Reclaim guarantor loans for free 26 February 2020 at 5:05PM edited 26 February 2020 at 9:39PM in Loans 35 replies 8.2K views

Sturret04

I agreed to be a guarantor and ended up paying most of it back for  my grandson 
I don't think they did enough to check if he could afford it 
I was pressured into helping my grandson 

kaMelo

Sturret04 said:

I agreed to be a guarantor and ended up paying most of it back for  my grandson 
I don't think they did enough to check if he could afford it 
I was pressured into helping my grandson 

Pressured by whom?

sourcrates

kaMelo said:

Sturret04 said:

I agreed to be a guarantor and ended up paying most of it back for  my grandson 
I don't think they did enough to check if he could afford it 
I was pressured into helping my grandson 

Pressured by whom?

Presumably the grandson, pressure from family, whether just impassioned plea`s or worse, threats, can be used as leverage in these situations, its very hard to say no to a family member, especially if the potential borrower is a grandchild.

Its usually an abusive partner that force`s the other partner to take out these kind of loans, sometimes under threat of violence, sometimes not, it can be quite common in domestic abuse cases as well, there are a multitude of different scenario's where guarantor loans are seen as easy money by those who use domestic abuse to feather their own nest, and the vetting procedure used by the likes of Amigo were woefully inadequate in these situations.

CapcomCatie

Just joined to say thank you for the guide, I complained to TrustTwo (Everyday Lending/Amigo) - my loan is now being removed from my credit file and I am being refunded £685!

TripleH

The fundamental principle behind guarantor loans is what I find most distasteful.

In essence lending to people who qualify for lower interest borrowing but charging sub-prime rates to them. (simplified version) by means of smoke and mirrors.