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 if i have a loan that has a guarantor, would the guarantor have to pay the loan back ?		  New Topic  Reply to Topic
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Nicola.07
Starting Member



1 Posts
Posted - 31 January 2013 :  19:40:09  Show Profile  Visit Nicola.07's Homepage  Reply with Quote
if i have a loan that has a garantor and i put this on my bankruptcy form would the loan get wiped or would my garantor have to pay the loan back?

Niobe
Administrator



United Kingdom
4590 Posts
Posted - 31 January 2013 :  20:07:29  Show Profile  Reply with Quote
Hi and welcome to the forum.

The loan may well be included in BR as far as you are concerned but I am sure that the guarantor will be liable for the whole amount.

Hopefully Viki will be along to help.
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panason1c
New Member

50 Posts
Posted - 31 January 2013 :  20:09:37  Show Profile  Reply with Quote
Surely that is the point of the guarantor, to be responsible for, and pay the loan in the event that you can't?

Be interesting to hear from the experts on this one.
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Niobe
Administrator



United Kingdom
4590 Posts
Posted - 31 January 2013 :  21:35:24  Show Profile  Reply with Quote
A guarantor would be responsible for the whole loan if you defaulted on it.
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Niobe
Administrator



United Kingdom
4590 Posts
Posted - 31 January 2013 :  21:46:16  Show Profile  Reply with Quote
I wouldn't be happy if I was a guarantor and the person defaulted on the debt.
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Viki.W
forum expert



United Kingdom
2211 Posts
Posted - 01 February 2013 :  07:04:51  Show Profile  Reply with Quote
Hi Nicola,

Yes, the guarantor will be liable for the full amount of the loan.



Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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