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Amigo loans

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Comments

  • Herzlos
    Herzlos Posts: 16,001 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you can get an amigo loan (which I wouldn't advise, it's a terrible idea), then your guarantor could easily get a loan themselves for a quarter of the interest, and loan you the money instead (which I wouldn't advise either, it's still a terrible idea).

    The best solution is to pay down the debts as is, rather than taking out an overly-expensive loan tied to someone else to consolidate.
  • Just as a note, your partner is unlikely to be able to be your guarantor if you have any shared finances.
  • Marktheshark
    Marktheshark Posts: 5,841 Forumite
    Seventh Anniversary 1,000 Posts Combo Breaker
    The way out of debt is to stop borrowing.
    Cut up all cards, stop all credit and start paying back.

    Borrowing again is like an alcoholic saying one last bottle of whisky will help him quit.
    I do Contracts, all day every day.
  • WG0608
    WG0608 Posts: 30 Forumite
    No, Amigo will not help your situation.
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