Amigo loans

redpete

m123m wrote: »

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. .

You could have got your friend to take out a much cheaper loan herself and give you the money - then make arrangements to transfer money to her each month to cover the repayments.

CHR15

wildchild*62 wrote: »

- 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

What a horrid person you are!
Two entirely just questions about the need to spend before you have it are greeted with insults and spite.

I did chuckle at your snide comment about not wanting to borrow off a friend!
You do know what a guarantor loan is right? No, of course you don't, nor are you likely to care.

Great that you got someone willing to guarantee payments but what happens if you don't repay? Do they automatically become guilty of harassment if they ask you for it?

For your marital rantings, you are better off on mumsnet, not a financial forum focused on not getting fleeced by high interest rate loans.

m123m

redpete wrote: »

You could have got your friend to take out a much cheaper loan herself and give you the money - then make arrangements to transfer money to her each month to cover the repayments.

Redpete - we tried that, she has good credit score, homeowner, good job and disposable income and her bank declined her.

WillyWonga

These loans technically lend to people who would normally wouldn't touch the rates with a barge pole but are disguised.

Eg. Bob who has a shot credit history is surprised to find can get a £5k loan for a car if a friend offers to act as guarantor. He says he can afford payments and convinces best friend Eddie who has a good credit score that he is a character reference and they would only pursue him if it goes to court etc which would never happen as would always clear it before it got to that stage. Eddie agrees and loan is done. Bob goes off work sick and can't afford repayments. He is surprised than rather agreeing a payment plan they switch their attention to Eddie and send demands for full payment and force him to pay threatening legal action against him and trashing his credit score.

Look at the facts (From the Amigo Site):

The loan is paid to the guarantor - so he/she passes on the money to the customer.

If the customer refuses to pay they go to the guarantor.

From the site -

*You'd lend the money to the borrower yourself but you want them to manage the loan themselves and make repayments to us rather than to you.

*You can't lend the borrower the money yourself.

*You want to help the borrower build up a good credit score for themselves and put them in control of their finances.

The guarantor has to have a good credit score - they pay out to the guarantor - they chase the guarantor for payment - basically you have signed yourself up to a high apr loan!!!!

If no one else gives the customer a loan their history tells them they are not a safe bet.

Apples2

m123m wrote: »

Redpete - we tried that, she has good credit score, homeowner, good job and disposable income and her bank declined her.

Then so should Amigo, but sadly they tend not to, especially where her house is up for grabs (does she know this?).

[Deleted User]

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...

To be fair the likes of Sunny work this way too, I've found (albeit minus guarantor bit) for anybody else reading
though I agree full heartedly with you, plus, the way these short term loan companies work is not to borrow to much as well as (this is why it goes wrong) which we didn't? x

[Deleted User]

m123m wrote: »

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.

Dependant on how many £££thousands are owed to Amigo (must say sometimes not someone's intentions I know)
Try a Credit Union? (pitfalls might need to have saved or prepare to)

12 month type loan? (pitfalls might need to build up your credit rating with them first)

but could be do-able, something to look into, just avoid 'brokers'

todaysteaser

Hi
Been reading about Amigo. My son has a loan with them and I'm guarantor and have just checked the latest statement, he hasn't missed any payments and in the last 8 mths has paid £787.35 on interest alone.
Totally mental, I wish Id paid more attention to this loan before I agreed. I cant see how he will ever pay it off. I'm considering a low cost loan to clear it, would this work.
Please don't tell me how stupid we have been to get involved with Amigo as we already know this. Useful advice would greatly be appreciated.
Thanks

Gaz83

todaysteaser wrote: »

Hi
Been reading about Amigo. My son has a loan with them and I'm guarantor and have just checked the latest statement, he hasn't missed any payments and in the last 8 mths has paid £787.35 on interest alone.
Totally mental, I wish Id paid more attention to this loan before I agreed. I cant see how he will ever pay it off. I'm considering a low cost loan to clear it, would this work.
Please don't tell me how stupid we have been to get involved with Amigo as we already know this. Useful advice would greatly be appreciated.
Thanks

If you can get a low-cost loan to repay the Amigo one it certainly makes sense.

wildchild*62

todaysteaser wrote: »

Hi
Useful advice would greatly be appreciated.
Thanks

Dont expect useful advice on here, its full of !!!!!! Jeremy Kyle rejects. Instead of answering the question they will just fire a whole load of NEW questions that bare no relevance or are just intrusive. My intention was to borrow, for only a short time, then pay it off, all I wanted to know was if anyone else had paid off early, (which is what you are considering) and if their was a penalty, thats all! I was met with questions about why I needed the loan, who was my guarantor, would I not be better waiting! and best of all, questioning whether I really was getting some money to pay it off soon. I dont know who the hell these people are, but the fact they are on here constantly, ready to pounce with stupid comments says a lot about their sad lives! I dont feel I should have to spill my entire circumstances just to get a civil answer to a civil question! I would be able to pay mine off in 3 months time (not 'maybe' or what if etc) so not worried about interest or making repayments (which I CAN afford). for yourself, then yes, a lower interest loan to pay off this company makes sense. But ALWAYS take advice first, if your bank will give you a loan, go in and speak to them. It will work out cheaper long term.