Amego loans urgent help.

ntcuemaster

Hi all, great site. My wife a few month ago became a guarantor for my sons girlfriend, to the tune of £8000, this caused a massive argument as you can imagine as she did it behind my back. Now you know whats coming just as i did. Only a few month later they had a bad break up, and now we know just how evil she is. She cancelled the direct debit right away. With the comment hope your mum loses her house. Now she works as a nurse, and is very high up on a great wage, and my wife is getting made redundant at the end of this month, so she is basically going to have no income what so ever. My wife has a very bad credit rating and i cant understand how they did no checks on her, she is defiantly in no position to pay. Where do we go from here as i have told my mrs to leave no money in the bank. PLEASE HELP. Thanks.

Herzlos

If she already has a very bad credit rating she can always just fail to pay and let it default, which won't make it much worse.


The best option, if you can, is to take our a normal bank loan (5-10%) to pay off the Amigo loan (50%).



In terms of getting money back from the ex girlfriend, you can always try small claims court, but the odds are that if she's that bad with money she won't have any assets to pay it off from. Consider it an expensive lesson learned.

dealer_wins

Get a new wife!

DCFC79

ntcuemaster wrote: »

Hi all, great site. My wife a few month ago became a guarantor for my sons girlfriend, to the tune of £8000, this caused a massive argument as you can imagine as she did it behind my back. Now you know whats coming just as i did. Only a few month later they had a bad break up, and now we know just how evil she is. She cancelled the direct debit right away. With the comment hope your mum loses her house. Now she works as a nurse, and is very high up on a great wage, and my wife is getting made redundant at the end of this month, so she is basically going to have no income what so ever. My wife has a very bad credit rating and i cant understand how they did no checks on her, she is defiantly in no position to pay. Where do we go from here as i have told my mrs to leave no money in the bank. PLEASE HELP. Thanks.

As mentioned you would be better of taking out a loan to pay Amigo off.

So your wife doesn't have a good history of paying loans back ?

Dobbibill

Is this just hearsay off the ex or has Amigo contacted you?
She will also be trashing her own credit file further by not paying (although having to turn to Amigo initially means it's probably pretty trashed anyway).

Looking at their website, Amigo will contact her/you once the first missed payment has happened.

Wait until you hear from Amigo.

Take out a loan with a lower APR.
Small claims court.

Maybe even contact their employer as they are in a position of trust.

Never lend to anyone again - if they can't borrow it, you have to ask yourself why.

macman

Once your wife agreed to be a guarantor, she became fully liable for the loan. The only way to minimise the damage is for you to get a loan at a reasonable rate and use that to pay off Amigo in full. Otherwise your wife will be paying it off for years at whatever ludicrous APR she agreed to.
Usually 3 years at a representative rate of 49.9%.
If your wife does not pay then the end result will be a CCJ.

ntcuemaster

Hi its not my wifes loan its my sons girlfriends, she just was put down as guarantor, but my wife has bad credit scores so cant understand how it was accepted.

Exodi

I couldn't feel more sorry for you. I'd want to put the wife and son in the ground with the ex ha....

I think you will need to accept (and I say this with a heavy heart);

a) the debt will not go away
b) you are solely responsible for it

www.amigoloans.co.uk/guarantor-loans/questions/what-is-the-guarantors-responsibility wrote:

If the borrower was to enter into an IVA, go bankrupt, simply stop paying or pass away, then the guarantor would become solely responsible for each monthly repayment until the loan is cleared.

As others have said, take out a loan so you can pay it back at 5% interest instead of 50%.

There's a special place in hell for the original borrower and I expect the wife & son to be literally wiping your a*** for the next few years...

ntcuemaster

My wife will have no job at the end of the month, how can the girlfriend who has good income get away with not paying her loan back. Looks like an IVA for my mrs.

Exodi

ntcuemaster wrote: »

Hi its not my wifes loan its my sons girlfriends, she just was put down as guarantor, but my wife has bad credit scores so cant understand how it was accepted.

It is your wifes loan. You will need to get it out of your head that you'll avoid responsibility here. The process of being a guarantor says that your wife would have had a phone call/forms outlining her situation AND would have had the funds sent to her back account to send to the borrower.

I know it's not what you want to hear, but we see these threads regarding guarantor loans every day and regretfully, your wife & you have been shafted. Your wife should have been more sensible.

MEM62

ntcuemaster wrote: »

Hi its not my wifes loan its my sons girlfriends, she just was put down as guarantor, but my wife has bad credit scores so cant understand how it was accepted.

I'll correct you there - it is, in the real world, you wife's loan.

I am sure that Amigo conduct proper checks on the guarantor as this is their safety net so perhaps the information that they were given had errors in it. If your wife's credit standing is trashed anyway then she has little more to loose on that front. However, if she does not cough up there will the inevitable debt collecting measures and potential CCJ to deal with.