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| lee.t |
Posted - 08 July 2008 : 08:23:29
Hi
Scenario:
I have two clients (parents) whom hold a guarantee on a loan which is the name of their two children.
They have no means of paying the debt (£80k) so bankruptcy is the only option. They have already "debt management" in place for household bills etc for which they pat a hefty fee.
Question: Do both parents have to become bankrupt? If so, what is the easiest way of getting this started.
One of the parenst though is NOT a british citizen, so how does this affect it?
Cheers
Lee
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| 2 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 08 July 2008 : 15:08:33
Hi Lee,
Whether the loan is joint or several, it makes no difference if both parents have signed the guarantee. Is refinancing or negotiating with the lender an option? I would suggest these routes prior to BR.
These days, creditors are far more cooperative, so why not talk to them?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 08 July 2008 : 08:46:17
Hi Lee and welcome to the forum
I assume that the children have defaulted on the loan?
If the loan is joint and several, then it would be sensible for them both to file. So long as the non British citizen has lived in the UK for at least six months, and has appropriate residency status, this should not be a problem.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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