another amigo

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Comments

  • AshI
    AshI Posts: 3 Newbie
    Even though it turned into a scam with him taking the money and cancelling payment straight away and in text I have him confirming that he will make the payments and never ask me to do so (I appreciate the risk of taking someones word they are going to do something and back tracking on it but can the messages be taken as some sort of agreement from my point of view)

    I accept the legal side of signing the guarentor side of the paperwork (this part I have no dispute over just to clarify)

    Lesson learnt never getting involved in trying to help someone finanicaly and a very costly lesson to learn
  • AshI
    AshI Posts: 3 Newbie
    Sorry I don't mean cancelling card, I mean cancelling the direct debit payment
  • Arleen
    Arleen Posts: 1,164 Forumite
    Combo Breaker First Post
    AshI wrote: »
    Even though it turned into a scam with him taking the money and cancelling payment straight away and in text I have him confirming that he will make the payments and never ask me to do so (I appreciate the risk of taking someones word they are going to do something and back tracking on it but can the messages be taken as some sort of agreement from my point of view)

    I accept the legal side of signing the guarentor side of the paperwork (this part I have no dispute over just to clarify)

    Lesson learnt never getting involved in trying to help someone finanicaly and a very costly lesson to learn
    If you think that you were scammed, go to the police or sue him in court. But that doesn't change anything about your position in regards to the debt, at least not until police/CPS/Court finds otherwise.
  • StopIt
    StopIt Posts: 1,470 Forumite
    AshI wrote: »
    Hi,

    I am in a situation very similar but can prove my 'friend' hasn't made any payments, got himself an IVA and made me fully liable. As I can prove even he cancelled his bank card so the first payment couldn't be made, do I have any legal rights?


    To what?


    You signed as a guarantor and your friend has ran off, leaving you on the hook.


    That's the deal with these things. You have the right to hate your "friend" forever and chase them for the money, but Amigo have every right to chase you.

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • robber2
    robber2 Posts: 558 Forumite
    First Post Name Dropper First Anniversary
    Sorry but him cancelling the direct debit changes nothing. It doesnt matter how you friend decides to avoid making payments there is no way you are going to get out of having to pay off the debt (plus default charges etc) other than leaving the country,bankruptcy or death.

    Rob
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
    Name Dropper First Post First Anniversary
    This problem will continue whilst people with poor credit still seek to obtain more credit, sucking those with better credit into their morass and bringing them down in the process.

    I have to wonder if this instance was brought about because someone desperately needed (ie wanted) a new kitchen. £7.5k seems to be about the going rate to have one done, even though I managed to have mine done completely for £1.5k. But glossy ads do cost.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • fozmcfc
    fozmcfc Posts: 3,098 Forumite
    First Anniversary Combo Breaker PPI Party Pooper Debt-free and Proud!
    AshI wrote: »
    Even though it turned into a scam with him taking the money and cancelling payment straight away and in text I have him confirming that he will make the payments and never ask me to do so (I appreciate the risk of taking someones word they are going to do something and back tracking on it but can the messages be taken as some sort of agreement from my point of view)

    I accept the legal side of signing the guarentor side of the paperwork (this part I have no dispute over just to clarify)

    Lesson learnt never getting involved in trying to help someone finanicaly and a very costly lesson to learn

    Firstly, they are not your friend, so I hope you have kicked them into touch. It's really despicable how people can treat family and friends in this way. While you may find it embarrassing they have done this to you, you need to warn others, so they are not put in the same situation.

    By all means look further into it and seek advice, but while you are doing that, you only have a few options, pay otherwise you will trash your credit rating or get a settlement figure and then try to get a loan with a much lower interest rate to pay it off, so you have less to payback.

    I don't think you can do much more than the above, but you could try citizens advice, the national debt line or a solicitor that gives a free or very cheap 30 mins consultation.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    Air_wolf wrote: »
    I have always honoured my debt repayments and will continue to do so but the truth is if the repayments start to take away from my life, where I have to make sacrifices in my home then they no longer become a priority for me and with amigo payments it is getting to this point very fast.

    Not paying them or taking an option like bankruptcy would do far worse. It will affect your ability to get your own place to live to the point where you may end up being stuck at your parents for several years and if you actually find someone willing to rent to you affect your ability to get reasonably priced gas and electricity with you finding you are going to end up being on a pre-pay token meter, a phone line is likely to need a down payment, everything will be more expensive.

    People seem to be under the misconception that bankruptcy is something that allows you to walk away from your debts and all you have is a few months of pain until you get discharged. It is far from that. It will shaft you in many many ways you won't have even considered for quite some time after. You may find even getting things like insurance for your car becomes impossible because you have to tick the "have you been declared bankrupt?" box which sees the premiums rocket if they give you a quote at all.
  • Air_wolf
    Air_wolf Posts: 3 Newbie
    Shakin_Steve wrote: »
    Don't you think bankruptcy will 'take away from your life, where you have to make sacrifices in your home'? Or have you found a way not to pay and make these debts disappear?
    Maybe I have false romantic notions about bankruptcy.
    What would you suggest I do?
    lol I wish I had a way of not paying my debts, wouldn't be in this situation if i had.
  • Herzlos
    Herzlos Posts: 14,688 Forumite
    First Anniversary Name Dropper First Post
    The first thing you should look at is getting a settlement figure from Amigo and getting a regular loan at a normal rate to pay it off.

    Then you'll hopefully be stuck with £7.5k debt @ under 10% APR, instead of £7.5k debt at 50% APR. Should bring your payments down dramatically.
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