Amigo loans

ChloeSmith97
ChloeSmith97 Posts: 1 Newbie
in Loans
Good afternoon.

I’m wondering if anyone can help me I have an amigo loan I’m looking to clear as it takes a a bit of a chunk of my wages. Does anyone know how I can go about this? I can’t get another loan to clear it as I have a bad credit score. Any advise would be great?

Thankyou

Comments

  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Hi ChloeSmith97 and welcome to the forum :)

    Are you the guarantor or the actual borrower?

    Are you saying that you are having difficulty affording your monthly contractual payments? Or are you saying you have a lumpsum available to pay down the account?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    ChloeSmith97 wrote: »
    Good afternoon.

    I’m wondering if anyone can help me I have an amigo loan I’m looking to clear as it takes a a bit of a chunk of my wages. Does anyone know how I can go about this? I can’t get another loan to clear it as I have a bad credit score. Any advise would be great?

    Thankyou

    You need to pay money to clear it, earn more, sell stuff....or stop paying it and let your guarantor pay it....you could ask them to get another loan for you and you pay them, if they can get a better rate loan.

    Your credit score isn't seen by lenders so dont let that put you off applying elsewhere.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    ChloeSmith97 wrote: »
    Good afternoon.

    I’m wondering if anyone can help me I have an amigo loan I’m looking to clear as it takes a a bit of a chunk of my wages. Does anyone know how I can go about this? I can’t get another loan to clear it as I have a bad credit score. Any advise would be great?

    Thankyou

    Thats the thing with guarantor loans, the monthly payments are high.

    Reason you cant get a loan is due to your history.

    You have 2 options, you up your income or you reduce your spending.
    If you know someone who could help you then that could be an option.
  • Jonathan_Kelvin
    Jonathan_Kelvin Posts: 317 Forumite
    ChloeSmith97 wrote: »
    Good afternoon.

    I’m wondering if anyone can help me I have an amigo loan I’m looking to clear as it takes a a bit of a chunk of my wages. Does anyone know how I can go about this? I can’t get another loan to clear it as I have a bad credit score. Any advise would be great?

    Thankyou
    You can probably pay it over the phone by debit car.
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
    Can't be that bothered if they haven't responded to other posters questions for nearly seven hours.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • LifesAGamble
    LifesAGamble Posts: 45 Forumite
    First Anniversary First Post
    The OP wanted to be told of "magic fairy loans" where they lend at 2% to anyone and repayments are optional.
    Life's a gamble, be lucky!
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