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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5421
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: 1 year ago.
Category: Australia Law
Expert:  Patrick H. replied 1 year 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 1 year ago.

Please rate my answer.

Patrick