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Guarantor after death of borrower. (Affordability)
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?
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Comments
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Erm, did Amigo even lend those amounts in one go? This doesnt sound right at all.0
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You can only borrow up to 10.000 with Amigo.
Somethings a miss.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
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...0
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Aye ok 🤔🤐🤯3
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Jackanory.
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They are out in force today - bless them!0
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That's what the edit button is for, top right...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...
But don't bother, no one believes you anyway.No free lunch, and no free laptop
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If the OP cannot edit, they could put clarification in a separate post.0
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Or they can save everyone's time by bowing out. It's clearly a troll post.Grumpy_chap said:If the OP cannot edit, they could put clarification in a separate post.0 -
You also have to be min age 23 to be a loan guarantor with Amigo, so you say you were 18........I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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