At wits end

ukmartian

4 years ago i made a mistake and was a guarantor to a lone..I did not fully understand the consequences...
I then got made redundant , reported the fact to the loan company who were unmoving....I have now got work and but I only have 60% of my former income and as going through a divorce i have just 1 income ...as my insurance and saving are gone i am trying to pay everything mortgage etc creditors. i cannot do it ...however all creditors but 1 have helped ..they are aware of my problems , but the threats and bully keeps coming ,, the threats are wrapped in a polite text or e mail but are still there .... 3 months ago we finally got them to accept a expenditure report complete with bank statements...this month they had done nothing so when I got more messages and texts saying they had issued a default notice, which incidentally I have not received or signed for i spoke to them ...apparently they said they could not find the bank statements but had the expenditure report but they were all on the same e mail ...i sent them again ....they asked me to justify transactions from before I was in arrears the way questioned me was appalling causing me to lose my temper , the even suggested that our dog she go hungry or I should not have bought a birthday present for my 80 year old mother ( wasnt even in arrears then)..they even suggested that i paid them the full total of my disposable income (£40) leaving me with absolutely nothing ....The original loan was £3000 ...it is 4 years old ...the payments are £108 a month ...the balance left is £2100 that is because of lay payment fees letter charges interest charges ...How can i get this company to help ..they have refused a offer from me as i want to pay it by standing order , as they will not give me their bank details, they will not acknowledge my e mails and text messages , although they see fit to send me theirs at 8am on a Sunday ..Is there any code of practice ...they are threatening court action and have in the past said they will apply for a charge order on my house bailiffs ccj's I am trying they are not ..every day is accruing more interest ...I am at my wits end and stressed to breaking point by them ....
PS i have never denied that i would not pay and have always excepted my responsibilities but i just cant ....

Clive_Woody

I would suggest you talk to one of the free debt charities such as Step Change who will be able to advise on the best course of action. Don't be shy, they will have seen situations like this before and will know how best to proceed.

Stepchange
Tel: 0800 138 1111

http://www.stepchange.org/

Pixie5740

You were advised to contact a debt charity the last time you posted about this guarantor loan.

https://forums.moneysavingexpert.com/discussion/4994983

Did you follow this advice? Can the debt charity contact Amigo Loans on your behalf? What is your daughter doing to clear this loan that you guaranteed for her?

Lungboy

How did your daughter's new job go? Is she able to help with the debt now?

manIntheMiddle

Wow, some harsh comments! Look, let's get down to the nuts and bolts! If you haven't got it, they can't have it! I take it your a homeowner, but either way let's help.

Amigo loans has a compliance officer, this persons job is to keep Amigo on the right side of the FCA. Let's write to them.

Amigo must demonstrate forbearance and treating customers fairly, make sure you highlight this when you write to the Compliance Officer. Make sure you detail to them your experiences so far and why you feel they are failing to adhere to the standards expected of them by their regulator. Offer them a sensible payment plan and this should be made up of what you can afford and your daughter. At the end of day, there is a balance that needs paying and that's all they care about. They don't want to incur extra costs to enforce the debt, they just want their money back. So how do you meet in the middle?

If you offer them £40 a month with a balance of £2,100, that's over 4 years and that's if they add no further interest! You need to make your daughter responsible and together offer Amigo a sensible offer that means they're happy to allow their money to take longer to be repaid but not worth throwing more money at to recover.

ukmartian

sorry i haven't been back computer problems , but I have read your replies negative and positive ..Answers to the questions are yes I have been to the CAB and online advise ..i have also contacted stepchange who are also assisting me ..I have told the loan company that I am taking independent advise and their mood has changed completely ....they seem that they want to take notice to what i am saying ..they have even said they may freeze the interest......I still have a way to go but at least we are heading in the right direction ....I am now waiting for a interview with stepchange to do a expenditure report and also review their past conduct....i have all the e mails texts and messages ....all i asked for was help .....i never at anytime refused to pay them ..i like to pay my way ...so thanks all goodnight ...

Gaz83

If only you'd taken that same advice four months ago, eh?

goodfelladave

Maybe a debt management company? I know some are suspect, but some are ok.

You haven't given figures but, iirc, for an Individual Voluntary Arrangement (to stave off bankruptcy and ensure that you creditors get paid) you only need the agreement of 75% of credits (75% by loan volume). So, presuming that you owe at least four times the sum you owe to Amigo Loans perhaps an IVA? You said that the other creditors have been helpful, so perhaps this is an option.

[Deleted User]

I haven't read the previous thread, so apologies if these questions have already been covered.

When did you become liable for the debt payment, by which I mean, when did your daughter stop paying?

Is there any way to refinance to a lower APR, than the 30% of the current loan?

What other debts do you have?

Have you posted a SOA, on the DFW board?