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Amigo loan... I'm so horrid
Comments
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Your stepdaughter is 24 and needs to learn the lesson that if she does not have the money she should not be spending it. Presumably her credit history is bad and that is why your OH stepped in to act as guarantor. Personally I think the more sensible thing would have been to pay the whole thing off to save on interest payments and I would think her credit history is already shot so letting it default would make no difference. It has just cost you more.
I am not sure I would encourage your OH to part company with her completely but don't get involved with her finances anymore. If she has said hurtful things either because she is angry you won't help her financially any more or for other reasons then having some distance wont hurt. Personally I would find it very hard to turn my back on my daughters though no matter what they had done so I understand where your OH is coming from.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Save £12k in 2025 #1 £12000/£120000 -
Did your OH realise Amigo loans charge such a criminally high rate of interest? 49% !!! I think he would have been more help finding out the crux of her money issues and either steering her towards stepchange or help her with an interest free loan to pay off her debts and help her with budgeting unless of course he has already been there and done that.
Guaranteeing a loan to her from a loan shark essentially is not helping her. I am afraid continuing to pay that rate of interest as well is not a wise move. It may have just made a dire credit record even worse but has cost you a lot of interest in the process.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
Save £12k in 2025 #1 £12000/£120000 -
enthusiasticsaver wrote: »Did your OH realise Amigo loans charge such a criminally high rate of interest? 49% !!!
It may or may not be immoral but it isn't criminal.The views expressed here are my own. I am not a Solicitor nor am I affiliated with any of the parties I mention. If you disagree with any of my comments please say in whatever way feels most natural to you. No one self improves in a bubble!0
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