Amigo loan... I'm so horrid

Wyndham

I think some of you are being rather unkind to the OP!

Personally I think she has done the right thing - keep bailing them out they will keep coming back for more. Financial lessons are hard, but necessary

Well done OP! And best of luck!

glennstar

I'm not a big fan of Amigo (for quite a number of reasons, not least being those appalling plasticine animated characters on their adverts) but no one seems to have mentioned that whilst OP is [vindictively] failing to teach her husband's daughter a lesson or two she is also negatively impacting Amigo's business through no fault of Amigo's.

If OP (in part or whole) is standing guarantor then do the right thing and pay what you owe immediately, not after 6 or more months.

You say you are trying to teach her a lesson. One of the lessons being - offer to stand as a guarantor for someone and then don't honour your obligations? Well done!! Maybe it's this sort of approach to life that has resulted in the poor girl (stepdaughter) not grasping the basics of financial planning and the basic moral obligations that underlie a functional society??

tripled

glennstar wrote: »

I'm not a big fan of Amigo (for quite a number of reasons, not least being those appalling plasticine animated characters on their adverts) but no one seems to have mentioned that whilst OP is [vindictively] failing to teach her husband's daughter a lesson or two she is also negatively impacting Amigo's business through no fault of Amigo's.

If OP (in part or whole) is standing guarantor then do the right thing and pay what you owe immediately, not after 6 or more months.

You say you are trying to teach her a lesson. One of the lessons being - offer to stand as a guarantor for someone and then don't honour your obligations? Well done!! Maybe it's this sort of approach to life that has resulted in the poor girl (stepdaughter) not grasping the basics of financial planning and the basic moral obligations that underlie a functional society??

What are you on about? There is a loan with an agreed payment schedule. Every month when the stepdaughter doesn't make the repayment, they are taking it from the guarantor, who is honouring their commitment. Amigo's business is in no way affected, indeed, they are profiting handsomely while the interest keeps racking up.

The discussion is that when the payment from the stepdaughter fails, the OP has the understanding they register some sort of late payment marker against the stepdaughter before taking it from the guarantor. The OP is hoping those markers will make it harder for the stepdaughter to get credit in future.

There is some discussion that the OP could use their savings to pay the loan off in full to save interest, and whether they are cutting their nose off to spite their face by paying interest unecessarily. Also whether the OP have overreacted in banning the stepdaughter from the home and getting their husband to cut them out of the will.

Pay attention at the back of the class!

Dobbibill

muckypaws wrote: »

But after speaking to amigo loans, we found out if we paid it all off She would get a pat on the back for being a good payer .... So here's where I turned into the wicked stepmother..... For 6 months I've let it default ..... Yes it's horrid and will not help her situation but I just couldn't sit by and let her get away with it .... So would you do the same ? Am I truly horrid ?

No you are not horrid, this is a financial lesson for them to learn. It will do her good in the long run. Its called tough love.

muckypaws wrote: »

Thanks guys.... Don't you worry she won't be getting another penny .... I've spoke to hubby he's changing his will also

I've told hubby no matter what she is no longer welcome in our home again ....

I can't say it doesn't hurt how she's treated us, but again, her loss of her dad and I for any future problems will hurt her more ... She can't keep living like she is and now has no where to turn for help xx hugs all round

This however, I feel is a bit far.

Teaching her a financial lesson is one thing, alienating her from the family is another level. This becomes 'tough luck rather than tough love'. A huge difference.

Have a look at the DFW board, many people don't learn this lesson until they are in the 40s, 50s or even later in life. It doesn't make them bad people.

Don't force your hubby to choose, you may not like his choice.

If I was asked to choose between my OH and my 3 x DS, there would be 3 winners everytime, without question or doubt.

That doesn't mean I would financially bail them out but I would teach them how to budget, work hard and save hard for what they want and my door would always be open for a chat, a hug, a giggle or a vent, the things that money can't buy.

glennstar

tripled wrote: »

What are you on about?

Err, let me think, maybe this statement?

muckypaws wrote: »

So here's where I turned into the wicked stepmother..... For 6 months I've let it default ..... Yes it's horrid and will not help her situation but I just couldn't sit by and let her get away with it ....

...and for your information, until you mentioned it I wasn't even aware there was a back of the class, never mind frequenting it!

tripled

glennstar wrote: »

Err, let me think, maybe this statement?

And in the very next post, before anyone else replied and without any prompting, the OP added (my emphasis)

muckypaws wrote: »

Ps it's not affected our credit rating as it is paid each month but by leaving it and letting them take it out of our acc it registers a default against her.

jonesMUFCforever

What is the reason for this post?

The only reason the daughter got the loan in the first place was because she had a guarantor so her credit score is dire - one more default won't make any difference.

gycraig_2

So you are punishing your daughter for not paying a guarantor loan that your husband stupidly agreed to be a guarantor for causing further debt.

Your husband sounds silly if someone needs a guarantor loan they normally can't afford the silly interest payments attached to it and you sound spiteful tbh

dealer_wins

Really harsh, but if my partner/wife was that soft and constantly forgiving on an obviously p!$$taking daughter in law, I might have to part company with her.

I am a strong believer in personal responsibility and a bit of respect.

glennstar

tripled wrote: »

And in the very next post, before anyone else replied and without any prompting, the OP added (my emphasis)

I discounted that due to technical inaccuracies.