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Amigo Loans
lexiw
Posts: 3 Newbie
hi all
so the situation is i had an amigo loan roughly 3-4 years ago for £5000 young and honestly stupid for doing so ... i fell into arrears after a few payment losing job home ect burried my head in the sand and simply ran from it
fast forward to now ive started to take control of my finances and payed mostly all debts but this amigo loan they have no chased me or the garrentor for this debt and it still shows on my credit file im in a position to pay off sizeable chunks from this debt each month
my question is do i pay in monthly chunks or pay off the loan in one go (this will take 3/4 months to save ) my main fear is if i restart contact with them will they instantly pursue legal options to reclaim the loan
so the situation is i had an amigo loan roughly 3-4 years ago for £5000 young and honestly stupid for doing so ... i fell into arrears after a few payment losing job home ect burried my head in the sand and simply ran from it
fast forward to now ive started to take control of my finances and payed mostly all debts but this amigo loan they have no chased me or the garrentor for this debt and it still shows on my credit file im in a position to pay off sizeable chunks from this debt each month
my question is do i pay in monthly chunks or pay off the loan in one go (this will take 3/4 months to save ) my main fear is if i restart contact with them will they instantly pursue legal options to reclaim the loan
0
Comments
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Does it show on your credit record? Check Noddle. Debts are statute barred if no contact after 6 years. As you say Amigo are usually guarantor loans. Have you checked with the guarantor?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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it does show on credit report , the guarantor has had no contact from them either , so took my head out the sand made contact with them now i have 28 days or they will go through the courts serves me right for trying to do the right thing ..0
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