Amego loans urgent help.

katydo12

Unfortunetly the exact same thing happened with my parents and my brother.. he defaulted and because my mam was guarentor they just took money from my mams account.. parents went through all channels in order to get out of paying the debt but it all fell on deaf ears, they even went to the financial ombudsman.
They ended up having to take out another low interest loan to cover the debt.
I'm afraid there is no way to not pay the debt.

Gaz83

katydo12 wrote: »

Unfortunetly the exact same thing happened with my parents and my brother.. he defaulted and because my mam was guarentor they just took money from my mams account.. parents went through all channels in order to get out of paying the debt but it all fell on deaf ears, they even went to the financial ombudsman.
They ended up having to take out another low interest loan to cover the debt.
I'm afraid there is no way to not pay the debt.

Whilst I sympathise, it sounds very much like your parents were just some more folk who happily signed up to being a guarantor without having the faintest idea what it actually meant.

Verityspinelli

Aren’t spouses usually connected with the CRA’s or don’t all marriages share things like bank accounts, mortgages etc?
What I mean is if she trashes her credit worthiness won’t his be affected?

poppy10_2

Gaz83 wrote: »

it sounds very much like your parents were just some more folk who happily signed up to being a guarantor without having the faintest idea what it actually meant.

societys_child wrote: »

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

I come across loads of people who assume being a guarantor means that you are just vouching for the person's character. They think all they are doing is confirming, "yes this is a good chap, you can give him the loan." Even after signing all the paperwork they still have no idea that they are committing to repaying the loan if/when the person defaults.



Amigo is a scummy company and hopefully the FCA will clamp down on them in a future review.

zippygeorgeandben

There are so many posts like this now that maybe it's time to have a sticky mods at the top of the page.

DCFC79

Verityspinelli wrote: »

Aren’t spouses usually connected with the CRA’s or don’t all marriages share things like bank accounts, mortgages etc?
What I mean is if she trashes her credit worthiness won’t his be affected?

Yes it should do.

foxy-stoat

You must be able to get a cheaper loan yourself? I would do that and get it cleared ASAP - it will save you money in the long run.

Good lucks.

kazwookie

Does your wife have any paper work? if so get it out and read it.

Try the small claims court to get your money back from exg/f

Start using social media to tell other what the exg/f did etc.

Ian_875

poppy10 wrote: »

They think all they are doing is confirming, "yes this is a good chap, you can give him the loan."

I sympathise to an extent. I've only recently became financially aware, so to speak, in the last 5 years or so since becoming a regular here.

When I was 23/24 a mate of mine needed a guarantor for a flat he was moving into. He was woeful with money, and I said "Yeah sure, I'll be your guarantor" without thinking of the implications at all - to me it was just vouching for a mate. Thank god they didn't accept me because I was a student, as my life could well have turned out differently as he, predictably, ended up defaulting.

For what it's worth I'm no long friends with him after he stole money from me, but that's one for another day!

Paul_DNAP

poppy10 wrote: »

I come across loads of people who assume being a guarantor means that you are just vouching for the person's character. They think all they are doing is confirming, "yes this is a good chap, you can give him the loan." Even after signing all the paperwork they still have no idea that they are committing to repaying the loan if/when the person defaults.

Amigo is a scummy company and hopefully the FCA will clamp down on them in a future review.

Although of course, the main problem is with people lying when they are asked the question "have you read the terms and conditions"


As scummy as they may appear, they are very clear with what they will do, if only people could be bothered to read the binding contracts for complex financial products that they sign (or verbally/digitally agree).