Going bankrupt but have guarantor on credit union loan.

T

terse

Registered User
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2
Hi,

I have read through all the threads on here and can't find an answer to my specific question.

I have made the decision to apply for bankruptcy in the uk, however, while all my debt is my own and solely in my name I have a loan for around €27k with my local credit union and it has been guaranteed by a family member. It is probably the only one of my debts that I have been servicing regularly since I've gotten into bother.

Now if I apply for bankruptcy I assume this loan has to be declared and they will receive word of it. Does that mean that they will automatically call on the guarantor for repayment or will they have to write it off or will they still be open to some sort of arrangement.

Thanks..
 
Yes, Its most likely that they will make a call on the guarantor and in that type of situation would be entitled to do so.
 
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