Amigo guarantor loan help

PeacefulWaters

BrassicWoman wrote: »

fascinating to see it this way round for once.

i giggled. Briefly.

Clive_Woody

itsjustdamo wrote: »

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.

Might be time for you to go bankrupt too. I would guess your finances are already in a mess if you were looking for Amigo loans and now with this defaulted it's no better.

Dogslife4

Ultimately, you never received the money in the first place - so paying this loan back is not an option (this would be my position at least). Unless you have something specific to lose like a house or other security that Amigo could go after I would say fight this - as others have said this is really exceptional circumstances and failing that bankruptcy may be an option here.

dealer_wins

This could actually set a legal precedent.

You have physically not received your loan from Amigo, so how can you be expected to pay it back.

itsjustdamo

I spoke to the insolvency practitioner who confirmed he was in the process of filing for bankruptcy.

PeacefulWaters wrote: »

i giggled. Briefly.

Glad someone did!

Clive_Woody wrote: »

Might be time for you to go bankrupt too. I would guess your finances are already in a mess if you were looking for Amigo loans and now with this defaulted it's no better.

This is the only negative on my file as i've managed to sort any other debts out over the last 3 years.

dealer_wins wrote: »

This could actually set a legal precedent.

You have physically not received your loan from Amigo, so how can you be expected to pay it back.

I was trying to explain this (at length) to Amigo how could i be expected to pay for a loan i never received.

Their response was it was up to the guarantor as to when and how he gave it to me and that's why they pay directly to the guarantor which is think it plain stupid.

Alice_Walker

Their response was it was up to the guarantor as to when and how he gave it to me and that's why they pay directly to the guarantor which is think it plain stupid.

It's no more "stupid" than a guarantor being liable for money they never had use of?

Smedders11

Alice_Walker wrote: »

It's no more "stupid" than a guarantor being liable for money they never had use of?

How can you possibly serious? There's a chasm of difference between a guarantor knowingly and willingly entering an agreement to guarantee a loan for a trusted friend or family member, and said guarantor stealing the loan from the original debtor.

Sounds ridiculous on Amigo's part. I can understand the reasoning for a guarantor, but why on earth does it need to go to the guarantor's account!?

andyfromotley

I assume that it is in Amigo's t&C's that they pay the money into the guyarantirs account. No doubt so that Guarantors cant later claim 'i didnt know anything about this' . I guess after that they would be within their rights to claim that it is a civil matter between you and him. Tough to see where you are going to get with this but it may well be one that could make some headay with the FOS.

Alice_Walker

Smedders11 wrote: »

How can you possibly serious? There's a chasm of difference between a guarantor knowingly and willingly entering an agreement to guarantee a loan for a trusted friend or family member, and said guarantor stealing the loan from the original debtor.

Sounds ridiculous on Amigo's part. I can understand the reasoning for a guarantor, but why on earth does it need to go to the guarantor's account!?

Both amount to the same thing - trusting a friend to pay something, said friend not paying something and landing you in the crap.

I am sympathetic to the OP, but their situation is a familiar one, with the twist that the borrower is the one losing out and not the guarantor.

[Deleted User]

itsjustdamo wrote: »

Hi all,

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

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

How has this taken nearly 3 years to be of fruition? Why is this now an issue? Have you spent years battling with them?

If there isn't more to it, suggest speaking to
Trade Association
Financial Ombudsman
A legal representative

if all this time on and they are only just hearing actually mate went broke then if they are sceptical you could understand why with the 'surrogacy loan transfer' being now very clear in present day, all the best with your plight, it did take a reread of this thread to appreciate you are going back in time it is just shocking that a financial company allegedly cannot do any investigating then or now really.