Amigo Loans really are an evil company

Smellyonion

Any way you can live somewhere cheaper. Rent is almost 40% of income?

k3lvc

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. 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..

Caz3121 wrote: »

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

So assuming bought new/ex demo then £16k+ - basic maths says £3.5k deposit does not leave you/him with a payment of £150 per month including tax/servicing/insurance (though you mention there's some ruse re parents insurance). I suspect there's also a big balloon payment due and that he's actually nowhere near paying it off.

Being honest you can't afford a Fiesta ST and I'd be asking him for a copy of the paperwork rather than just accepting what he's saying

macman

OP, we still don't know a) your total debt with Amigo, b) your total debt on the car (and the nature of the loan, PCP, HP etc: I agree that there must be a final balloon payment at the end). All you have told us is your CT debt. Do you have any debt on gas/electricity/water?
Now you have mentioned an older loan with Bamboo. You may only be paying it off at £2 per month, but it is still a debt and so you need to state the amount (or is it now cleared?). I would take the wise advice of sourcrates and redo your SOA. At the moment you are drip-feeding information: spending some more time on the SOA and getting it accurate is a priority.
Once you minimise the Amigo repayments then you should be able to clear your CT debt in 3/4 months.

Teamocil

Is going back to work not an option yet? It seems like that could solve the problem.

foxy-stoat

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. 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.

Forget about irresponsible lending, you have taken out a 50% interest rate loan in the past and reduced your repayments to £2 a month for the rest of your life - now you have taken out another 50% interest loan which you are not again not able to repay - see where I am going.

I think you need to get all your information full and correct as you seem to be dribbling the figures out and not answering the question from people trying to help you.

Put the reg number on we buy any car to see a low valuation.
Confirm what type of finance is on this car and settlement or half way figure and assess your options.
You cannot afford a £10K car so you will need to sort that out - I would question that he is still allowed to drive after a seizure anyway.

sourcrates

Debts need to be listed in order, for example :


Loan A to Natwest, 1200 outstanding, payment 120
Loan B to Wonga 800 outstanding, payment 100
credit card 1 to capital one, 1000 outstanding, payment 130

and so on and so on.


No long explanations, simple figures in columns.



thanks.

beckt02s

Thanks for your responses. I'm still not any further finding out about my partners car, he says he's going to ask his dad for advice because his Dad works at a car dealership.

A full, brief breakdown of our debts-

Loan Number 1 to Bamboo - Outstanding balance £900, currently agreed a repayment plan of £2 a month

Loan Number 2 to Amigo - 6,500 outstanding (Due to arrears and default fees, I believe. I've asked for a copy of this info today and will update when it comes) Currently paying £220 a month as they said they could not knock this down for us

Debt to Council Tax - Currently 6 months worth of tax has not been paid therefore we are behind £540 and owe this to the council. Partner arranged to pay back £200 a month.

beckt02s

Also to add- We did have debt on the water and electric but used part of the Amigo loan to pay this off so that's all cleared. It's just the Council Tax, Amigo and Bamboo (Bamboo being somewhat under control) that are causing problems for us. My partner is off work on Thursday and we're going to visit the local citizens advice centre, should these people be able to help us?

forgotmyname

You transferred debts at 0% interest into debts at 50% interest?

Guerillatoker

forgotmyname wrote: »

You transferred debts at 0% interest into debts at 50% interest?

Looks like she did. a lot of people I know would probably do the same because they think their water/electricity will be shut off imminently, unfortunately.