire taking any form of credit whilst insolvent, taking out a guarantor loan whilst insolvent would be insane.

Most guarantor loan companies are rather sloppy in there due diligence, as long as they can obtain a guarantor, to pay when you can’t,  the money is more or less yours.

But, this would most certainly lead to the IVA being failed, so there’s your answer.

Okay so basically insolvents can only take out £500 but if they get a garantour loan they’ll probably get away with getting more than £500 but then they’re failed their IVA agreement, what happens then, does the insolvent go to court even if the garantour pays it off?

es_1998

DCFC79 said:

es_1998 said:

asking for a friend and literally cause my !!!!!! anit in debt lmao. 

so yeah basically can someone with a iva in place get a guarantor for guarantor loan or will they be rejected straight away?

and before anyone says ' if someone needs to have a guarantor , not advisable with iva ' etc I dont care about that, I just want the question answered.

Thanks.

I dont think any checks or in depth checks are done.

just ID then? damn

nic_c

es_1998 said:

sourcrates said:

Just to clarify what your asking.

Are you asking if an insolvent can get a guarantor loan, or be a guarantor themselves ?

Standard terms of most IVA’s prohibit credit of more than £500.
You would be playing with fire taking any form of credit whilst insolvent, taking out a guarantor loan whilst insolvent would be insane.

Most guarantor loan companies are rather sloppy in there due diligence, as long as they can obtain a guarantor, to pay when you can’t,  the money is more or less yours.

But, this would most certainly lead to the IVA being failed, so there’s your answer.

Okay so basically insolvents can only take out £500 but if they get a garantour loan they’ll probably get away with getting more than £500 but then they’re failed their IVA agreement, what happens then, does the insolvent go to court even if the garantour pays it off?

The insolvents Creditors agree to take a small payment and at the end of the insolvency period write the rest of the debt off. If the insolvent breaks it by taking credit (doesn't matter whether its a guarantor type, it's still a new credit agreement) and so the creditors can ask for the full debt again. So it's like they never went through the IVA. 

sourcrates

es_1998 said:

sourcrates said:

Just to clarify what your asking.

Are you asking if an insolvent can get a guarantor loan, or be a guarantor themselves ?

Standard terms of most IVA’s prohibit credit of more than £500.
You would be playing with fire taking any form of credit whilst insolvent, taking out a guarantor loan whilst insolvent would be insane.

Most guarantor loan companies are rather sloppy in there due diligence, as long as they can obtain a guarantor, to pay when you can’t,  the money is more or less yours.

But, this would most certainly lead to the IVA being failed, so there’s your answer.

Okay so basically insolvents can only take out £500 but if they get a guarantor loan they’ll probably get away with getting more than £500 but then they’re failed their IVA agreement, what happens then, does the insolvent go to court even if the guarantor pays it off?

Unlikely with this type of thing, the creditors, if it came to light, could sue for his bankruptcy, it is generally acknowledged that people in debt sometimes do stupid things, usually the worst that could happen is the IVA fails.

If he did this in bankruptcy, the consequences could be much more severe, he could face a BRU (bankruptcy restrictions order) for up to 15 years, even prison for the worst offenders.