Has anyone used Amigo Loans?

CadburysGirl_2

tonkinator wrote: »

The website says they don't charge anything for paying off early or late payments.

"We NEVER charge for late payments, letters, early settlement or anything else."

If your parents understand what being a guarantor is and knowthat they got to pay if you don't and you can't get it cheaper somewhere else (i'm assuming that you've tried that) then you could see if they can get the loan at a cheaper rate in their name, just remember that won't improve your credit rating though so you will probably need them to do that if you need a loan in future. If you do get them to be your guarantor then make sure you pay!

That's what I had read so they appeared to me to be a decent outfit but I wanted to be as sure as I could be. I don't foresee any problems making the payments on time and if it would contribute to rebuilding my credit rating then that would be a good thing, surely. I know it's not ideal but my situation is quite unique and not ideal either. Thank you for your helpful comments. Much appreciated.

CadburysGirl_2

You-kip wrote: »

At the end of the day whatever way you look at the Parents will end up footing the payments and if they decide to be a guarantor then they might as well kiss goodbye to early retirement.

Bad debtor asking parents to guarantor a loan 'always smell like trouble is brewing.

They are already retired. I appreciate it looks bad but I can honestly say I am not really a bad debtor. I am a victim of circumstances that were beyond my control. :0(

fozmcfc

Best advice if the loan is essential has been given and that is to get your parents to get a loan at the lowest interest rate and then give them the repayment each month.

Providing they are acceptable that if circumstances change you may not be able afford the repayment each month and they are happy to pay it then no problem.

Circumstances can change and if you not being able to keep up payments if they do change will cause a falling out, then steer clear of getting them involved. I know if I said to my mum, could you give me say 3k and I'll give you 300 a month but then lost my job, my mum would be cool with waiting till I got another job before making repayments again. The sticky at the top has plenty of experiences whereby a circumstance change has led to complete falling outs between family.

AFK_Matrix

I know people are saying to get the parents to get the loan but being as they are retired would they even get a loan as they have no monthly income? I suppose they have a pension but surely this wouldn't cover a loan or do banks take a pension as an income coming in?

gb12345

AFK_Matrix wrote: »

I know people are saying to get the parents to get the loan but being as they are retired would they even get a loan as they have no monthly income? I suppose they have a pension but surely this wouldn't cover a loan or do banks take a pension as an income coming in?

Banks will consider a pension as an income - in some ways it is a more guaranteed income than a salary (no risk of unemployment). The same income multiples would apply, so assuming that total credit was 50% of income then there is no reason why they shouldn't be considered.

The only problem that they might have is the reason for the loan. They will have to specify "other", which will likely mean an automatic referral to the underwriters.

Domi37

Amigo is part of The Richmond Group - therichmondgroup.co.uk - not bad guys, but not especially nice either.
If your parents could borrow for you you'd avoid resorting to that kind of lender...
If you still go for them, make sure (get an email or a letter) you can pay early and the interest is deducted (in some cases you only pay the full amount early).
Hope taht helps

Tinks32

I recently went for an interview to work at Amigo Loans in the collections department! I flunked the interview because I got a bad feeling about the company, they seemed very cult like with their mantra that they are the customer's friend!
OP I was in your situation and very kindly my mum got the car for me in HP in her name, more expensive than a personal loan but this is the way we decided to do it. If you do it the way I did it you have to be careful about insurance though as whoever takes out the HP owns the car (in the insurers view, I had to go to a broker who then sorted it all out for me). And remember that when you have a job you can always make the payments but if you suddelny don't have a job you might find it hard to honour your payments (I got made redundant 2 months ago but luckily my child benefit nearly covers the payments) If it were me I would rather to HP then borrow from Amigo Loans
Btw did you know that borrowing from these companies can actually reflect badly on your credit score ie getting a mortgage? Might not actually effect you that badly if you already have a poor rating.
I got a capital one card to build up my rating , after my husband got me in trouble with not paying things!

CadburysGirl_2

Thank you everyone. I'm still playing around with all the options. Parents are very well set up so I don't think them borrowing would be an issue. Trying to avoid that if I can though. Don't really want to involve them if I can help it. Will let you know how I get on. Thanks again for all your help.

bargainbetty

Just a thought, but do you specifically need a car? Now the weather is turning a little warmer, have you considered a moped for a few months? You can get a CBT for just over £100, and a second hand bike for a couple of hundred more. Tax, insurance and petrol are far cheaper, and it would tide you over to allow you to save up for something better later in the year. Heck, you can buy a brand new one with a year's insurance and a crash helmet thrown in for £600.

Your alternatives are more varied than you think!

CadburysGirl_2

bargainbetty wrote: »

Just a thought, but do you specifically need a car? Now the weather is turning a little warmer, have you considered a moped for a few months? You can get a CBT for just over £100, and a second hand bike for a couple of hundred more. Tax, insurance and petrol are far cheaper, and it would tide you over to allow you to save up for something better later in the year. Heck, you can buy a brand new one with a year's insurance and a crash helmet thrown in for £600.

Your alternatives are more varied than you think!

I wish that was an option! I have to regularly make 100+ mile journeys with lots of 'luggage' and my dog!? Train and bus are not an option either as I live in a rural village and where I work is in the middle of nowhere too!? :0# Shame, I would quite enjoy a moped. It was a good idea!