Amigo Loan - help - something wrong?

Fireflyaway

Sorry to hear what happened. I agree with the others, try to get a loan with a lower interest rate to pay it off. Or do you have any savings? If so use savings to pay the loan off and save a lot of interest then build up your savings again.
Thanks for sharing this. Its an important message to not be a guarantor.

swingaloo

I would be wary about getting another loan to pay this one off unless you get a settlement figure first.

We went through a very bad period and took out a consolidation loan for £10.000 with Swift. It didn't solve our problems, only added to them and we had to sell our house to avoid repossession. We had made payments amounting to almost £3000 to Swift but our settlement figure to pay it off when we sold the house was almost £19.000.

Even if you pay it off early they still want their pound of 'interest' flesh from you.

TrickyDicky101

Caz3121 wrote: »

are you sure it is 36 months? the repayments look like it is a 48 month term
£10k 36 months @ 49.9% APR would be a monthly payment of £540.52
Google "Guardian Loan Calculator" and see if you can get the figures to match...you will be able to check the interest/principal split of each payment against your sums (you will also be able to check how much interest would be saved if there was a new lower rate loan taken
as to the "friend" what a horrible thing to do to someone..hopefully karma will step in

49.9% APR is a nominal monthly rate of 3.43% which over 36 months for a £10k loan results in a monthly repayment of £487.95 according to my calculation.

EDIT: - that Guardian Loan Repayment website - despite saying it needs the APR - actually uses the nominal rate. Hence if you type in 41.16 (12 * 3.43) as the rate then using 36 months and £10k starting loan you will arrive at the OP's monthly payments.