Amigo loans

tazmin3110

Hi No he has stopped paying all together he stopped last year about 2 month after he agreed a new payment agreement with them of £50.00 he got the loan out in 2019 when i was earning more but last year and this current year I haven't had the same income , I dont remember filling in a application for he filled it all in all I did was sign for it as a guarantor they didn't ask about how much i earned they ask me fill in a income and expender form but i wasn't paying for as much then as I am now as i didn't really live in my house but now i do 

tazmin3110

they said the loan was for 36 month bnow they said it will take 5 years once they have added all interest but the loan is in 2300 of debt because i cant afford to pay it 

2021BJ

tazmin3110 said:

Hi No he has stopped paying all together he stopped last year about 2 month after he agreed a new payment agreement with them of £50.00 he got the loan out in 2019 when i was earning more but last year and this current year I haven't had the same income , I dont remember filling in a application for he filled it all in all I did was sign for it as a guarantor they didn't ask about how much i earned they ask me fill in a income and expender form but i wasn't paying for as much then as I am now as i didn't really live in my house but now i do 

They would have asked what you earned on the application form.  Probably going to be a bit difficult to claim unaffordability if you don't know what the friend put down and you just blindly signed the application form without checking.

You don't really have a leg to stand on over the term of the loan.  Obviously, if you're not paying the contractual payment, it'll take longer to pay off.  That's how loans work.

I'd be following Stepchange's advice if it were me.  You can't afford to pay it, so stop paying it.

Edit:  Just to be clear when I asked about your income I was referring to your income when the loan was taken out, not now.  You said;

he got the loan out in 2019 when i was earning more

So, how much were you earning at the time the loan was taken out?

tazmin3110

I had an incoem of 1200 in total back them and i spoken to step change they want to to tell them that i holding all payment for 12month but they said they will still add charge on ..... and i havent paid a single penny on the loan because i cannot afford to 

jefaz07

You could look at this page;

https://debtcamel.co.uk/how-to-complain-guarantor-loan/

it may or may not be of assistance 

MEM62

tazmin3110 said:

No he has stopped paying all together he stopped last year about 2 month after he agreed a new payment agreement  

Amigo suspected that your friend would not pay - that's is why they asked you to guarantee his payments.  If you cannot afford to do so the you should not have agreed to it.  As for allowing him to fill in the documentation on your behalf, perhaps now you can see that this was madness.  You need proper advice on this and are doing the right thing speaking to Stepchange.  Listening to and following their advice is the best thing you can do now.      

2021BJ

jefaz07 said:

You could look at this page;

https://debtcamel.co.uk/how-to-complain-guarantor-loan/

it may or may not be of assistance 

Unlikely as that page is aimed at borrowers, not guarantors.

jefaz07

2021BJ said:

jefaz07 said:

You could look at this page;

https://debtcamel.co.uk/how-to-complain-guarantor-loan/

it may or may not be of assistance 

Unlikely as that page is aimed at borrowers, not guarantors.

Look again. Plenty of info for Guarantors too. Even tells them how to put in a complaint with templates 

2021BJ

jefaz07 said:

2021BJ said:

jefaz07 said:

You could look at this page;

https://debtcamel.co.uk/how-to-complain-guarantor-loan/

it may or may not be of assistance 

Unlikely as that page is aimed at borrowers, not guarantors.

Look again. Plenty of info for Guarantors too. Even tells them how to put in a complaint with templates 

Only as "this will happen to your guarantor" information. It's not aimed at guarantors

sourcrates

2021BJ said:

jefaz07 said:

2021BJ said:

jefaz07 said:

You could look at this page;

https://debtcamel.co.uk/how-to-complain-guarantor-loan/

it may or may not be of assistance 

Unlikely as that page is aimed at borrowers, not guarantors.

Look again. Plenty of info for Guarantors too. Even tells them how to put in a complaint with templates 

Only as "this will happen to your guarantor" information. It's not aimed at guarantors

This is the page relevant to guarantor`s -

How to complain when you are the guarantor for a loan · Debt Camel