Amigo - Full and Final

peteuk

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

[Deleted User]

No one will usually accept a "full and final" unless you are in serious arrears.

zzyzx1221

peteuk said:

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

They have a guarantor, who will be on the hook if you try any funny business.

adamp87

zzyzx1221 said:

peteuk said:

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

They have a guarantor, who will be on the hook if you try any funny business.

It’s not really funny business. OP just wants to know if he can pay less than the interest applied.

GeordieGeorge

peteuk said:

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

They’ve no real need to accept less than you agreed to pay them as they have a guarantor available.

zzyzx1221

adamp87 said:

zzyzx1221 said:

peteuk said:

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

They have a guarantor, who will be on the hook if you try any funny business.

It’s not really funny business. OP just wants to know if he can pay less than the interest applied.

AKA funny business.

Also worth noting that if the loan is reported on the guarantor's credit file too any reduced settlement may well be reported as such on their credit files.  Not really a nice thing to saddle the poor chump who agreed to be your guarantor with, is it?

peteuk

zzyzx1221 said:

adamp87 said:

zzyzx1221 said:

peteuk said:

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

They have a guarantor, who will be on the hook if you try any funny business.

It’s not really funny business. OP just wants to know if he can pay less than the interest applied.

AKA funny business.

Also worth noting that if the loan is reported on the guarantor's credit file too any reduced settlement may well be reported as such on their credit files.  Not really a nice thing to saddle the poor chump who agreed to be your guarantor with, is it?

That's not an issue as the guarantor is the trouble and strife. I was just thinking liquidation might change their perspective. 

GeordieGeorge

peteuk said:

zzyzx1221 said:

adamp87 said:

zzyzx1221 said:

peteuk said:

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

They have a guarantor, who will be on the hook if you try any funny business.

It’s not really funny business. OP just wants to know if he can pay less than the interest applied.

AKA funny business.

Also worth noting that if the loan is reported on the guarantor's credit file too any reduced settlement may well be reported as such on their credit files.  Not really a nice thing to saddle the poor chump who agreed to be your guarantor with, is it?

That's not an issue as the guarantor is the trouble and strife. I was just thinking liquidation might change their perspective. 

The guarantor only becomes involved if you are not making payments yourself, so how are they the issue?

sparklep0ny

GeordieGeorge said:

peteuk said:

zzyzx1221 said:

adamp87 said:

zzyzx1221 said:

peteuk said:

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

They have a guarantor, who will be on the hook if you try any funny business.

It’s not really funny business. OP just wants to know if he can pay less than the interest applied.

AKA funny business.

Also worth noting that if the loan is reported on the guarantor's credit file too any reduced settlement may well be reported as such on their credit files.  Not really a nice thing to saddle the poor chump who agreed to be your guarantor with, is it?

That's not an issue as the guarantor is the trouble and strife. I was just thinking liquidation might change their perspective. 

The guarantor only becomes involved if you are not making payments yourself, so how are they the issue?

The issue they're referring to is if the loan is marked as partially settled as they've not paid it off as per the contract, the guarantor may end up with this being reported to their credit file too.  If they have an otherwise good credit file it's not a very nice gift to bestow on them.

sourcrates

sparklep0ny said:

GeordieGeorge said:

peteuk said:

zzyzx1221 said:

adamp87 said:

zzyzx1221 said:

peteuk said:

Just had a thought, I know that should Amigo fail (unlikely I know) but possible, to agree to their "Scheme" and go into liquidation. 

Would that be a good point to off a reduced Full and final settlement to see if they are desperate enough to take it?

I have a loan, settlement is currently £1635 but if I pay all the payments I will have payed £2200.  

They have a guarantor, who will be on the hook if you try any funny business.

It’s not really funny business. OP just wants to know if he can pay less than the interest applied.

AKA funny business.

Also worth noting that if the loan is reported on the guarantor's credit file too any reduced settlement may well be reported as such on their credit files.  Not really a nice thing to saddle the poor chump who agreed to be your guarantor with, is it?

That's not an issue as the guarantor is the trouble and strife. I was just thinking liquidation might change their perspective. 

The guarantor only becomes involved if you are not making payments yourself, so how are they the issue?

The issue they're referring to is if the loan is marked as partially settled as they've not paid it off as per the contract, the guarantor may end up with this being reported to their credit file too.  If they have an otherwise good credit file it's not a very nice gift to bestow on them.

Amigo loans don’t appear on the guarantor’s credit file.

The loan was taken out for the borrower, not the guarantor, so its the borrowers conduct that gets fed back to the credit reference agencies.

In fact, there’ll be nothing on their credit file to show they’re a guarantor at all.

The loan would just be marked as a partial settlement on the borrowers credit file, it will have no affect whatsoever on the guarantors file.