Amigo loans

Eonel

Apples2 gives advise old school, but she....

That is one thing I would never have guessed

Apples2

Nor me :rotfl:

gb12345

Apples2 wrote: »

Nor me :rotfl:

Congratulations, I'm glad to hear the operation was a success.

[Deleted User]

kirsten365 wrote: »

My friend has asked me to be a guarantee her amigo loan soley to help her build up a credit rating. the loan will be paid into my bank account so she will not recieve it. I will use the loan solely to repay the loan within 4 months and my friend will give me in advance the fees charged for having the 500 for the 4 months.

What I would like to know is will this acutually (as it says on amigos website) help build up her credit rating.

thanks

kirsten

Nope, years ago I tried this (I can beat you, system!) and it didn't work, it caused much more damage than the value it will ever provide.

Poor quality credit looks awful no matter how responsible you are, because if you need low quality credit (remember, credit reports don't say why the loan was taken) then you're probably a liability that gets rejected from everywhere else.

It's like people who are functioning alcoholics or functioning drug addicts, yeah they can function but they still have a dependency on alcohol and no matter how well managed it is, it's a liability.

shaunny_2

i used these clowns when they were flm loans when my credit history was rather iffy !
$3000 loan - repaid on time and in full using my workmate as guarantor
these are the absolute last resort .
as usual they are fine when everything is going according to plan but....
i changed my payment date by phone and subsequently found they had'nt carried it out .
1st they went into my bank account repeatedly over a 2 day period trying to remove their funds in ever decreasing amounts until they found an amount they could take ( my salary date had been moved by a week hence the original change of date)
now bear in mind this is only 1 day late on their original payment date - not like i was defaulting on the loan at this stage .
then a particularly ignorant little trollop called Elise started phoning my work for the guarantor who was on holiday . but instead of taking this as fact ,she must have phoned another 6 times over the day to be told the same thing every time .
and worse she had been sending e-mails along the lines of :
"could mr *** ***** please contact Elise of flm loans on an urgent financial matter"
these were not going to anyone in particular but just to our employers e-mail address for anyone to see (which is unethical and unprofessional if not illegal) .
so the head office contacted us and i was able to phone flm and sort it out as i had known nothing about any of this before hand .
no letter from flm quering the payment THEY had messed up before hand - just straight in to clearly drop me in hot water with my employers and attempt to empty any funds they could get from my account with no contact to me whatsoever .
to recap - a totally unprofessional joke of a company and all this friendly nonsense is total fantasy .
now i'm sure the blue card worker Elise has moved onto her dream job flipping burgers but when i phoned up to give off stink they really couldn't have been less helpful before finally having to admit their own !!!!-up .
i couldn't believe some of the glowing reviews of this sham company on trustpilot.co.uk for eg. -and must assume the reviews were all written by their own employees as most of them couldn't be further from the truth.
and you should'nt believe their sickening little tv ads either !!:mad:
they want your 49% apr and that's all .
never again - AVOID AVOID AVOID

L_Usher87

Unfortunately I was stupid enough to get one these loans. I applied for this loan around March this year and was granted the amount I requested £5000. The last 4 months I have been unemployed and my debts have spiraled out of control. I now have another guarantor loan for £3500, 4 payday loans totaling £2000, a defaulted over draft for £500, a defaulted credit card for £500 and a credit card with one missed payment totaling £1200.

When ringing Amigo Loans to explain my situation they were useless in providing any help and followed every sentence up with your guarantor can cover your shortfall. This is all well and good, however my guarantor has had a shortfall in finances and cannot afford to cover the monthly payment of £270.

What I found annoying is that when going through a new budget/income report with the unhelpful person on the phone she said that these new debts won't be considered as they were taken out after I took this loan. So according to them I still have a disposable income, which is completely untrue I have no disposable income at all!

Was just wondering if I anyone could provide any assistance that I could take. Right now I'm willing to consider most options. They don't want to budge on reducing the monthly payment at all.

dealer_wins

L_Usher87 wrote: »

Unfortunately I was stupid enough to get one these loans. I applied for this loan around March this year and was granted the amount I requested £5000. The last 4 months I have been unemployed and my debts have spiraled out of control. I now have another guarantor loan for £3500, 4 payday loans totaling £2000, a defaulted over draft for £500, a defaulted credit card for £500 and a credit card with one missed payment totaling £1200.

When ringing Amigo Loans to explain my situation they were useless in providing any help and followed every sentence up with your guarantor can cover your shortfall. This is all well and good, however my guarantor has had a shortfall in finances and cannot afford to cover the monthly payment of £270.

What I found annoying is that when going through a new budget/income report with the unhelpful person on the phone she said that these new debts won't be considered as they were taken out after I took this loan. So according to them I still have a disposable income, which is completely untrue I have no disposable income at all!

Was just wondering if I anyone could provide any assistance that I could take. Right now I'm willing to consider most options. They don't want to budge on reducing the monthly payment at all.

Its your (soon to be ex friends) problem and credit file that will be trashed, and him that they will chase for the guarantor loans.

Short of having assets to sell to the value of your loans, there is not much you can do.

27col

The simple truth is that your guarantor should never have agreed to be a guarantor, because they were not in a position financially to be able to be a guarantor.
It is effectively their loan, not yours. That is the whole premise that amigo loans are based upon.

opinions4u

Well you dropped your mate in it there. Nice one.

chrisuren

When will people realize, these people are essentially gambling with their money. Why would they say "Yeah, you took a loan for £x amount over x amount of months, oh something came up? Can't make this months loan repayments? Oh sure have a free month"

Surely you've just got to look at these adverts, do some research before jumping into bed with the devil. These people don't care about you, your family, your friends or your money, and why should they?