Amigo loans

scoops88

In jan 2019 I took a loan out for around £2000 with amigo loans. My partner was the guarantor. Fast forward a few months I became unwell and was on zero income. My partner had to enter an iva as he could not afford to run the household and pay for my share of everything. He added the loan to the iva as that was advised and when it came back amigo loans said they wouldn’t accept it on his iva. The last year he has received paperwork from the iva saying what percentage of his money has been paid to whom. Amigo are on there. I checked my credit report and they’ve been reporting it as in arrears and it’s showing as late payments because of this. It also went down in what was owing the month we got the paper work. Any advice what to do? The late payment marker is dragging my file down. 

[Deleted User]

scoops88 said:

In jan 2019 I took a loan out for around £2000 with amigo loans. My partner was the guarantor. Fast forward a few months I became unwell and was on zero income. My partner had to enter an iva as he could not afford to run the household and pay for my share of everything. He added the loan to the iva as that was advised and when it came back amigo loans said they wouldn’t accept it on his iva. The last year he has received paperwork from the iva saying what percentage of his money has been paid to whom. Amigo are on there. I checked my credit report and they’ve been reporting it as in arrears and it’s showing as late payments because of this. It also went down in what was owing the month we got the paper work. Any advice what to do? The late payment marker is dragging my file down. 

Have either you or your guarantor been making the full repayments on time? If you haven’t been making the payments are your partner has been making payments via his IVA I would hazard as guess that you haven’t. The fact you had to resort to Amigo in the first place would indicate that your credit files weren’t in the best shape to start with. 

I am a bit concerned that your partner entered into an IVA rather than a DMP which is a lot more flexible. Is he a home owner and who advised him an IVA was the way forward? 

mcpitman

Were there late payments to the account?

If there were, then that data won't change as it is factually correct.

scoops88

mcpitman said:

Were there late payments to the account?

If there were, then that data won't change as it is factually correct.

Until my partner entered the iva I had been paying the account. 

[Deleted User]

scoops88 said:

mcpitman said:

Were there late payments to the account?

If there were, then that data won't change as it is factually correct.

Until my partner entered the iva I had been paying the account. 

The IVA will mean your partner is only making a fraction of the required payment and if the IVA provider is distributing the funds that might not be in time for when you contractually agreed to make the monthly repayments. 

scoops88

The payments were made on time up until the iva started. My partner had good credit up until the iva began. Whilst I was unwell he could not afford to run the household and pay for car and credit card finance.  Do you think I should contact amigo with a payment plan? I’m just confused as it’s now on the iva what to do. They haven’t chased me for this debt. 

Brie

scoops88 said:

 Do you think I should contact amigo with a payment plan? I’m just confused as it’s now on the iva what to do. They haven’t chased me for this debt. 

it is your loan so really your responsibility.  do you have an income now that will allow you to start clearing it??

mcpitman

scoops88 said:

The payments were made on time up until the iva started. - Yep.

My partner had good credit up until the iva began. - key word, until.

Whilst I was unwell he could not afford to run the household and pay for car and credit card finance. - Which is why you took out the IVA. You do understand how they work don't you?

Do you think I should contact amigo with a payment plan? I’m just confused as it’s now on the iva what to do. - contact the IVA provider.

They haven’t chased me for this debt. - They won't chase you, they'll chase the IVA provider.

Annotated as above, hope this helps.

scoops88

mcpitman said:

scoops88 said:

The payments were made on time up until the iva started. - Yep.

My partner had good credit up until the iva began. - key word, until.

Whilst I was unwell he could not afford to run the household and pay for car and credit card finance. - Which is why you took out the IVA. You do understand how they work don't you?

Do you think I should contact amigo with a payment plan? I’m just confused as it’s now on the iva what to do. - contact the IVA provider.

They haven’t chased me for this debt. - They won't chase you, they'll chase the IVA provider.

Annotated as above, hope this helps.

Sorry it’s not me with the iva it’s my partner. 

[Deleted User]

Brie said:

scoops88 said:

 Do you think I should contact amigo with a payment plan? I’m just confused as it’s now on the iva what to do. They haven’t chased me for this debt. 

it is your loan so really your responsibility.  do you have an income now that will allow you to start clearing it??

Except with guarantor loans, it's not their responsibility, it's them or the poor sap who ends up paying it. There is a clear and obvious reason why someone would need a guarantor loan - the lender doesn't think they will pay it back, hence someone else to chuck through the mill.

scoops88

Brie said:

scoops88 said:

 Do you think I should contact amigo with a payment plan? I’m just confused as it’s now on the iva what to do. They haven’t chased me for this debt. 

it is your loan so really your responsibility.  do you have an income now that will allow you to start clearing it??

Yes I do.