Amigo Loan

ReadingTim

stator wrote: »

Indeed, the gloating / I told you so, isn't helping the OP, so why bother?

It may not be helping the OP, but it might just serve as a warning to others, and as this forum proves on an almost daily basis, there are plenty of people who fall into exactly this sort of guarantor "trap"

Pixie5740

ReadingTim wrote: »

It may not be helping the OP, but it might just serve as a warning to others, and as this forum proves on an almost daily basis, there are plenty of people who fall into exactly this sort of guarantor "trap"

Yes but that would require those guarantors to do some research before agreeing to become a guarantor which obviously they don't or they wouldn't come on here asking if they have to pay it because the !!!!less wonder they were guaranteeing a loan for has stopped paying.

It's a bit like those people dredging up old threads about loan brokers to warn others after entering their debit card details willy-nilly.

CliveWeasel

Sorry for taking this slightly off at a tangent, but reading through the thread above it tells a sorry, cautionary tale.


What checks are in place with companies like amigo to stop identity fraud... could someone get hold of my (or anyone's) details and use me as a guarantor without my knowledge?

Candyapple

CliveWeasel wrote: »

Sorry for taking this slightly off at a tangent, but reading through the thread above it tells a sorry, cautionary tale.


What checks are in place with companies like amigo to stop identity fraud... could someone get hold of my (or anyone's) details and use me as a guarantor without my knowledge?

The money would need to go into your bank account so unless a fraudster has access to your bank details and also your bank card, they would also need to know your credit rating would be good enough to become a guarantor in the first place.

Ciro

Companies such as George Banco and Amigo have to perform rigorous checks so there is very little chance of ID fraud.

Pincher

http://www.shmoop.com/merchant-of-venice/antonio.html


Character Analysis


Antonio is a rich Venetian merchant, Bassanio's BFF, Shylock's archenemy, and the guy who puts up a pound of flesh as collateral so Bassanio can borrow money in order to woo Portia in style.




Should have done Merchant of Venice for GCSE English, dude.

fierystormcloud

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

Sorry Paul, but there IS nothing you can do.

Why is she threatening to 'not pay?'

Hell would freeze over before I would be a guarantor for anyone - sorry I know this doesn't help you.

As some have said, you are basically signing for a loan and promising to pay it back, but someone else gets the money!

Also, as some have said, you literally have to not care about losing the money. There are so many threads on here about people lending things to people, like shoes or dresses, or cameras or whatever, and also money, and then they come on here complaining and wondering how they can get the thing or the money back. Never give or lend anything that you cannot comfortably afford to lose, never sign for a loan that you cannot afford to repay, and NEVER agree to be a guarantor unless you can afford to cough up the repayments if the person fails to pay.

I know someone who wouldn't be a guarantor for her son, when he moved into a flat with his 2 mates. She said she knows she wouldn't be able to fork out if he didn't pay, as she literally only has about 50 a month surplus income, so if he faltered on his rent, and the landlord came after her, she wouldn't have the money to pay him.

Her son was put out and a bit annoyed, but as it happened, he still managed to get on the tenancy. (I think the other 2 had guarantors, and he offered to pay the rent 3 monthly in advance.) Well, since last May there has been 11 months rent due, and he has only paid 9 months; so he is 2 months behind. The landlord is fairly laid back, but has actually emailed him a few times reminding him that he owes February and March's rent.

If my friend had decided to be the guarantor, the landlord would have been after her before you could say 'I will mess up your credit record!'

It makes no sense to be a guarantor unless you can afford the payments/repayments yourself. I am sure that some people think that being a guarantor is the same as just giving a reference. It really isn't.

Did you actually not realise that if your friend failed to pay, that you would have to pay instead?

As someone said earlier, why did she not ask her husband?

Bit of a strange marriage, where a woman is asking a friend to be a guarantor and is not asking for help from her husband. :huh: