Guarantor Loan - Can I claim the money back from the borrower?

macman

Don't ever agree to be a guarantor. Just borrow the money yourself and hand it over. Even if not a penny is ever repaid, it'll be a lot cheaper.

Fighter1986

Grumpy_chap said:

I have just noticed, in @Fighter1986's case, if I read the thread correctly, it was the Applicant that made the complaint to Amigo loans and not the Guarantor.  This would require the OP to get the estranged GF to make the complaint.  Unless, the OP can argue he was sold and accepted as Guarantor even though he could not afford the loan.

If the OP can raise a formal complaint detailing exactly why they should never have accepted his ex as a borrower in the first place, e.g. he can prove discrepancies in the information she provided on her application, or find other reason that Amigo didn't exercise due diligence e.g. encouraging her to downplay her outgoings, overlooking multiple default and worsening arrears on her credit file, etc etc, it can be argued that he should be released from his responsibility as guarantor since the money shouldn't have been lent in the first place, at which point he becomes entitled to a refund.

Amigo have this morning advised my guarantor that the refund for everything she paid them plus statutory interest is now on its way back to her. 

Now let us never make stupid decisions like this ever again

MinuteNoodles

Still doesn't justify the double whammy though does it? That was just done out of pure spite.

Fighter1986

MinuteNoodles said:

Still doesn't justify the double whammy though does it? That was just done out of pure spite.

The what? Explain yourself. Go on, keep digging. Re-read my edited post first though. 

Fighter1986

Unless you're trying to defend Amigo?

Refunding the guarantor doesn't result in Amigo losing double the amount. It results in them losing exactly what they lent when they shouldn't have. No "double banking" has taken place. 

Taking into account the repayments I've also made to Amigo over the years their NET loss of lending irresponsibly to me is less than what they lent me in the first place. 

And before you defend Amigo are you seriously about to try convincing everyone here that the FOS were wrong with the 90%+ irresponsible lending complaints against guarantor lenders which they've upheld?

I think that would irradicate what little stranglehold on credibility you've left yourself with. 

You're deluded fella, and your maths would benefit from some revision. 

sourcrates

Can i just remind all you lovely ladies and gents, these forums are here to (hopefully) provide help and asistance to people.

They are not a sounding board for your moral compass, nor a place to tear strips off stangers, whose circumstances you know nothing of.

Keep it nice........please.

PaulW922

I would have thought that even without an agreement between you, you would have a case against the person whose loan you guaranteed? Obviously there is no point in pursuing that avenue if they have no assets and are not likely to in the future. However if successful at the county court, maybe an attachment of earnings order could be obtained.