Can I stop being a guarentor?

Enterprise_1701C

I know this is an old thread but I can't resist.

What would I do? I would put the fact that has stopped paying it all over social media, and I would contact everyone that knows her and tell them the same.

unforeseen

Not forgetting to following up with an MCOL claim

Richey_

Brains has been watching Cant pay or we will take it away and is now an expert in this field.

Personally I would advise people speak to a real expert not a keyboard warrior. Christians Against Poverty or Stepchange would be my recommendation

PixelPound

unforeseen wrote: »

Not forgetting to following up with an MCOL claim

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

This is the main concern and why it needs sorting. The OP is in the forces and cannot get a CCJ without him then losing his job. If it got as far as claims stage he would need to see if they would go down the Tomlin order route if he could not pay.

Never be a guarantor for Amigo loans as worst of all cases, you are liable if the debtor does not pay and you are saddled with crap APR based on the debtors credit worthiness. As has been said, better to get a loan yourself and lend the money rather than be a guarantor. The thing is people won't do that because it then becomes clear that they are liable for repayment where as guarantor loans are all marketed as you helping a friend get the loan!!

societys_child

guarantor loans are all marketed as you helping a friend get the loan!!

Yup.
Every time I see an Amigo ad, I think do people really fall for this . . .

unforeseen

nic_c wrote: »

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

This is the main concern and why it needs sorting. The OP is in the forces and cannot get a CCJ without him then losing his job. If it got as far as claims stage he would need to see if they would go down the Tomlin order route if he could not pay.

Never be a guarantor for Amigo loans as worst of all cases, you are liable if the debtor does not pay and you are saddled with crap APR based on the debtors credit worthiness. As has been said, better to get a loan yourself and lend the money rather than be a guarantor. The thing is people won't do that because it then becomes clear that they are liable for repayment where as guarantor loans are all marketed as you helping a friend get the loan!!

You misunderstood. I was talking about OP raising an MCOL claim against the ex AFTER settling the debt. If they don't get the money from the ex then they have the satisfaction of trashing their credit rating, and, subject to the amount will have an option to escalate to the High Court.

qwert_yuiop

societys_child wrote: »

Yup.
Every time I see an Amigo ad, I think do people really fall for this . . .

Who travels on southern railway? Have you seen those ads on the carriages “Get back on track” advertising loans at 750% APR. They then have a little warning suggesting you’ll get into bother if you don’t pay. I’d say you’re in bother enough if you do pay.

Get back on shark.

PixelPound

qwert_yuiop wrote: »

Who travels on southern railway? Have you seen those ads on the carriages “Get back on track” advertising loans at 750% APR. They then have a little warning suggesting you’ll get into bother if you don’t pay. I’d say you’re in bother enough if you do pay.

Get back on shark.

That's the problem, either they are aimed at those desperate to have no where else to go or financially naive as to not understand the implications of the high APR.
There will probably be a reckoning at some point. We have had Wonga and then BrightHouse, and we had the toughening up of mortgage checks. There has been talk in political circles about limiting interest payable on a loan over the term. Maybe we will see some toughening on these, where liabilities have to be more prominent and consequences clearly spelled out

Brains64

Richey_ wrote: »

Brains has been watching Cant pay or we will take it away and is now an expert in this field.

Personally I would advise people speak to a real expert not a keyboard warrior. Christians Against Poverty or Stepchange would be my recommendation

I agree, people should speak to experts, I would recommend this too, I'm not asking anyone to take my word for it, in fact, if you want to check with an expert yourself to see if this here "Keyboard Warrior" has said anything that isn't true, then be my guest but I am quite confident that you will find that they will just confirm what I have said here, namely, these types of loans are considered by courts to be low priority debts, which means, in the unlikely event they take someone to court for the debt, they are not taken very seriously by said courts.

If it gets to that stage, the court will usually just get the debtor to come to a suitable arrangement, taking into consideration all of their circumstances but I say 'in the unlikely event' because most of these lenders won't want to go to court because it is too expensive for them and their debt collectors that they sell the debt too will take the same view, it's much better for them just to try various tactics to scare debtors into paying up or come to some arrangement.

Important to remember, these lenders all utilize either private debt collectors or their own in house collection team NOT proper Baliffs (please feel free to check this with the experts too), so they have limited power in terms of what they can do to someone who for whatever reason, hasn't paid, once again, I'm not saying they shouldn't pay, if they are willing and able to pay then they should pay but if they can't, they shouldn't lose sleep over these potsy companies like Amigo Brighthouse and Wonga, they are all slowly heading for the cliffs themselves with their dogy avertising they use to entice and fool vulnerable people, like nic_c mentioned.

If people want to worry about anything, they ought to worry about making sure they pay their rent or mortgage and their utility bills, those ARE top priority debts which courts CAN come down heavy on people for, but please don't lose freaking sleep over debts with these loan companies, they are run by a load of cowboys and two bit pirate types who are just trying to cash in on their customers desparation, fear and most of all, lack of understanding of their rights, if more people knew the law, these companies would be finished, as I say, check it out for yourself, don't take my word for it, best wishes.

Shakin_Steve

And if you read my post properly you would see that I didn’t even mention recovery of the debt. I stated that your credit file would be trashed for six years.
Unless, of course, you know that they don’t report to the CRA’s either.