Loan guarentor

Jetden

I we guarentor for my son and his pal stupidly. They did not pay any payments so company took from me. They did not check the boys finances although checked mine. Due to the monthly payments been very high  it caused me stress and financial worry. Do i have a claim. I paid of in full by taken mortgage on my mortgage free home. 

jonesMUFCforever

No - you would not have been accepted for a mortgage if you were a poor credit risk.
How do you know that they did  not check your son and friend? For them to require a guarantor they must have done some checks.

You seem to be regretting the decision now (and I don't blame you) for agreeing to be a guarantor but IMO I don't see you have a claim.

sourcrates

Is it Amigo by any chance ?

Some facts for you, Amigo, and others, have been caught red handed, and have fully admitted not doing proper financial checks on both their potential new customers, and the person standing as guarentor, 25% of guarentors have little or no knowledge what commitment they have signed up too.

No one can say if you have a claim or not, what we can say is that you have the right to make a complaint if you are unhappy, and you should do so.

A full guide to re-claiming is produced by debt camel, this is the link -

https://debtcamel.co.uk/amigo-complaints-by-guarantor/comment-page-1/

andyamigo

I was stupid enough to be a guarantor for someone and complained to Amigo themselves and was refunded everything I paid and am no longer the guarantor.

2 years of hell! 

Jetden

Thank you I will try that it was amigo.

DCFC79

andyamigo said:

I was stupid enough to be a guarantor for someone and complained to Amigo themselves and was refunded everything I paid and am no longer the guarantor.

2 years of hell! 

Surely you knew what was involved in being a guarantor ?

sourcrates

DCFC79 said:

andyamigo said:

I was stupid enough to be a guarantor for someone and complained to Amigo themselves and was refunded everything I paid and am no longer the guarantor.

2 years of hell! 

Surely you knew what was involved in being a guarantor ?

Peer pressure, your mum, dad, sister, brother, please, please do this for me dad, I’m desperate and really need your help, just this one thing, please.......you know how the scenario goes, hard to say no sometimes isn’t it.

DCFC79

sourcrates said:

DCFC79 said:

andyamigo said:

I was stupid enough to be a guarantor for someone and complained to Amigo themselves and was refunded everything I paid and am no longer the guarantor.

2 years of hell! 

Surely you knew what was involved in being a guarantor ?

Peer pressure, your mum, dad, sister, brother, please, please do this for me dad, I’m desperate and really need your help, just this one thing, please.......you know how the scenario goes, hard to say no sometimes isn’t it.

Yes I can imagine how it went, if thats the case Im surprised no research was done by the parent.

sourcrates

DCFC79 said:

sourcrates said:

DCFC79 said:

andyamigo said:

I was stupid enough to be a guarantor for someone and complained to Amigo themselves and was refunded everything I paid and am no longer the guarantor.

2 years of hell! 

Surely you knew what was involved in being a guarantor ?

Peer pressure, your mum, dad, sister, brother, please, please do this for me dad, I’m desperate and really need your help, just this one thing, please.......you know how the scenario goes, hard to say no sometimes isn’t it.

Yes I can imagine how it went, if thats the case Im surprised no research was done by the parent.

Well thinking back to my parents, when they were alive, bless them, they were the war time generation, my dad and uncle both fought hitler, my mum ran the house, she was fairly savvy with money, but I can almost guarentee she would not have had a clue about what been a guarentor for a loan actually involved, and many folk are like that still today, they want to help, and will say yes to most things where their kids are involved, without thinking it through properly.

The gullibility of the general public is displayed on a regular basis by the scams they fall victim to, these get reported on the news and social media, transfering money at a callers request, most people would see it as a scam, but not everyone has the capacity to do so, some can be very convincing, its a similar tale with guarentor lending.

I am constantly criticised for advising people to complain about these loans, but then this is a moneysaving website, and I tend to agree with Martin`s mantra, that we are supposed to be on the side of the consumer, real life is never as simple as just saying no, these type of loans are a favorite with abusive partners, they bully and coerce their other half to take out the loans, with them as guarentor, or vice versa, then blow the money and disapear, leaving the guarentor faced with massive loan payments.

I guess I see a different side to this than most do, along with Fatbelly, and some of the other CAB advisors, we are so lucky to have them give up their free time to provide advice to those who may not normally know where to go for help.

With Christmas just around the corner, and the effects of COVID-19 already hitting the jobs market, next year looks like being a very busy one for the debt boards on MSE, but please, if your struggling for money, come visit us, please do not be tempted by the high risk sales patter, there are ways out of debt that do not involve further borrowing.

Merry christmas all, lets hope next year is better for all of us.