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Amigo Loan
Comments
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Also. I advise you immediately create a free Noddle account for your father and check no further applications have been made in his name by his so called friend. You'll also be able to keep an eye on the payment progress of the loan in question.
Not just Noddle but Experian/MSE Credit Club and Clearscore too.0 -
In the words of the BBC. Yes, other providers are available.0
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Get the settlement balance and clear it with a cheaper interest rate borrowing.
Find the friend and get them to repay as much as possible back, you can mention you have refinanced the loan to reduce the interest or not. You could work out the difference and tell them nicely that if they can repay sooner then they can have some money knocked off. If you approach them in a nice manor then you have more chance of getting money back as if you go in with both barrels then you are likely going to get told to go away. If you try through the small claims track you may find that they are not liable for the debt.
Good lucks, you will need all of it.0 -
This method of lending should carry a government health warning,
similar to cigarettes . . .WARNING
Standing as guarantor can
seriously damage your Wealth
~ Not to mention your relationships with friends or family ~0 -
When my dear old mum was alive, she suffered from dementia at the time, she would have agreed to anything over the phone, she was quite lucid at times, they would have asked "can you afford the loan repayments if the borrower fails to pay ?" oh yes she would have said, I have a large pension that pays me every week, (she didnt-but she thought she had) the thing is, once they sign on the dotted line, its nigh on impossible to get out of the agreement.
You havent said how much the loan was for, if it was for a large amount, with no hope of ever paying it back, your dad may want to look at insolvency options, that would depend on circumstance obviously, maybe some more detail would help us gain a better idea of the situation.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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