Amigo loans

CHR15

I didn't think I would ever consider losing 400k insignificant but in this case, money well spent.

wotever69

I really need some help guys. I've just found out my mother in law has become a guarantor to one of her grand kids to amigo loans, unaware of what it all meant. the loan was taken out 13 days ago, and we've just found out she did this. She's a pensioner, owns her own home, is not in good health, so now that she is beginning to comprehend what this all means it's making her even more ill that what she was already. Is she just stuck?, or is there anyway she can be removed as guarantor. Please point me in a positive direction to go in if possible...

DCFC79

wotever69 wrote: »

I really need some help guys. I've just found out my mother in law has become a guarantor to one of her grand kids to amigo loans, unaware of what it all meant. the loan was taken out 13 days ago, and we've just found out she did this. She's a pensioner, owns her own home, is not in good health, so now that she is beginning to comprehend what this all means it's making her even more ill that what she was already. Is she just stuck?, or is there anyway she can be removed as guarantor. Please point me in a positive direction to go in if possible...

You find out how much it would cost to pay amigo off eg early settlement and pay it eg savings or take out a loan.

Look at getting power of attorney sorted.

ConsumerWizkid

wildchild*62 wrote: »

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

Ignore all these whingy holier than thou fools.

I'm always surprised when members of this forum take such aggressive intrusive positions in others enquiring about loans.

Guarantor loans can be taken and managed perfectly reasonably, just like all forms of credit can. It's 90% muppets that fail to manage credit, 10% unfortunate souls. In the case of Wildchild it would appear she is one of the latter group.

There is no repayment fee, interest is calculated daily so you'd only pay the initial loan + the interest accrued over the 3 months you had the loan for AND it will improve your credit file to have a satisfied loan on there

jonesMUFCforever

ConsumerWizkid wrote: »

Ignore all these whingy holier than thou fools.

I'm always surprised when members of this forum take such aggressive intrusive positions in others enquiring about loans.

Guarantor loans can be taken and managed perfectly reasonably, just like all forms of credit can. It's 90% muppets that fail to manage credit, 10% unfortunate souls. In the case of Wildchild it would appear she is one of the latter group.

There is no repayment fee, interest is calculated daily so you'd only pay the initial loan + the interest accrued over the 3 months you had the loan for AND it will improve your credit file to have a satisfied loan on there

Who would be guarantor in this instance?

phoenix1955

My husband has acted as guarantor for an Amigo loan for our daughter.


She has had a change of job and less hours, thereby less money. She has talked to Amigo and asked to work with them to repay the loan, but they have decided she hasn't got enough disposable income to work out a repayment plan and it wouldn't be morally wrong to take payments off her. What has actually been happening is she pays the loan and we help her out with other bills.


Her pay days have changed and she gets paid 4 weekly instead of monthly, so she can't set up a direct debit and Amigo won't accept that she get paid on a different day of the month, each month.


She is late paying her money again this month and Amigo are pestering my husband again to make the payment for her, but she is insistent that it is her debt and she will sort it out although the latest email my husband has from Amigo says they won't take a payment from our daughter and asking him to pay again.


What position are we in, can Amigo insist on payment from my husband if my daughter is still willing to pay, albeit a bit late? Are they wrong in not sorting out with her what she can and can't pay and taking the moral high ground in that they won't take a payment from her. They know at the moment she is trying to sort out housing benefit and an increase in tax credits, but they just do not seem to be interested to help her.


Any advice gratefully received.

Candyapple

phoenix1955 wrote: »

My husband has acted as guarantor for an Amigo loan for our daughter.


She has had a change of job and less hours, thereby less money. She has talked to Amigo and asked to work with them to repay the loan, but they have decided she hasn't got enough disposable income to work out a repayment plan and it wouldn't be morally wrong to take payments off her. What has actually been happening is she pays the loan and we help her out with other bills.


Her pay days have changed and she gets paid 4 weekly instead of monthly, so she can't set up a direct debit and Amigo won't accept that she get paid on a different day of the month, each month.


She is late paying her money again this month and Amigo are pestering my husband again to make the payment for her, but she is insistent that it is her debt and she will sort it out although the latest email my husband has from Amigo says they won't take a payment from our daughter and asking him to pay again.


What position are we in, can Amigo insist on payment from my husband if my daughter is still willing to pay, albeit a bit late? Are they wrong in not sorting out with her what she can and can't pay and taking the moral high ground in that they won't take a payment from her. They know at the moment she is trying to sort out housing benefit and an increase in tax credits, but they just do not seem to be interested to help her.


Any advice gratefully received.

The position your husband is in he should apply for a personal loan, use that money to pay off the Amigo loan and then just ask your daughter to set up a standing order to your bank account every month.

That way you cut out the middle man of Amigo who charge an insane amount of interest, your husband is already responsible for the loan anyway so may as well be on his terms, your daughter can change the standing order dates flexibly if need be so no more late payment fees or bounced DD charges.

[Deleted User]

They're within their rights to ask your husband to make payments if she is failing to do so in acccordance with the terms.

Double_V

I am trying to save £3000 til next yet August 2016. I already have £1500 in place, which I need to collect from my clients.
And the remaining I was thinking to apply through amigo if for any reasons I cant manage it.

Is amigo loan a good choice ?

[Deleted User]

No. .