Amigo loans

chokolat2

Hi everyone

I am looking to take out a loan for debt consolidation and have researched that with Amigo it works out a little cheaper for me, rather than paying all my creditors.
My credit rating is very poor, but with the help of my partner whose rating is good and regulr income, is there a chance to get accepted?
I am also looking to get my finances back on track and to build up my credit rating.

Anyone used Amigo?

Thanks

TadleyBaggie

Pretty sure taking out an Amigo loan would been seen as a desperation measure (only marginally better than a pay day loan), so the effect on your credit rating (not that such a thing exists), is debatable.

[Deleted User]

Is partner homeowner - if you hold out long enough a month or 2 you might get first months interest waived

Either way I'm thinking this must be hard for you - is it really the only way? xx

jonesMUFCforever

Don't do it?

What debtor charges 50% - no credit card or bank loan or catalogue that I know of.
If you are clearing Payday loans maybe.

Of course Amigo will accept you but only if your partner or other fool guarantees the loan for you.

If you now have a regular income go over to the debt free wanabe board - sort out a list of income and expenditure - then look up snowballing your debts.

Please do not get into bed with the devil that is Amigo - it is not the way forward.

DCFC79

chokolat2 wrote: »

Hi everyone

I am looking to take out a loan for debt consolidation and have researched that with Amigo it works out a little cheaper for me, rather than paying all my creditors.
My credit rating is very poor, but with the help of my partner whose rating is good and regulr income, is there a chance to get accepted?
I am also looking to get my finances back on track and to build up my credit rating.

Anyone used Amigo?

Thanks

Yes people have used amigo, use the search function to find them.

A risky road to go down me thinks.

Why not speak to stepchange or payplan ?

Why dont you just default ?

PeacefulWaters

If your partner's stupid enough to guarantee your debts they may as well borrow in their own name at a lower rate and take them on personally.

You can pay in kind.

andyfromotley

Hi Chok,

you are about to turn down a road that many on here have travelled down. Debt consolidation. For many it wasn't the solution but the fast lane to financial disaster.

Couple in a partner about to guarantee it and you could throw in relationship meltdown too.

In order to help you properly why don't you fill this in
http://www.stoozing.com/calculator/soa.php

and post to on the DFW forum. That way you will get the best advice for your circumstances.

But on the info you have given i am another saying do not do this.

gazman100

I also agree it's a bad idea. But if you do go ahead with it consider it like this: would your OH lend you the money himself? If yes and you're happy to do it then as as informed decision it would be a much better (cheaper) option. If no, then you shouldn't use amigo as it's exactly the same thing.

The Amigo model is a real scam in some ways - they basic charge sub-prime rates while lending against a decent credit record.

bargainbetty

It may work out cheaper on a monthly basis, but it is likely to be more expensive long term. If you are struggling, go the the Debt Free board and follow the advice there on reducing your outgoings and maximising your repayments by snowballing (paying the highest interest debt first and minimums elsewhere to bring one down faster etc).

You may be better off accepting a debt management plan (DMP) and getting yourself out of the sprial for six years. This will wreck what is left of your credit file, but it can help reduce the interest charges you are paying.

Guarantor loans do not look good for you. They are also utterly horrendous for the guarantor if something goes wrong. Fix your own problem - don't drag your partner into the mess by doing this, at it will show on their file too and affect their rating.

Good luck

poppasmurf_bewdley

chokolat2 wrote: »

Hi everyone

I am looking to take out a loan for debt consolidation and have researched that with Amigo it works out a little cheaper for me, rather than paying all my creditors.
My credit rating is very poor, but with the help of my partner whose rating is good and regulr income, is there a chance to get accepted?
I am also looking to get my finances back on track and to build up my credit rating.

Anyone used Amigo?

Thanks

So what you are really saying is that you want to pay your loans, etc, off so that you can get your credit rating better so that you can then borrow more money? Correct?

dealer_wins

Consolidating via an Amigo loan, now that is a bad situation.

I would suggest posting on the "debt Free Wannabe" board for help on tackling your debts, as using Amigo to consolidate is like using petrol to put out a fire.