gauruator's duties?

alipops_2

Hi,

I am the gauruantor on a relatives Amigo loan which they are struggling with. They want to go with a Cccs debt management scheme [debt settlement] to reduce payments and get out of debt quicker.

Will this affect my own credit rating, and will Amigo have any comeback on me? Will I end up paying anything as gaurauntor?

Thanks for any advise

fermi

http://www.amigoloans.co.uk//Terms

This section applies to any guarantor or proposed guarantor

When you apply for an Amigo Loan we will look at your credit file at credit reference agencies such as Call Credit, Equifax or Experian. The credit reference agencies will provide us with credit information about you including information from the Electoral Register. The credit reference agencies will not add details of our search or your application to the record which they hold about you.

They may however add details of any default or failure to keep to the terms of this loan.

Your credit reference agency records will be seen by other organisations that make searches with those agencies.

To prevent fraud we will check your details with fraud prevention agencies. If you provide false or inaccurate information and we suspect fraud, we will record this. We and other organisations may use and search these records to: help make decisions about credit and credit related services for you and members of your household; trace debtors, recover debt, prevent fraud, and to manage your accounts; check your identity to prevent money laundering unless you furnish us with other satisfactory proof of identity. If you want to receive details of those credit reference and fraud prevention agencies from whom we obtain and with whom we record information about you, write to us at Amigo Loans, Walton House, 56 - 58 Richmond Hill, Bournemouth, BH2 6EX. You have a legal right to these details.

The credit reference agencies and fraud prevention agencies will also use the records for the statistical analysis of credit and fraud.

Time_to_face_the_music

alipops wrote: »

Hi,

I am the gauruantor on a relatives Amigo loan which they are struggling with. They want to go with a Cccs debt management scheme [debt settlement] to reduce payments and get out of debt quicker.

Will this affect my own credit rating, and will Amigo have any comeback on me? Will I end up paying anything as gaurauntor?

Thanks for any advise

" If the account is in arrears, we may try to obtain payment of the arrears from both you and your guarantor by means of the debit/credit card details authorised for use under this agreement. Taking court action against both you and your guarantor seeking an Attachment of Earnings (where we have the court’s permission to get your employer to pay us out of your salary, Warrant of Execution (which may involve a bailiff visiting your property), property charging order (where we obtain rights to be paid out of the monies paid when you sell your property) (or the Scottish and Irish equivalents)"

It doesn't sound very good. It appears as if your relatives do not pay the full amount due each month, Amigo will come after you for the shortfall

Is there any way this loan can be left out of their DMP? How much/how long is remaining on it?

alipops_2

Thanks for that. The loan is for £5500/5 years

tlh858

alipops wrote: »

Will this affect my own credit rating, and will Amigo have any comeback on me?

Yes it will and yes they have.

alipops wrote: »

Will I end up paying anything as gaurauntor?

If the other person doesn't pay, you will be liable for the loan amount, plus interest and any other charges the company cares to add.

Time_to_face_the_music

alipops wrote: »

Thanks for that. The loan is for £5500/5 years

I think they need to speak to CCCS, explain the guarantor situation and ask about leaving this one loan out of the DMP. I assume they have other debt they are intending to include in the DMP?