Amigo loans

Apples2

zxspeccy wrote: »

My friend said this loan was for a car and made no indication of having any financial problems.

Six months later my friend had his house repossessed, so obviously was in a lot of financial trouble. The Amigo loan might have in fact been needed to cover mortgage arrears.

I'm sure if he had obtained the loan he would indeed have bought a car, probably used as a deposit for a finance deal. It's the norm for this ilk.

DCFC79

theone45 wrote: »

I have used amigo for a small loan of £500. At the time i was struggling to keep the head over the water as too many outgoings at the time. They really helped me out. I knew that it was only a temporary situation and better than going for payday lenders. In total, i paid less than 80 quid interest on a year loan, because i paid extra a little every month. A £500 loan cost me around 580. Not bad really. U would pay more than 80 pounds on a payday loan for the same amount, to be paid in a month. If things went wrong i know i was going to ruin a good friendship and trust (guarantor), and that is not something i would want to do. But guess some ppl simply don't care. I would seriously doubt that i would put myself on a situation as a guarantor for someone else, unless it was my very close family or children.
In all, i thank amigo for helping me out when nobody else would (except for payday loans) and if you are wise you can clear the debt much faster and reduce the interest. You just have to know what you are doing...

You should thank your friend for agreeing to be your guarantor.

wildchild*62

Hi, just wondering if anyone has any experience of early repayment of an Amigo Loan? I need a short term loan, very quickly, whilst waiting for a substantial financial settlement to be released. for reasons to lengthy to go into for now, this seems my only option, would want to pay back i full after approx 2 months. Does anyone now what the penalty is or how they view it? I will of course be asking them but want independent views. Thanks:j

Apples2

wildchild*62 wrote: »

whilst waiting for a substantial financial settlement to be released.

Why don't you just wait for the settlement to arrive?
Why the desperate rush to spend it before you have it?

m123m

I know this is an old thread and not sure if anyone is still looking at it, however, I felt I wanted to post after reading some of the extremely judgemental comments about the "types" of people that would use an amigo loan. I am one. I (naively) took out an amigo loan of 5k over 5 years with my best friend as the guarantor for a medical emergency. The money was needed. I exhausted all other options. It came at a time when the country was in recession. My friend who stood guarantor is and was a successful married woman with a good income, disposable income, and a homeowner. Excellent credit rating. Her bank even declined her a loan application. So regrettably I went to amigo and she guaranteed the loan for me. I have never missed a payment, but have had the odd occasion when I have paid a portion if the loan a day or two late. Oh my will your guarantor hear about it. Before you do. Text. Email. Calls. Over and over. They don't care about or want to speak to the lender, only the guarantor. I am 3 years into a 5k 5 year loan at payments just under 200 per month. Over 6k paid. I still owe 4,170. You work it out!?? Please read the small print, a make sure this is your f ok mal option and please do not ever do this unless you know you can make the payments because they will harass and cause stress to your guarantor from the day the payment is due (yes even before it is "overdue")

m123m

If there is anyone out there who has managed to find finance another way to pay off an amigo loan with a lower interest rate please let me know. S loan is apparently using 210 per cent of my available credit, and I'm finding it impossible, even with my own bank that my salary goes into to f ok x alternative lower rate loan.

wildchild*62

Apples2 :- Why don't you just wait for the settlement to arrive?
Why the desperate rush to spend it before you have it?

I dont think thats any of your business Apples2, do you? nor is it a helpful reply to my question, and judging by the speed of your reply and the acidic nature of the copious other comments on here you clearly have a sad life. However, in short after a long drawn out battle with a wealthy but violent and abusive ex husband, I have finally been awarded over £400,000. £275k of this is in an acct awaiting release, the rest still tied up in another property. For too many reasons to go into we have to go back to have it 'signed off' as my ex wouldnt do it voluntarily. The judge is signed off sick for 3 weeks and then has planned holidays, in short it wont be until April. The money is guaranteed, NOT maybe. There is something I want to do before then. As the nature of the violence and abuse had forced my to flee, be homeless with 4 children, suffer for 5 years of struggling, and the sort of mental health issues that come from living with a narcissist for 20 years, my credit rating is non existent. SO this would suit me fine! I want it for only 3 months, and question was basically, if I repay early, do they charge interest pro rata, for amount borrowed to date of repayment or do they con you with the full amount regardless of early repayment? Wasnt difficult was it? Hope this helps Apple, and NO ( to your next question) I dont want to borrow of a friend or family member. Thank you for your intelligent response. :T

dealer_wins

wildchild*62 wrote: »

Apples2 :- Why don't you just wait for the settlement to arrive?
Why the desperate rush to spend it before you have it?

I dont think thats any of your business Apples2, do you? nor is it a helpful reply to my question, and judging by the speed of your reply and the acidic nature of the copious other comments on here you clearly have a sad life. However, in short after a long drawn out battle with a wealthy but violent and abusive ex husband, I have finally been awarded over £400,000. £275k of this is in an acct awaiting release, the rest still tied up in another property. For too many reasons to go into we have to go back to have it 'signed off' as my ex wouldnt do it voluntarily. The judge is signed off sick for 3 weeks and then has planned holidays, in short it wont be until April. The money is guaranteed, NOT maybe. There is something I want to do before then. As the nature of the violence and abuse had forced my to flee, be homeless with 4 children, suffer for 5 years of struggling, and the sort of mental health issues that come from living with a narcissist for 20 years, my credit rating is non existent. SO this would suit me fine! I want it for only 3 months, and question was basically, if I repay early, do they charge interest pro rata, for amount borrowed to date of repayment or do they con you with the full amount regardless of early repayment? Wasnt difficult was it? Hope this helps Apple, and NO ( to your next question) I dont want to borrow of a friend or family member. Thank you for your intelligent response. :T

I would politely suggest you wait until the money is in your bank account. There could be further delays, the judge if ill might pop his clogs, a further appeal might happen, your ex might do a runner with all the money.

clarryd

5 years ago my daughter took out an Amigo loan and I was her guarantor. She changed her bank account once in length of this loan and started to send my text messages and phone calls the minute they realised that her other account was closed. Her payment's where never late and she always paid on time, even on this occasion as she paid over the phone so it was up to date and no payments where missed, but just this once towards the end of the loan she moved banks.

All I can say to anyone out their taking a loan from Amigo is don't do it, the amount of money you pay over the top of your loan is far too much, and you will be paying it off for years.

Thankfully my daughter is now finished with this company and will never go their again.

DCFC79

wildchild*62 wrote: »

Apples2 :- Why don't you just wait for the settlement to arrive?
Why the desperate rush to spend it before you have it?

I dont think thats any of your business Apples2, do you? nor is it a helpful reply to my question, and judging by the speed of your reply and the acidic nature of the copious other comments on here you clearly have a sad life. However, in short after a long drawn out battle with a wealthy but violent and abusive ex husband, I have finally been awarded over £400,000. £275k of this is in an acct awaiting release, the rest still tied up in another property. For too many reasons to go into we have to go back to have it 'signed off' as my ex wouldnt do it voluntarily. The judge is signed off sick for 3 weeks and then has planned holidays, in short it wont be until April. The money is guaranteed, NOT maybe. There is something I want to do before then. As the nature of the violence and abuse had forced my to flee, be homeless with 4 children, suffer for 5 years of struggling, and the sort of mental health issues that come from living with a narcissist for 20 years, my credit rating is non existent. SO this would suit me fine! I want it for only 3 months, and question was basically, if I repay early, do they charge interest pro rata, for amount borrowed to date of repayment or do they con you with the full amount regardless of early repayment? Wasnt difficult was it? Hope this helps Apple, and NO ( to your next question) I dont want to borrow of a friend or family member. Thank you for your intelligent response. :T

Did you have a guarantor in mind ?