Amigo Loans help please

selkirk44

and why do I get the feeling some of you are just loving this ??


cheers, thumbs up to DCFC , keepcalm..... thanks for advice

DCFC79

selkirk44 wrote: »

and why do I get the feeling some of you are just loving this ??


cheers, thumbs up to DCFC , keepcalm..... thanks for advice

I don't think they are, although your still making a payment albeit a reduced 1 your not abiding by the agreement you agreed to so yes they can take the money off the guarantor.

This is what happens with guarantor loans.

Got anything to sell, do any overtime at work to get rid of the loan sooner.

Brock_and_Roll

I think the most important thing to do straight away is to warn the guarantor about what is about to happen.

As the guarantor is on the hook anyway, he might be ok with subbing you the shortfall for a few months so that there is no default on the loan.

DCFC79

A good point here OP, pre warn them it might happen, I hope they are a good friend after this.

Did you by any chance not understand what your friend was being asked to do or what being a guarantor meant ?

Brock_and_Roll wrote: »

I think the most important thing to do straight away is to warn the guarantor about what is about to happen.

As the guarantor is on the hook anyway, he might be ok with subbing you the shortfall for a few months so that there is no default on the loan.

[Deleted User]

I hope the OP can update us, perhaps they can try a credit union as well, after all this was the go to for payday loan borrowers who had over stretched themselves and then we had the redress scheme for that don't forget so whilst today might not be easy, a few months or years it could well improve OP (honestly hold on to this thought)

I used to work for non regulated when people didn't stand a chance so it would be a crying shame not to co-operate if opportunity is there, sorry for the mrs temb mo! if things force you into bankruptcy then so be it, your guarantor equally should have read the t&c's - understood what they were signing up to if any comeback, as much as you've felt you have been slated


Hopefully it'll turn out as Brock_and_Roll put it

dealer_wins

The agreement you and your guarantor signed would have been very explicit in explaining that if you cannot make your full monthly payment the deficit would be sought from your guarantor immediately.

Its not down to you to try to negotiate repayments, its down to your friend to either repay them, or he will have to negotiate and potentially trash his credit rating.

In taking out a guarantor loan you were basically getting your friend to take out the loan (at a horrific APR), and its down to him to pick up the pieces if and when you default.

CHR15

Why do you think it okay to cut the repayments in half after you had convinced everyone (Amigo and your Guarantor) that you could meet the repayments?

This is why you ended up with an Amigo loan, everyone else knew you weren't going to repay.

selkirk44

update....
deal with amigo done 25% of monthly payment
thank you to amigo loans for understanding my situ and the time taken to sort this out.


to future readers of this thread IGNORE the presumptuous sad trolls who posted previously who think they know everything about me after reading a few lines of my opening post and will come back replying with there higher than art thou attitude.


so I am double happy right now, one..... I got the deal I wanted and two.....while things are not good right now I am still no where near as sad as some of these posters on this thread........ get a life.... wake up


see you all.......... time to get on with a real life.......... and not spend my precious time trying to state the blooming obvious and find you were wrong............... LMAO

Pixie5740

That's great that you've managed to negotiate a repayment plan. This will be reported to the CRA(s) and show up on your credit file that you're not making the full payments which is fair enough but what about your guarantor's credit file? Will they be affected by this?

uncreative

I think people on here are trying to be honest rather than critical or sad. Lets look at the generic fact pattern:

You earn money then spend most of it and live within your means. More in that out. Save for a rainy day. Thats where everyone should be.


But, most people have come to rely on credit and that "seems" ok as long as they are in employemnt/dont have an accident/dont get sick/are able to work/are able to earn.

Being able to get credit does not equate to being able to afford something. Remember, being mathematically able to cover the payments is NOT the same as being able to afford something.

Then what happens is some life changing event occurs (lost job/had an accident/have to care for someone/etc.) that shifts the balance to being unable to cover debt payments that were once mathematically manageable, but not affordable in the true definition of the word.

Then your own credit file gradually gets worse and worse until you are no longer able to take out any more debt. This is a safety release valve - to say enough is enough and the situation cannot continue. Basivally taking on more debt is a bad idea.

This is my major issue with guarantor loans. What it does is offers someone whose credit line has physically run out (which should be a major flag) with a chance to borrow even more.

Then people get into difficulty not being able to pay back debt that they shouldnt really have been able to take out in the first place because the root cause of the cashflow issues has not and will never be solved by borrowing more.

Whatever your situation OP, I would urge you to go over to the debt free wannabe boards to see if they can help. Its great that you have managed to negotiate some breathing space but it is temporary and needs to ultimately be fixed.

Remember - the only way is up.