Amego loans urgent help.

ntcuemaster

Yes for 8000, and we have a joint mortgage with 10 year still left to run.

Paul_DNAP

What is the outstanding balance? Have they given you an early settlement quote?

calleyw

societys_child wrote: »

I can't believe people don't understand what being a guarantor entails.

Yes it does kind of boggle the mind. Because pretty much all people think oh they wont stop paying will they.



I loved and trusted my husband with my life. But would I guarantor a loan for him, like crap I would.

No matter how nice the person is. if they need to go to some company that requires a guarantor they are already crap with money. So why would I go yes sign me up as you will probably default and I get to pay it all!!!!hooray!!!!!


Family, friends and money never mix. Only lend what you can afford to lose.


Its hard lesson to learn.


And as the OP's wife is suppose to be a well qualified nurse surely it would not take long to get a new job or even pick up bank work?


Yours


Calley x

Bermonia

Think you misunderstood Calley... son’s ex girlfriend is the nurse.

calleyw

Bermonia wrote: »

Think you misunderstood Calley... son’s ex girlfriend is the nurse.

Did think it was strange a nurse being made redundant. But does it really matter? the premise is the same for the OP's wife. Get on to a agency and do agency work or any job or 2 or 3 part time so she has an income to service the loan that she agreed to be a guarantor of.

Yours


Calley x

macman

ntcuemaster wrote: »

Yes for 8000, and we have a joint mortgage with 10 year still left to run.

Yes, but assuming 49.9%, the total repayable over 3 years is in excess of £15.5K. (£432pm). Which is why you need to shift the debt to a more affordable rate.
What is the actual rate and term?

WillyWonga

Amigo mainly check guarantor credit history. They pay out to guarantor who then passes it onto customer.

So if they credit check and pay out to guarantor then it’s them they are interested in.

No way out. Simple as.

Get a loan which will be better than them. Which could easily be done in first place.

Representative 49.9% APR (variable)
Representative Example: Borrowing £8,000 over 60 months, repaying £316.20 per month, total repayable £18,972.00. Interest rate 49.9%

Yes you read correctly!!!!!

Hectors_House

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.

Because you have a house?

My sister hasn’t been thinking straight since finding out she has cancer but Amigo still accepted her as guarantor on a work colleagues £10,000 loan.

I’ve told her she’s releasing the money out of one of her pensions to pay it off if it defaults to her.

Xbigman

Amigo will take anyone as a guarantor if they are a homeowner, credit history is irrelevant. Best bet would be to get a settlement figure and remortgage to cover it.
If the ex is a nurse and has a decent paid job that doesn't mean she isn't in a ton of debt anyway. The only glimmer of hope is that you can sue her for the money back but it will take time and won't help with the fact you need to pay Amigo off now.



Darren

worried_jim

Amigo featured on Saturdays Money Box (about 17 mins in). A tale of woe.

https://www.bbc.co.uk/sounds/play/m0002ycr

One in ten end up with the guarantor paying and currently one in twenty accounts is at least one month behind. Well worth a listen.