Amigo loans

tazmin3110

Hi , first time posting .. I was a guarantor for some and I was young and didn’t really understand how it work but I didn’t it for a friend the original agreement for it was (£197 ) a month then I was that amigo has agreed with him that he could have a less payment however I agreed to the payment above not £50 ( which is the new agreement ) since this has happened he stopped pay in November 2020 and I currently not in a finance position to pay and there constantly asking me to pay it and still adding interest on , can I complain to someone to try and get my name of it ( I’m a single mum and this is causing me undue stress and constant worry ... and help would be appreciated..Thanks in advance 

DCFC79

tazmin3110 said:

Hi , first time posting .. I was a guarantor for some and I was young and didn’t really understand how it work but I didn’t it for a friend the original agreement for it was (£197 ) a month then I was that amigo has agreed with him that he could have a less payment however I agreed to the payment above not £50 ( which is the new agreement ) since this has happened he stopped pay in November 2020 and I currently not in a finance position to pay and there constantly asking me to pay it and still adding interest on , can I complain to someone to try and get my name of it ( I’m a single mum and this is causing me undue stress and constant worry ... and help would be appreciated..Thanks in advance 

You really really should have asked for advice.
Im not going to coat it, I dont know if it is possible to have your name removed off the agreement, just a thought but Stepchange might be able to advise.

Thinking about it there might be a way, maybe if you were to show you couldnt afford the payments or you shouldnt have been accepted as a guarantor.

I wouldn't make anymore payments.

tazmin3110

Hi , I have already spoken with step charge they told me to stop all bill for 12 month to allow me to get back on my feet however that just going to put me in more debt and the amigo loan is currently that only thing hang over my head. I wasn't sure if I could complain to amigo as they could clearly see i shouldn't of been a guarantor and i had 2 other debt on my credit file I hadn't paid off . Also i haven't made any payment as i only get 130.00 a month from work. How would I have to start the process to try and get me removed as guarantor ? ( can you DCFC79) recommend where i should start

Thanks Taz  

2021BJ

tazmin3110 said:

i only get 130.00 a month from work. 

Has your income gone down or have you always earned that?

tazmin3110

my income gone down as im not getting the shift at work i used to get 800 a month but now I get 130 

2021BJ

tazmin3110 said:

my income gone down as im not getting the shift at work i used to get 800 a month but now I get 130 

Any other income?  What did you tell Amigo your income was?

ReecesWaffle

Have you even tried speaking to amigo?

tazmin3110

@2021BJ I get universal credit but as they seen everything i get goes out leaving me with 20 spare. 
@reecewaffles i spoke to them they put a hold on the account for 2 month and said contact them then and they will look again into my finances which it hasnt or will change 

2021BJ

tazmin3110 said:

@2021BJ I get universal credit but as they seen everything i get goes out leaving me with 20 spare. 
@reecewaffles i spoke to them they put a hold on the account for 2 month and said contact them then and they will look again into my finances which it hasnt or will change 

But how much was your total income, exactly? And how much were the repayments?

tazmin3110

1200 but most of that goes straight out leaving me with £20.00  they wanted me to pay £70.00 a month , but the original agreement with them that he had was £197 a month which I agreed to but then they  change it to £50.00 a month which I didn't agree to or approve so surely for them to change the terms of the loan and the payments eg therefore making the loan longer i would have to approve it (correct ) ?

2021BJ

tazmin3110 said:

1200 but most of that goes straight out leaving me with £20.00  they wanted me to pay £70.00 a month , but the original agreement with them that he had was £197 a month which I agreed to but then they  change it to £50.00 a month which I didn't agree to or approve so surely for them to change the terms of the loan and the payments eg therefore making the loan longer i would have to approve it (correct ) ?

OK, so how much did you tell them you were earning on the application form?

From the sounds of it, the "friend" has agreed to make part payment for the loan and they're chasing you for the rest.  That won't make the term any longer.