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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5357
Experience:  Dip Law LPAB - Sydney based lawyer
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I'm recently separate from my wife. And I need a $50000

Customer Question

I'm recently separate from my wife. And I need a $50000 business overdraft for the everyday running expensenses till I get on my feet. If I'm not approved is my dad able to go guarantee on the loan
Submitted: 11 months ago.
Category: Australia Law
Expert:  Patrick H. replied 11 months ago.

Hello and thank you for your question.

There is no legal reason why your father cannot go guarantor to help you secure your loan.

Going guarantor is a serious commitment at any time, but whilst your financial situation may be uncertain given that you will likely need to reach a financial settlement with your wife at some point in the future, so for that reason, before proceeding, it may be prudent for you to review your situation with a family lawyer so you can get a sense of the sort of settlement that is likely to be achievable with your wife, a then you will have a better idea of whether or not you will be in a position to repay such a loan.

I trust the above assists.

PLEASE RATE MY ANSWER.

Merry Christmas

Patrick

Expert:  Patrick H. replied 11 months ago.

Please rate my answer.

Patrick