Amigo Loans really are an evil company

macman

I think you are fixating on Amigo. The problem is not your unsecured loan from Amigo, but your overall debt, and level of expenditure. To begin to address the issue of debt, which clearly you want to do, you first need to know exactly what you owe, and what your expenditure and income is. That's the purpose of the SOA. So you need to gather all the paperwork for CT, car finance arrangements etc, discuss with your partner anything you are not clear about, and then you will know the exact situation.
The TV may be part of a package, but Sky or VM cable TV are usually part of a separate contract, and can be cancelled without penalty once out of minimum term. Dropping that kind of expenditure will enable you to clear your CT debt quicker. Get into arrears on CT and the entire year's bill becomes due in one hit, which is why this is priority. As is rent and utilities: not unsecured loans.
Out of interest, what is the APR on the Amigo loan?

k3lvc

macman wrote: »

Out of interest, what is the APR on the Amigo loan?

It'll be interesting but not a game changer - even at 0% the loan is unaffordable in current circumstances

foxy-stoat

49.9% is Amigo loans interest rate - totally unsustainable for this amount of debt.

Even if the debt was on 3.4% interest then the repayments are still not achievable based on the SOA.

The only saving grace is that the guarantor is the partner so Amigo wont be able to recover the money as the household is broke.

Look to sell stuff, down value the car (if possible) and make so with a £2K car not on finance.

sourcrates

Hi OP,


I am finding this a little confusing to be honest.


Can you just list every debt you have please, and I mean everything, how much, who to, and what you are supposed to pay per month.


That way things will become a little clearer.

foxy-stoat

Thinking about it, since your other half has had a seizure he should of already had his licence taken off him, you can then sell the car and clear some of the debt. There may well be a benefit you can claim.

beckt02s

Hi sorry for the delayed reply. I've found out what we're behind on/owe so it may clear things up a little for you guys-

Council Tax - £540 in arrears due to not paying it for 5/6 months (I only just found this figure out today) My partner finally got in touch with them and they said they were increasing his monthly bill from £90 to £200 ish (Not sure of the exact amount but will update later) to clear off his arrears to them. We cannot pay this larger sum every month and it's likely to land us homeless if we can't sell his car or something else. I don't think he can sell the car because he's locked into a contract, the same goes for our mobile phones. However, I'm only 6 months away from paying mine off entirely.
He's at work today and said he was contacting the council, 'I've no idea if they can reduce payments or will. I know council tax debt is serious but I'm unsure as to whether they are open to arranging reduced payments every month.

Amigo Loans - £6,700 is left on the balance, down from 7k because of added interest and default fees. In the past few months we missed payments to them (Despite trying to arrange a repayment plan) and eventually they did accept reduced payments but not reduced enough for us to be able to live.

Partners car finance - He pays £150 a month and has £5500 left on the car. Again, apologies if this is confusing - I only found out about all this afternoon when sorting through our finances. I presumed that he had nearly paid the car off but was obviously wrong as my heads been all over the place.


That's about it for a breakdown of our actual debts. In the past we had a loan out from Bamboo that we couldn't repay but they accepted a repayment plan of literally just £2 a month.


The comment above about PPI - Not entirely sure how PPI works but I'm pretty sure we're not eligible for it. I did a quick google search and found that PPI was apparently removed from most loans in 2011. In 2011 I was 16 years old and my partner was 22 and had never taken any debt or finance out at all, not even for a car or mobile phone. We started taking loans out from 2016 onwards. I have contacted a company about irresponsible lending where they sometimes find you eligible to claim money back from loan places such as Wonga but I've not heard anything back from them yet. It's no win no fee and they said they were passing my details on to the loan companies I had loans with in 2017 to work out whether I was loaned it wrongfully.

sourcrates

beckt02s wrote: »

. I have contacted a company about irresponsible lending where they sometimes find you eligible to claim money back from loan places such as Wonga but I've not heard anything back from them yet. It's no win no fee and they said they were passing my details on to the loan companies I had loans with in 2017 to work out whether I was loaned it wrongfully.

NO,

DO NOT USE A CLAIMS MANGEMENT COMPANY.

They cannot do anything you cannot do for yourself.


They will take a massive 30 plus % of anything you get back, all you have to do is write to each lender with a complaint, and they will do the rest, for no fee whatsoever.

A full guide on how to do it is available here :


https://debtcamel.co.uk/payday-loan-refunds/

foxy-stoat

Whats the car worth?

beckt02s

The car is a 2016 Ford Fiesta ST, if anyone could help me out and tell me how much it would be worth I'd appreciate that. It has 5 doors also. Again, my partner would know but is out working until 7pm. I know at the time he took out the finance on it he had quite a large deposit as we weren't financially struggling. I initially thought he had put 2k on it but he tells me it was around 3.5k but he'll double check. It's just so sad we have ended up in this situation as neither of us had debts before this, we had excellent credit scores, worked so hard..

Also thank you for your suggestion sourcrates, I'll get looking into that tonight. I personally feel we were lent money irresponsibly in the past but only time will tell.

Caz3121

beckt02s wrote: »

The car is a 2016 Ford Fiesta ST, if anyone could help me out and tell me how much it would be worth I'd appreciate that. It has 5 doors also.

there are currently 6 on autotrader (5 door 2016 Fiesta st)...it will depend on mileage and condition but looks like between £10k-£12k