Guarantor after death of borrower. (Affordability)

mviz

Hello,

When I was 18, someone I knew passed away and left me £35,000 in his Will.

A family member (my cousin) then asked me if I could be his Guarantor. I accepted. This person topped up the loan up to £50,000. Sadly, my family member also passed away when he still needed to pay £44,000.

The loan was from Amigo Loan. It was a 5 years contract.

At that time, I was 18 years old, and my salary was around £1,000 monthly. 

I had to pay all the money I had in the bank (£38,000) and get a loan to substitute the actual loan as I needed a guarantor (or that is what Amigo Loans told me). So I ended up giving away all my money and now I am on a £6K debt. I am now 21 and I have been paying away the remaining for the last 2 years. And I have another 3 years to go.

I understand that as a guarantor I have legally binds. But the reason why I am texting is because I have been researching and I think that I might have been miss-sold the debt as a Guarantor. I clearly could not afford to repay £50,000 back plus interests in a monthly basis. As the monthly repayment (as I have calculated) would be around £2,000 per month. I was wondering if they have made a mistake by not checking my affordability as the loan with interests was around £124,000 to repay.

I would like to know if I am entitled to any kind of refund. So I would like to know what to do now.

Please could you help me with this?

bradders1983

Erm, did Amigo even lend those amounts in one go? This doesnt sound right at all.

sourcrates

You can only borrow up to 10.000 with Amigo.

Somethings a miss.

mviz

Sorry, I did make a mistake with the numbers. I want to now edit the post but I don't know how. Is it possible that a moderator deletes this post and I make a new one with the corrected information? Sorry for this...

bradders1983

Aye ok 🤔🤐🤯

TimSynths

Jackanory.

jonesMUFCforever

They are out in force today - bless them!

macman

mviz said:

Sorry, I did make a mistake with the numbers. I want to now edit the post but I don't know how. Is it possible that a moderator deletes this post and I make a new one with the corrected information? Sorry for this...

That's what the edit button is for, top right...
But don't bother, no one believes you anyway.

Grumpy_chap

If the OP cannot edit, they could put clarification in a separate post.

Yahoo_Mail

Grumpy_chap said:

If the OP cannot edit, they could put clarification in a separate post.

Or they can save everyone's time by bowing out.  It's clearly a troll post.

sourcrates

You also have to be min age 23 to be a loan guarantor with Amigo, so you say you were 18........