I foolishly signed as a guarantor for a now ex-friend of mine. He defaulted on the loan, and I was contacted to pay. I could not afford to repay the loan, so it went to court and a CCJ was issued against me.

I entered into a payment plan, but I am unsure if I can maintain the payments.

I own my home, it is in just my name.

Could they take my home?




I am sorry to hear your experience to help a friend has had the outcome it has.

When you guarantee a loan, as the guarantor, you are just as responsible for the loan as is the borrower.

There can be many reasons the bank or lender required a guarantor. Your friend may have had bad credit, or the lender just wanted me assurance the loan would be repaid.

Now that a CCJ/County Court Judgment has been filed against you, your credit is now affected.

Should you default on the payment agreement, the creditor could seek out an Enforcement Order to collect the debt.

Enforcement Orders can be in various forms, Bailiffs, wage attachments, or possibly a Charging Order against your property.

Once a Charging Order is issued, any unsecured debt included in the Order becomes secured by your property.

The odds of a Charging Order then being enforced to have your property sold is very slim to none. The courts do not like making people homeless. However, the Charging Order can sit there against the property, until the property is sold. Then the Order will be paid out of the proceeds of the sale.



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