Amigo loans

sourcrates

A guarantor loan is really a joint loan by another name.

Now you say you cannot afford the repayments, so they went after the guarantor, who subsequently entered insolvency.

So your guarantor is now legally protected against any further action by Amigo, due to their IVA, it makes no difference if Amigo accept the IVA or not, most guarantor loan companies don`t, as long as 75% of his creditors by value of debt, agreed to the IVA, then it would be passed.

An IVA typically last between 5-7 years, depending on various circumstances, credit files are not usually cleaned up till after the IVA has concluded.

You say Amigo are marking your file as late payment, but they are not chasing you, that is how your file should be marked.

You should accept this as a reasonable result, as they are still within their rights to chase you for the full debt, there is nothing you can do as it is an accurate description of events, and therefore reported correctly.

foxy-stoat

scoops88 said:

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. 

I would read the loan agreement very carefully before making any payments.  If your partners IP has included the Amigo loan that your partner took out then making additional payments may be a bad idea and unnecessary.  The fact that Amigo don't like it is irrelevant.

With Amigo loans the loan agreement is in the name of the poor sap as someone else correctly described, then you agree to pay the loan.  Loan shouldn't be in your name so you shouldn't need to pay it, under UK Law, but check with the IP.

ManyWays

do you have any joint accounts with your partner? Because his IVA will affect your credit score. 

Amigo itself is in difficulty. If they proposed another "Scheme" (the first was was rejected in court as unfair to it's customers) then you and your partner can both make claims to the Scheme. If your claim is upheld credit record will be cleaned up.