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paula m
Junior Member
179 Posts |
 Posted - 02 September 2008 : 21:21:59
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| Thinking of going BR but we have a loan that a member of the family is guarantor. This is finished in Jan 09.Will we have to declare this and if so will we still be allowed to pay it. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 21:23:52
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Hi Paula,
Im not sure on if you will be able to continue paying it as it would come across as preferential, but i think you would have to declare it.
Maybe one of the other experts can add more and if im wrong they will correct me.
Keep posting and.....
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 02 September 2008 : 22:17:07
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Hi
you would not be permitted to continue the payments to the debt. In fact, legally your not liable for it, the guarantor is.
So if you declare bankruptcy the guarantor would have to meet the payments at least for the term of your bankruptcy (usually 12 months) after that period you could resume the payments and look to repay the guarantor.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 03 September 2008 : 07:44:56
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Hi Paula
How close are you to going BR? If it took you another 6/8 weeks to get to court and your guarantor "paid" the repayments each month for the remaining 1 or 2 months then surely this wouldn't be seen as preferential payments and the loan could be settled out of BR?
John - if the OR is aware of the loan but also aware that the guarantor is paying the remaining couple of payments would that be ok?
Vicki x |
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John
New Member
United Kingdom
73 Posts |
Posted - 03 September 2008 : 08:26:51
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Hi
yes that's right.
I think, in my round about way, that's what I was trying to say, in that the debt and any legal recourse the creditor may have, lies with the guarantor. So they voluntarily, or otherwise, are liable. The debt obviously therefore could not be included in the BR.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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will we have to declare loan ?
