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Amigo Loan
Paul_Downward
Posts: 15
Forumite
in Loans
An ex friend has an amigo loan, and I have foolishly acted as a guarantor, She is now threatening to not repay this loan, which will fall on my shoulders, Is there anything I can do like issue a notice of disassociation?
Regards
Regards
0
Comments
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Paul_Downward wrote: »An ex friend has an amigo loan, and I have foolishly acted as a guarantor, She is now threatening to not repay this loan, which will fall on my shoulders, Is there anything I can do like issue a notice of disassociation?
Regards
Why is she threatening to not repay it ?0 -
Wrong, YOU have an Amigo Loan, they just gave your friend the cash and hoped she would make the payments.
In the event of this friend deciding they can not be bothered to make the payments, you will be paying it, as it is YOUR loan.
People that lend money are experts and know who will repay and who wont and those that wont, they make sure someone who can pay is guarantor.
This is where you come in.
Very sorry but acting as guarantor is a life changing experience and something you only ever do once.I do Contracts, all day every day.0 -
Paul_Downward wrote: »An ex friend has an amigo loan, and I have foolishly acted as a guarantor, She is now threatening to not repay this loan, which will fall on my shoulders, Is there anything I can do like issue a notice of disassociation?
Regards
In a word, 'no'.
I know that's not what you want to hear.0 -
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You will have to make the repayments yourself and then sue your friend for your losses. Keep tabs on everything they own, keep an up to date address etc.Changing the world, one sarcastic comment at a time.0
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She owns her own house with equity in it, can I apply a legal charge?? although this is in her husbands name not hers??0
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You will have to make the repayments yourself and then sue your friend for your losses. Keep tabs on everything they own, keep an up to date address etc.
I think this route depends on how much the loan was for.
If it was a small loan then it might just be best to chalk it up as being being an expensive life lesson.0 -
Paul_Downward wrote: »She owns her own house with equity in it, can I apply a legal charge?? although this is in her husbands name not hers??
No you cannot- if she is not at least a joint owner you cannot apply to have a legal charge on the property.0 -
She sounds like a great friend.
If she doesn't make the repayments then make them yourself. even if that means taking out another loan with an APR better than Amigo's 49.9%.
Then you can either chalk it up to experience or try and get your money back through small claims court. However, if you opt for the latter, given that she is so crap with money that she's had to resort to Amigo loans I don't fancy your chances of seeing your money again.0 -
Paul_Downward wrote: »Not sure that is important, not sure myself, but looks like I am stuffed eh.
Its a risk you have when you agree to be a guarantor.
Lending money to friends or agreeing to be a guarantor doesn't work.0
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