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  • FIRST POST
    • Welshman2017
    • By Welshman2017 19th May 17, 12:49 PM
    • 5Posts
    • 1Thanks
    Welshman2017
    Amigo loans
    • #1
    • 19th May 17, 12:49 PM
    Amigo loans 19th May 17 at 12:49 PM
    Hi im new to this forum but looking for some advice.
    About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

    So where do i stand and who i can contact in order to get these people off the loan agreement?

    Any hejp would be highly appreciated.

    Thanks Marcus
Page 1
    • Candyapple
    • By Candyapple 19th May 17, 1:22 PM
    • 2,484 Posts
    • 1,852 Thanks
    Candyapple
    • #2
    • 19th May 17, 1:22 PM
    • #2
    • 19th May 17, 1:22 PM
    I would have thought that the more guarantors you had (didn't even realise you could have more than 1 with Amigo so have learnt something new) that Amigo would be more than willing to accept because it means they have more people to chase should you default on your payments.

    Have you asked your original guarantor why they decided to add more people?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • AndyPix
    • By AndyPix 19th May 17, 1:46 PM
    • 2,899 Posts
    • 1,976 Thanks
    AndyPix
    • #3
    • 19th May 17, 1:46 PM
    • #3
    • 19th May 17, 1:46 PM
    Any hejp would be highly appreciated.
    Originally posted by Welshman2017

    Dont get a "top up"
    Running with scissors since 1978
    • StopIt
    • By StopIt 19th May 17, 2:08 PM
    • 1,391 Posts
    • 1,183 Thanks
    StopIt
    • #4
    • 19th May 17, 2:08 PM
    • #4
    • 19th May 17, 2:08 PM
    Hi im new to this forum but looking for some advice.
    About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

    So where do i stand and who i can contact in order to get these people off the loan agreement?

    Any hejp would be highly appreciated.

    Thanks Marcus
    Originally posted by Welshman2017

    You're looking at the wrong issue.


    Why are you having to rely on Amigo Loans and why do you need yet more money from them?


    Head to the DFW board as people can assist you there, and if you're in debt trouble speak to a debt charity like StepChange ASAP.
  • National Debtline
    • #5
    • 19th May 17, 2:29 PM
    • #5
    • 19th May 17, 2:29 PM
    Hi Welshman2017

    Welcome to MSE. According to the Amigo Loans website you can only change your guarantor if you have paid off your loan in full or you become eligible for a top up. A top up is a new loan you may be able to get on top of an existing one if you meet certain conditions.


    https://www.amigoloans.co.uk/question/can-i-change-my-guarantor

    There is no mention of being able to have additional guarantors. It also doesn’t seem it would be possible as the loan has to be paid into the guarantor’s account to avoid any fraud, suggesting there can only be one.

    Have Amigo loans confirmed that there is more than one guarantor on the same loan? I would suggest you try the complaints website Resolver to follow the complaints process all the way through to the Financial Ombudsman Service if necessary. Hope this helps.

    https://www.resolver.co.uk/companies/amigo-loans-complaints

    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • Brock_and_Roll
    • By Brock_and_Roll 19th May 17, 3:01 PM
    • 769 Posts
    • 737 Thanks
    Brock_and_Roll
    • #6
    • 19th May 17, 3:01 PM
    • #6
    • 19th May 17, 3:01 PM
    Hi im new to this forum but looking for some advice.
    About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

    So where do i stand and who i can contact in order to get these people off the loan agreement?

    Any hejp would be highly appreciated.

    Thanks Marcus
    Originally posted by Welshman2017




    Also from a legal perspective, you do not need the consent of a borrower to issue a guarantee. For example, if I was sufficiently mad, I could agree to "guarantee all current liabilities, if any, of Mr XYZ to Amigo".


    Happens all the time in commercial financial/insurance transactions.
    • Gambler101
    • By Gambler101 19th May 17, 4:01 PM
    • 528 Posts
    • 1,292 Thanks
    Gambler101
    • #7
    • 19th May 17, 4:01 PM
    • #7
    • 19th May 17, 4:01 PM
    You wont have 2 guarantors on your loan with Amigo, thats impossible.
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
    • OneLife_OneShot
    • By OneLife_OneShot 19th May 17, 4:20 PM
    • 741 Posts
    • 533 Thanks
    OneLife_OneShot
    • #8
    • 19th May 17, 4:20 PM
    • #8
    • 19th May 17, 4:20 PM
    Another Amigo loan story.....

    Just pay the loan off, do not get more!
    CC Debt - Paid £3041 / £3700 - Finishs in Sept 2017
    OD Debt - Paid £1400/£1400 - Finished

    "All truths are easy to understand once they are discovered, the point is to discover them."
    • MataNui
    • By MataNui 19th May 17, 4:45 PM
    • 856 Posts
    • 437 Thanks
    MataNui
    • #9
    • 19th May 17, 4:45 PM
    • #9
    • 19th May 17, 4:45 PM
    Or is it just a case of you wanting to top up the loan and the current guarantor not wanting to do that and they are just telling you a story?

    Not that there is a problem with that. Its 100% their choice if they want to guarantee additional borrowing or dont want to.
    • Richey_
    • By Richey_ 19th May 17, 5:26 PM
    • 267 Posts
    • 306 Thanks
    Richey_
    You could argue it's not actually your loan but the guarantors, that's why they pay the money to the guarantor on approval of the loan and not you. You are just the payee until you fail (harsh but they expect you to) and then they chase the real person who took the loan out and they paid the money to....... the guarantor.

    I am not sure how they can allow you a second guarantor with out giving out more money, are you sure you don't have more than one Amigo loan with different guarantors?
    • SnowTiger
    • By SnowTiger 20th May 17, 1:42 AM
    • 3,089 Posts
    • 2,053 Thanks
    SnowTiger
    Hi im new to this forum but looking for some advice.
    About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

    So where do i stand and who i can contact in order to get these people off the loan agreement?

    Any hejp would be highly appreciated.
    Originally posted by Welshman2017
    This doesn't make any sense.

    Who told you two other guarantors have been added to the loan agreement? The guarantor? Perhaps they (the original guarantor) don't want you to extend your loan and is using that as an excuse.

    https://www.amigoloans.co.uk/question/when-am-i-eligible-for-a-top-up:

    What is a top up?

    A top up loan is a way of customers with an existing loan borrowing more money from Amigo.

    You don't need to have cleared the balance of your original loan, because we would use the top up loan to settle the outstanding balance, and pay out the difference. However, you can't have more than one loan at once.

    You can apply for a top up loan using either the same guarantor or a completely new one, as long as they are aged 18-75
    Can't you apply for top up loan using your original guarantor as a new guarantor?

    The top up loan would pay off your current loan and give you the extra dosh you want.
    • Ben8282
    • By Ben8282 20th May 17, 3:44 AM
    • 2,070 Posts
    • 914 Thanks
    Ben8282
    Hi im new to this forum but looking for some advice.
    About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out HOW DID YOU FIND THIS OUT? WHO TOLD YOU? that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this WHY? WHAT EXACTLY ARE YOUR SPECIFIC OBJECTIONS and put numerous complaints in HOW MANY COMPLAINTS EXACTLY DID YOU MAKE? , but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

    So where do i stand and who i can contact in order to get these people off the loan agreement?

    Any hejp would be highly appreciated.

    Thanks Marcus
    Originally posted by Welshman2017

    Giving you the benefit of the doubt for a moment and assuming these 2 extra family members have actually been added to the agreement, could you perhaps suggest a reason why a) the original guarantor would have done it and b) why the 2 other family members agreed to it.
    It is also difficult to understand your objection unless you are intending to default and specifically want the original guarantor to have to pay and not the others.


    Your comment that you are being prevented from getting a top up because one of the new guarantors has failed to agree to the top up has got me wondering and I would like to offer a possible scenario for consideration:
    The original guarantor is now elderly and the other 2 family members have been given power of attorney over the original guarantor's affairs. Somehow, this fact has been communicated to Amigo loans who have added these 2 individuals as guarantors. These 2 family members are unhappy that you got the elderly person to stand as guarantor and are determined to prevent you from getting this top up as they have serious doubts that you will repay. Or something similar ...
    • sourcrates
    • By sourcrates 20th May 17, 1:07 PM
    • 12,462 Posts
    • 11,858 Thanks
    sourcrates
    Hi im new to this forum but looking for some advice.
    About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

    So where do i stand and who i can contact in order to get these people off the loan agreement?

    Any hejp would be highly appreciated.

    Thanks Marcus
    Originally posted by Welshman2017
    I think the real issue here is that the fact you require "topping up" of a high interest guarantor loan, which most people would avoid at all costs, suggests you are in financial difficulties.

    Is this money to consolidate existing borrowing ?

    why not pop over to the DFW board, post an SOA, and see if we can help you stop the rot.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Welshman2017
    • By Welshman2017 20th May 17, 1:32 PM
    • 5 Posts
    • 1 Thanks
    Welshman2017
    Unfortunately they have and it's been confirmed
    • Welshman2017
    • By Welshman2017 20th May 17, 1:46 PM
    • 5 Posts
    • 1 Thanks
    Welshman2017
    Hi sorry for the late reply, i found out off my guarantor that she added her son and when i spoke to amigo about getting him removed, they informed me that they wouldn't because it was the guarantors wishes, then they informed me again after i had an argument with them that a 2nd was added which turned out that is was my guarantors daughter in law. But Both had no reason to be added as im not behind on any payments and the guarantor is only 64..
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 20th May 17, 1:58 PM
    • 2,915 Posts
    • 1,513 Thanks
    keepcalmandstayoutofdebt
    Crikey our credit union as a first timer with no prior savings even, only accepts a fiver (part of joining fee) and then they can consider you for loan - much better option?
    "If you are caught in a rainstorm, once you accept that you'll receive a soaking, the only thing left to do is enjoy the walk"
    • IAmWales
    • By IAmWales 20th May 17, 2:00 PM
    • 1,662 Posts
    • 3,438 Thanks
    IAmWales
    Hi sorry for the late reply, i found out off my guarantor that she added her son and when i spoke to amigo about getting him removed, they informed me that they wouldn't because it was the guarantors wishes, then they informed me again after i had an argument with them that a 2nd was added which turned out that is was my guarantors daughter in law. But Both had no reason to be added as im not behind on any payments and the guarantor is only 64..
    Originally posted by Welshman2017
    For what reason have additional guarantors been added?

    For what reason do you object to having additional guarantors? If you're keeping up your payments does it make a difference to you?
    • Welshman2017
    • By Welshman2017 20th May 17, 2:06 PM
    • 5 Posts
    • 1 Thanks
    Welshman2017
    I only turned to amigo loans because my previous relationship was a disaster with my ex mrs left me in aload of debt and messed my credit history up and couldn't get a loan anywhere else.
    My rejection was because i don't like my financial business shared with other family members. And i have made 3 complains in total
    • IAmWales
    • By IAmWales 20th May 17, 2:11 PM
    • 1,662 Posts
    • 3,438 Thanks
    IAmWales
    I only turned to amigo loans because my previous relationship was a disaster with my ex mrs left me in aload of debt and messed my credit history up and couldn't get a loan anywhere else.
    My rejection was because i don't like my financial business shared with other family members. And i have made 3 complains in total
    Originally posted by Welshman2017
    If you didn't want your finances shared with family you shouldn't have asked a family member to be a guarantor. They are a party to the contract too. Even if they didn't add the additional guarantors, they would still be free to discuss it with whoever they wish.

    What do you want out of this? You've suffered no loss so I can't see that a complaint will get you anywhere.

    (And please do not take out any further borrowing!)
    • DCFC79
    • By DCFC79 20th May 17, 2:20 PM
    • 30,283 Posts
    • 19,157 Thanks
    DCFC79
    What's the exact issue, is it the fact a second person has been added, well get the loan paid off and don't take out anymore loans.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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