Amigo loans - death of guarantor

Cmsmith

sourcrates said:

Does the estate have any assets at all ?

As long as you keep up your repayments, then this may never be tested, its now the estate that has taken on the roll of guarentor, so only if you default will the estate be approached for payment.

Who is the executor of the late guarantors will/estate ?

I am, what was left of the estate went to funeral costs. Their is absolutely no chance the loan won't be repaid. Thats not my issue. My issue is the misleading within the contract. The misleading on the phone and now the letter. I find it more of a scare tactic letter rather than actual fact. Since I just lowered my repayments. If they state your solely responsible, your solely responsible, not the guarantor's estate. If they state their removing the guarantor from the agreement, then dont, they actually just remove their details. Surely this is not legal? Thank goodness calls are recorded. 

Cmsmith

sourcrates said:

Does the estate have any assets at all ?

As long as you keep up your repayments, then this may never be tested, its now the estate that has taken on the roll of guarentor, so only if you default will the estate be approached for payment.

Who is the executor of the late guarantors will/estate ?

I am and the estate has been settled, funeral costs and bills and beneficiary's. When I called they said they were removing the guarantor from the agreement. Then a week later they state by letter, the estate may be liable upon default. Why not tell me sooner? Why tell me I'm solely responsible. Then inform me by post otherwise. Like I stated earlier, I have made a complaint and all calls are recorded, so the misinformation I was told can be proved. 

Cmsmith

fwor said:

Cmsmith said:

There's nothing online either that states what happens upon a guarantor's death. 

The way that assets and debts are handled when someone dies is well established and documented in law. There is no need for Amigo to restate in their T&Cs all of the legal conditions that are part of established law. This is simply a liability that the deceased person's Executor needs to deal with (unfortunately). You won't be able to make a mis-selling case based on this.

I am the executor and have already settled the estate. Prior to knowing this. I was told the guarantor would be removed from the loan. I later find out, only their details have been removed. 

sourcrates

Cmsmith said:

fwor said:

Cmsmith said:

There's nothing online either that states what happens upon a guarantor's death. 

The way that assets and debts are handled when someone dies is well established and documented in law. There is no need for Amigo to restate in their T&Cs all of the legal conditions that are part of established law. This is simply a liability that the deceased person's Executor needs to deal with (unfortunately). You won't be able to make a mis-selling case based on this.

I am the executor and have already settled the estate. Prior to knowing this. I was told the guarantor would be removed from the loan. I later find out, only their details have been removed. 

If it’s settled them Amigo are sh*t out of luck then, really I would take a more relaxed view of this, it’s extremely common to be told one thing in life instead of another, I’d just let it go and move on.

Grumpy_chap

Did you receive any distribution when the estate was settled?

Cmsmith

sourcrates said:

Cmsmith said:

fwor said:

Cmsmith said:

There's nothing online either that states what happens upon a guarantor's death. 

The way that assets and debts are handled when someone dies is well established and documented in law. There is no need for Amigo to restate in their T&Cs all of the legal conditions that are part of established law. This is simply a liability that the deceased person's Executor needs to deal with (unfortunately). You won't be able to make a mis-selling case based on this.

I am the executor and have already settled the estate. Prior to knowing this. I was told the guarantor would be removed from the loan. I later find out, only their details have been removed. 

If it’s settled them Amigo are sh*t out of luck then, really I would take a more relaxed view of this, it’s extremely common to be told one thing in life instead of another, I’d just let it go and move on.

Thank you so much! I was worried if something happened to me, they could go to the beneficiaries of the estate for the money! I was also worried because prior to this, they agreed to lower my repayments until I was in a better financial position (I have an on going affordability claim which is now with the Ombudsman). Unfortunately with amigo, even though you've made a lower repayment agreement; there's a clause which states its classed as a default, until the original monthly repayments are reinstated. I even recieved a default notice, but they explained via email that its standard procedure when the original agreement isn't met. I honestly wish I'd never have gone near them, like millions of others. Unfortunately after my children's father was seriously injured and disabled, the debts mounted and i had no choice. I've only just got into a financial position were all my debts are affordable and paid off soon. So when this happened anxiety struck. Thank you so much for your advise, its sincerely appreciated.

fwor

Cmsmith said:

The way that assets and debts are handled when someone dies is well established and documented in law. There is no need for Amigo to restate in their T&Cs all of the legal conditions that are part of established law. This is simply a liability that the deceased person's Executor needs to deal with (unfortunately). You won't be able to make a mis-selling case based on this.

I am the executor and have already settled the estate. Prior to knowing this. I was told the guarantor would be removed from the loan. I later find out, only their details have been removed. 

I suspect that you're getting confused about personal liability. At the point that the guarantor died, you became the only ~person~ liable for the loan, because the estate of the deceased is not a person. So they are correct - the guarantor's details have been removed from the loan. The liability of the estate did not cease until it became established that the estate has no funds to cover any future liability.

Maybe a call centre operative "mis-spoke" and perhaps you can drag £50 out of them to compensate for the anguish that this has no doubt caused you - but you're not going to be able to turn this into a mis-selling case.

Cmsmith

Grumpy_chap said:

Did you receive any distribution when the estate was settled?

Yes but no were near to settling the loan. After funeral expenses and settling all the accounts and dividing by 4, it was a small sum of money. It was mostly items I recieved, some are valuable, but I just cant bear to part with them. I think as long as i stick to the agreement, I dont need to worry. My anxiety came from making a new agreement 4 months ago. I put in an affordability claim, they agreed to reduce my repayments by £100. However until you meet the original repayment plan, its automatically classed as defaulting. I found this out when I received this through the post. They assured me it was nothing to worry about and its standard procedure. They dont take into account circumstances can change when you agree the original repayment amount. So it is legally classed as breaking the agreement even though your paying something and they've done an affordability check and can clearly see your struggling. So that impacts my credit score in the mean time. Plus they can demand i pay the original repayment when they see fit. Messy carry on, cannot wait to be out of it. But its taught me a lesson. I'd rather starve next time if my circumstances change again. 

Cmsmith

fwor said:

Cmsmith said:

The way that assets and debts are handled when someone dies is well established and documented in law. There is no need for Amigo to restate in their T&Cs all of the legal conditions that are part of established law. This is simply a liability that the deceased person's Executor needs to deal with (unfortunately). You won't be able to make a mis-selling case based on this.

I am the executor and have already settled the estate. Prior to knowing this. I was told the guarantor would be removed from the loan. I later find out, only their details have been removed. 

I suspect that you're getting confused about personal liability. At the point that the guarantor died, you became the only ~person~ liable for the loan, because the estate of the deceased is not a person. So they are correct - the guarantor's details have been removed from the loan. The liability of the estate did not cease until it became established that the estate has no funds to cover any future liability.

Maybe a call centre operative "mis-spoke" and perhaps you can drag £50 out of them to compensate for the anguish that this has no doubt caused you - but you're not going to be able to turn this into a mis-selling case.

I've already got a miselling case in. They agreed to lower my repayments by £100. However this is classed as a default even though I'm still paying something, because I've broke the original agreement. They can turn around at any point and demand the original agreed amount even though my circumstances have visibly changed. This is were my anxiety was. Because of the new affordability agreement.