Agreed to be a guarantor when under required age - Amigo Loans

MartialArtMan

So my daughter agreed to be the guarantor for her boyfriend when she was just 20 years old, on the Amigo website it says that guarantors should be aged between 23 and 75. She split up with her boyfriend about a year ago and he has since missed payments which she has covered, however his missed payments are now becoming more frequent and she's considering paying the loan off in full and have done with it. However looking through the terms as she was under age (and still is until December) is this a means to be able to default being a guarantor and escaping the responsibility altogether? Perhaps even claim back what she has paid? How would you even go about that? 
Unfortunately she did not come to me for advice in this matter prior to agreeing to being a guarantor as I would have advised against it and now she understands why. 
Your help in this matter is greatly appreciated, thank you

[Deleted User]

No.  They prefer that guarantors are older but they can accept others if they want and if the guarantor is willing, as your daughter was.

Get it paid off ASAP and tell your daughter to never agree to be a guarantor again..

mjm3346

They changed their requirements in June 2020, in Feb 2020 it was (according to Money supermarket)  --
"A guarantor is usually a close friend or family member. They need to be aged between 18 and 75, and either be a home owner or have a very good credit history. They will only be approved if they can prove they have enough money to cover the monthly repayments of the loan, should they need to, as well as live their normal lives."

mjm3346

MSE guide

Reclaim guarantor loans for free

Get £100s or £1,000s back for being mis-sold or treated unfairly without using a claims firm
https://www.moneysavingexpert.com/reclaim/reclaim-guarantor-loans/

"

If you are  the guarantor 

If you should never have been a guarantor, you will be released as the guarantor. This will remove the problem for you and the loan turns into a normal loan for the borrower.

If you have made any payments, the FOS says that in a typical situation the lender would be required to refund all the guarantor’s repayments in full with 8% on each payment from the date they were made to the date of settlement."

and a "news"
Amigo Loans suspends most new lending due to coronavirus
https://www.moneysavingexpert.com/news/2020/03/amigo-loans-stops-most-lending-due-to-coronavirus-/

mjm3346

potatocake67 said:

mjm3346 said:

MSE guide

Reclaim guarantor loans for free

Get £100s or £1,000s back for being mis-sold or treated unfairly without using a claims firm
"

If you are  the guarantor 

If you should never have been a guarantor, you will be released as the guarantor. This will remove the problem for you and the loan turns into a normal loan for the borrower.

If you have made any payments, the FOS says that in a typical situation the lender would be required to refund all the guarantor’s repayments in full with 8% on each payment from the date they were made to the date of settlement."

and a "news"
Amigo Loans suspends most new 

 None of this really matters because ultimately they can bend their rules if they want.

I had to delete a bit because I can't post links, even though it was in a quote.  The morons that run this forum...

If they "bend" the affordability rules then a successful complaint is almost guaranteed (they could well be going the way of wonga if they are not very careful)

(as per post 3 they haven't "bent" their age rules) 

[Deleted User]

MartialArtMan said:

So my daughter agreed to be the guarantor for her boyfriend when she was just 20 years old, on the Amigo website it says that guarantors should be aged between 23 and 75. She split up with her boyfriend about a year ago and he has since missed payments which she has covered, however his missed payments are now becoming more frequent and she's considering paying the loan off in full and have done with it. However looking through the terms as she was under age (and still is until December) is this a means to be able to default being a guarantor and escaping the responsibility altogether? Perhaps even claim back what she has paid? How would you even go about that? 
Unfortunately she did not come to me for advice in this matter prior to agreeing to being a guarantor as I would have advised against it and now she understands why. 
Your help in this matter is greatly appreciated, thank you

If only more people didn't try to "escape their responsibility" and actually stood by the decisions they made, the world would be a better place. 

John_

MartialArtMan said:

So my daughter agreed to be the guarantor for her boyfriend when she was just 20 years old, on the Amigo website it says that guarantors should be aged between 23 and 75. She split up with her boyfriend about a year ago and he has since missed payments which she has covered, however his missed payments are now becoming more frequent and she's considering paying the loan off in full and have done with it. However looking through the terms as she was under age (and still is until December) is this a means to be able to default being a guarantor and escaping the responsibility altogether? Perhaps even claim back what she has paid? How would you even go about that? 
Unfortunately she did not come to me for advice in this matter prior to agreeing to being a guarantor as I would have advised against it and now she understands why. 
Your help in this matter is greatly appreciated, thank you

As above, there’s no problem regarding the age, if they want to have a twenty year-old as a guarantor they can.
It’s unfortunate that her partner has done this, but as Amigo knew from the start, he was the sort of person who was very likely to, which is why he had to use this sort of loan.
I think that her best option is going to be to pay it off, with another (cheaper) loan if necessary. And to try to view it as a life lesson, the sort of thing that happens to most people at one point or another.