Forum Home» Loans

Amigo Loan - Page 2

New Post Advanced Search

Amigo Loan

edited 30 November -1 at 1:00AM in Loans
15 replies 1.7K views
2»

Replies

  • DCFC79DCFC79 Forumite
    38.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Mattmoo71 wrote: »
    Also. I advise you immediately create a free Noddle account for your father and check no further applications have been made in his name by his so called friend. You'll also be able to keep an eye on the payment progress of the loan in question.


    Not just Noddle but Experian/MSE Credit Club and Clearscore too.
  • In the words of the BBC. Yes, other providers are available.
  • foxy-stoatfoxy-stoat Forumite
    6.2K posts
    Fifth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Get the settlement balance and clear it with a cheaper interest rate borrowing.

    Find the friend and get them to repay as much as possible back, you can mention you have refinanced the loan to reduce the interest or not. You could work out the difference and tell them nicely that if they can repay sooner then they can have some money knocked off. If you approach them in a nice manor then you have more chance of getting money back as if you go in with both barrels then you are likely going to get told to go away. If you try through the small claims track you may find that they are not liable for the debt.

    Good lucks, you will need all of it.
  • societys_childsocietys_child Forumite
    7K posts
    Ninth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    This method of lending should carry a government health warning,
    similar to cigarettes . . .

    WARNING
    Standing as guarantor can
    seriously damage your Wealth


    ~ Not to mention your relationships with friends or family ~
  • sourcratessourcrates Forumite, Board Guide
    20.5K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    When my dear old mum was alive, she suffered from dementia at the time, she would have agreed to anything over the phone, she was quite lucid at times, they would have asked "can you afford the loan repayments if the borrower fails to pay ?" oh yes she would have said, I have a large pension that pays me every week, (she didnt-but she thought she had) the thing is, once they sign on the dotted line, its nigh on impossible to get out of the agreement.


    You havent said how much the loan was for, if it was for a large amount, with no hope of ever paying it back, your dad may want to look at insolvency options, that would depend on circumstance obviously, maybe some more detail would help us gain a better idea of the situation.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support