Guarantor Loan

JS2021

Hi,
I am after some advice. I am one year into my IVA and all is going ok. I had a guarantor loan which was not included in the IVA as my parent was the guarantor. So payments were being made through them. Now unfortunately my parent has passed away a short while ago. I am devastated and the last thing I want is that debt going to the estate as there isn’t any money in it due to no insurance or savings etc. I just don’t want my other parent having the stress. Anyone have any ideas what will happen? The loan was with with Amigo and has 1.6k left on it. I am happy to pay the monthly payments but assume I cant with being in a IVA. Any suggestions would be appreciated.

jefaz07

Please read these pages regarding Guarantor Loans. It may help you. 

https://debtcamel.co.uk/how-to-complain-guarantor-loan/comment-page-67/?unapproved=414042&moderation-hash=96150a303811a798b1b9d6129c1ffdfd#comment-414042

fatbelly

In the first instance the executor or personal representative has to deal with it.

If eventually the liability rests with you, you ask your IP if it can be included.

Keep_pedalling

Your father’s estate is insolvent therefore you mother should write to loan company to inform them of his death . She should also inform them that the estate is insolvent and that no one is administering the estate. A copy of his death certificate should be attached to the letter.

That should be the end of it as far as your mother is concerned, although no doubt they will the switch their intentions to you.