Sensitive issue - Amigo Loans

MEM62

OP, Reading between the lines it sounds like your sister might not be coping too well with life. Her desire for you to move back is probably and indication that she needs some support. Is there anyone living closer that can support her and see that she is OK?

foxy-stoat

Hectors_House wrote: »

Thank you for the responses.

I’m just amazed this can happen.

If it does get as far as a CCJ will that die with her (I’m not thinking of doing her in of course). Lol

Why are you amazed, she can do whatever she likes - just because you own a property with her doesnt mean you have to be consulted if she decides to put her financial head in a noose.

The time to worry about a situation is if her friend defaults on the loan, then she should take out a cheaper rate loan and clear the Amigo loan - with hopefully limited additional charges.

If she has unopened mail then she wont know if everything is ok with the loan.

sourcrates

Hectors_House wrote: »

Would my sister have had to lie and tell them she owns the house solely as part of Amigo’s checks?

If it does come to a CCJ and charge put against the house will she have committed fraud?

Hi,


No to both.


Hopefully it will not become a problem for her as long as the borrower keeps up with the repayments.


If they don't, she will be expected to take over payments immediately, if she dosen`t, then Amigo have form for taking court action and applying for a CO at the same time as judgement is granted.


Although in this case it will only be a restriction, so no real benefit to Amigo, which would make the likelihood of further enforcement action more likely.

Hectors_House

Thank you Pixie5740

Your advise is very helpful.

I won’t be taking out credit to help pay it off should it default to my sister.

I’ve spoken to her today about it and she will just have to do a drawdown on one of her pensions I’m afraid.

Hopefully it won’t come to that.


QUOTE=Pixie5740;75019856]Then there isn't actually a problem at the moment and hopefully there never will be as long as the borrower keeps paying. If the worst does happen and Amigo go after your sister and she does wind up with a CCJ that will be registered against your sister not the property. It takes a long, long time for debts to get as far as a charging order against a property and many defaulted debts don't even result in one.

If you are very worried you could apply for a lower cost loan in your own name, pay off Amigo and then set up an arrangement between you and the borrower but personally I would not do that for a colleague of my sister's and not just because I don't have a sister. [/QUOTE]

Hectors_House

MEM62 wrote: »

OP, Reading between the lines it sounds like your sister might not be coping too well with life. Her desire for you to move back is probably and indication that she needs some support. Is there anyone living closer that can support her and see that she is OK?

Our father lives close by and comes over every night for his dinner since our mother died a year ago.

Unfortunately he opened the letter from Amigo and is very worried as our parents have bailed out financially several times (the most recent just before our mother died).

I’ve tried to help in many ways but she refuses it all - even the offer for me to pay for a cleaner to help her keep on top of it but she refused saying she doesn’t want strangers in the house.

I’ve spent the last four days working with Dad to clean the house as she boards things. We found piles of newspapers stuffed up the side of the fridge and in all the bedroom drawers as well as all the shopping backs, packaging and labels for anything she buys.

I can’t move back without work as I work for a agency based only in my area. I’m continuing to apply for jobs here so hopefully I’ll get lucky.

Hectors_House

foxy-stoat wrote: »

Why are you amazed, she can do whatever she likes - just because you own a property with her doesnt mean you have to be consulted if she decides to put her financial head in a noose.

The time to worry about a situation is if her friend defaults on the loan, then she should take out a cheaper rate loan and clear the Amigo loan - with hopefully limited additional charges.

If she has unopened mail then she wont know if everything is ok with the loan.

She has built up debt on credit cards again since the last time she was bailed out so won’t be able to afford the repayments if the loan defaults to her.

Neither me, nor our Dad are in the position to help her if this all goes pear shaped. She will have to drawdown from one of her pensions I’m afraid.

MEM62

Hectors_House wrote: »

Our father lives close by and comes over every night for his dinner since our mother died a year ago.

Unfortunately he opened the letter from Amigo and is very worried as our parents have bailed out financially several times (the most recent just before our mother died).

I’ve tried to help in many ways but she refuses it all - even the offer for me to pay for a cleaner to help her keep on top of it but she refused saying she doesn’t want strangers in the house.

I’ve spent the last four days working with Dad to clean the house as she boards things. We found piles of newspapers stuffed up the side of the fridge and in all the bedroom drawers as well as all the shopping backs, packaging and labels for anything she buys.

I can’t move back without work as I work for a agency based only in my area. I’m continuing to apply for jobs here so hopefully I’ll get lucky.

It sounds like she need profession help with her issues. The problem is if she does not acknowledge her need for help and is receptive to it there is little that can be done.

I hope you manage to work something out.

Nasqueron

If the person does default, it will be cheaper for your sister to take out a loan and pay off the Amigo one, even 10% is better than 50% Amigo

Hectors_House

Nasqueron wrote: »

If the person does default, it will be cheaper for your sister to take out a loan and pay off the Amigo one, even 10% is better than 50% Amigo

Yes. Our Father is going to have a word with her when I’ve gone.

He’s toldher several times that he can no longer help her, and I don’t have that kind of money laying around and I won’t get myself into debt to help her pay off someone else’s debt.

I’ll do what I can to help her keep on top of the monthly payments until she finds a way to pay off Amigo Loans.

NorthantsPete81

CCJ is on the person, not the house. It can be on posessions but they have to prove its her house or she lives there.



I rented for a while, kepts getting ccjs at the property but as i lived there I told them to do one.


The ccj/default will just go on her credit file.



Sell the house, give her the equity and dont do anythign else with her, financially.