Another Amigo loans thread!

Brock_and_Roll

Back to helping the OP's family member as I think can all agree that by virtue of:.

a) agreement probable "signed" electronically by box ticking
b) the money passing through her account
c) paying it for the last two years

.....that the guarantee is enforceable.

For a pensioner struggling to pay bills, defaulting has to be seriously considered. A damaged credit rating mkay be of no consequence to someone at that stage in life, however, does the relative have any significant assets - house, valuable car etc etc?

jimbo26

Two real options.

1. Default on the loan, this will leave a negative mark on her credit file, but if not planning on taking any credit in the next 6 years no huge issue.

2. She takes out a loan at a lower APR to repay Amigo.

I suggest she talks to National Debtline to work out her options.
https://www.nationaldebtline.org/

John_G_Jones

sourcrates wrote: »

See above for what I actually said.

It’s very likely the guarantor ticked the tick box online.

Indeed, which is why I wondered why you were disagreeing with someone who said that a signature was needed. We are in agreement, a signature is not needed.

To add to the point made above with the company being able to pursue either party, this is right, but they are not going to waste their efforts on the person who they knew from the start would default. The whole business model is that they have a more creditworthy target waiting in the wings who is a far better use of their time.

John_G_Jones

Windbag66 wrote: »

Causing trouble again are we John, ‘‘twas only yesterday you were advising people to take out high interest pay day loans, can’t wait for your next peal of wisdom........

No, I was making a sarcastic point that if someone’s had their money taken by a payday loan company they could take out a payday loan to tide them over.