Amigo guarantor

Sarah197725

Hi I’m wondering if I can get a guarantor removed from my amigo loan account. I’ve been with them for 3 years always paid on time so wonder if it’s worth asking as I no longer have contact with the guarantor.

ItsComingRome

Sarah197725 said:

Hi I’m wondering if I can get a guarantor removed from my amigo loan account. I’ve been with them for 3 years always paid on time so wonder if it’s worth asking as I no longer have contact with the guarantor.

They're not going to remove their insurance policy, there's nothing in it for them.

cornwallpauley

Highly unlikey. At the moment, if you default, they have somebody they will go after for payment. Why would they remove them and disadvantage themselves? 

Ebe_Scrooge

As above, the short answer is "no".  The whole point of a guarantor is that they end up holding the baby if you default.  I suppose there's a chance you arrange to replace the existing guarantor with a new one - must admit I don't know whether that's possible, but in theory as long as Amigo have a guarantor in place then I don't see why it would be a problem.

You say you've been with them for 3 years - how much longer is left to run on the loan?  I'm just wondering whether you'd be in a position to pay off the loan early, that would be the cleanest and simplest solution.  I realise you may not have the funds to be able to do this, but just a thought.

sourcrates

Sarah197725 said:

Hi I’m wondering if I can get a guarantor removed from my amigo loan account. I’ve been with them for 3 years always paid on time so wonder if it’s worth asking as I no longer have contact with the guarantor.

That's not how it works unfortunately.

Your Guarantor is required to make the loan repayments if you fail to do so, and as no one can predict the future, your agreement does not, and cannot change, just because you have stuck to its terms and conditions, that`s a very naïve notion on your part.

The only way a guarantor can be removed from a loan account is if either -

the debt is repaid in full,

or the guarantor makes an affordability complaint, and wins.


There are no other circumstances normally, where removal of a guarantor would be possible.

maxsteam

sourcrates said:.

The only way a guarantor can be removed from a loan account is if either -

the debt is repaid in full,

or the guarantor makes an affordability complaint, and wins.

or the guarantor dies.

There should not be any advantage for you to getting the guarantor removed anyway.

y3sitsm3

maxsteam said:

sourcrates said:.

The only way a guarantor can be removed from a loan account is if either -

the debt is repaid in full,

or the guarantor makes an affordability complaint, and wins.

or the guarantor dies.

There should not be any advantage for you to getting the guarantor removed anyway.

Then their estate would be liable.