Amigo guarantor loan help

itsjustdamo

Hi all,

I took a loan out with Amigo back in 2013 with a friend being the guarantor.

Amigo paid out the loan of £5000 into his account for him to pass on to me which is standard procedure apparently.

However this never happened and a few days later he filed for bankruptcy.

I have tried communicating this fact to Amigo numerous times who can see he has indeed filed for bankruptcy however they refuse to help in any way and insist i still have to pay for the loan.

Can anyone help? I begrudge having to pay for a loan I never received but Amigo don't care.

[Deleted User]

I can see Amigo's point - they've lent the money - they want it back.

Obviously I can see your point as well. But your case will be against your guarantor. However, they're presumably not in any position to give you the money.

Amigo can come after you or the guarantor - but again, chances of the guarantor paying up are clearly slim.

Sadly, I don't think you have many options here. If this was in 2013, what is the current status of the loan? In default, presumably?

tonyh66

Deleted_User wrote: »

I can see Amigo's point - they've lent the money - they want it back.

Obviously I can see your point as well. But your case will be against your guarantor. However, they're presumably not in any position to give you the money.

Amigo can come after you or the guarantor - but again, chances of the guarantor paying up are clearly slim.

Sadly, I don't think you have many options here. If this was in 2013, what is the current status of the loan? In default, presumably?

Amigo should be going after the Guarantor, thats the whole point of the loan. Tell them to look at their own T&Cs and do one.

[Deleted User]

They can go after either. It's not an either or situation.

Their t&cs state "If you are behind with a payment, we seek payment of the overdue amount from you and your guarantor..." and "We may also take court action against both you and your Guarantor".

itsjustdamo

Deleted_User wrote: »

I can see Amigo's point - they've lent the money - they want it back.

Obviously I can see your point as well. But your case will be against your guarantor. However, they're presumably not in any position to give you the money.

Amigo can come after you or the guarantor - but again, chances of the guarantor paying up are clearly slim.

Sadly, I don't think you have many options here. If this was in 2013, what is the current status of the loan? In default, presumably?

As of yet they haven't marked the loan as defaulted and keep updating it as in arrears.

tonyh66 wrote: »

Amigo should be going after the Guarantor, thats the whole point of the loan. Tell them to look at their own T&Cs and do one.

This was my understanding but they see it differently they can see the money went into the guarantors account and I can show it never ended up in mine but they won't listen and insist i'm liable for money I never received!

[Deleted User]

I think this is one worth pursuing with them and then to FOS if needed. Although Amigo are technically correct in pursuing repayment, this is such an exceptional situation, it's going to rub up against TCF principles.

National_Debtline

Hi itsjustdamo


The idea of such a loan is that the guarantor trusts the borrower (you) enough to offer a guarantee for your loan, and so one would assume that this trust worked both ways and that you logically expected this friend to transfer the money across to you once it was paid into their account. The situation you describe here is a very unusual one, but unfortunately I do not see any way that it can protect you against debt recovery action by Amigo.


I would expect that your friend was asked to explain the receipt of this money when he went bankrupt, and he may well have been sanctioned as a result. Again though, the outcome of his bankruptcy doesn't change anything from your perspective. You are liable and as unfair as that may seem, I would strongly recommend that you seek full advice on how to deal with this and any other debts you owe from one of the free charity services.


Dennis
@natdebtline

National_Debtline

As an afterthought... are you absolutely certain that the guarantor did go bankrupt, or do you only have their word to take for it? Their details may still be on the Individual Insolvency Register if they were made the subject of a Bankruptcy Restrictions Order:


https://www.insolvencydirect.bis.gov.uk/eiir/


Dennis
@natdebtline

PeacefulWaters

tonyh66 wrote: »

Amigo should be going after the Guarantor, thats the whole point of the loan. Tell them to look at their own T&Cs and do one.

No mate, you got that wrong.

BrassicWoman

fascinating to see it this way round for once.

starrystarry

Don't Amigo do any credit checks on guarantors? How would somebody be in a position to pass a credit check one day, then file for bankruptcy a few days later?