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3rd Party Agreement

In a previous post, you mentioned that as an unemployed individual, the only way to do a proposal would be with a 3rd Party agreeing to pay the proposal. Is this something that would be difficult to get the creditors or trustee to agree to?

Also, does that person need to have a good credit history, or just steady income (as we did a joint proposal about 2 years ago, which is now complete).

Other than the actual payments is their any residual effect on the 3rd party?

Thanks.

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One Response to “3rd Party Agreement”

A licensed trustee said...

I don’t think it will be difficult to obtain agreement from your trustee or your creditors to accept a payment guarantee from a third party. The difficulty for most people is finding that 2rd party to provide the guarantee.

Certainly, the person must be solvent themselves and will be required to disclose sufficient financial information for the trustee and creditors to be comfortable with theri ability to pay. You should expect the trustee to ask for either a large deposit upfront to insure that the trustee’s costs are covered should both you and your guarantor default on the payments.