Guarantor Loan
Options
Comments
-
Thank You for all your replies I will go back to Amigo loans on the affordability issue and establish how this was done at the time. I am sure if proper checks had been carried out it would have been established very quickly that he was on benefits just by a check on bank statement. If I had been aware of what he was doing I would have stopped it happening.0
-
You say the loan was topped up several times. How was this done, through your brothers bank account too. If it was this will seriously weaken any complaint because it would show he knew what was going on over an extended period.
You also say the daughter has the money to repay the loan. Trust me, by the time someone has to go to Amigo they are in enough financial deep water that they don't have any money. Just a pile of debt.
DarrenXbigman's guide to a happy life.
Eat properly
Sleep properly
Save some money0 -
Please be careful here, he may have acted fraudulently to help out his daughter after a guilt trip. I guess her parents were separated when she was a child & she used that. Perhaps a word with her mother may help?0
-
You say the loan was topped up several times. How was this done, through your brothers bank account too. If it was this will seriously weaken any complaint because it would show he knew what was going on over an extended period.
You also say the daughter has the money to repay the loan. Trust me, by the time someone has to go to Amigo they are in enough financial deep water that they don't have any money. Just a pile of debt.
Darren
Or she thought - we can borrow this money & never have to pay it back & land someone else with the debt & it won't cast us a penny. If you really listen to their adverts that is actually what they say.0 -
Thank You for all your replies I will go back to Amigo loans on the affordability issue and establish how this was done at the time. I am sure if proper checks had been carried out it would have been established very quickly that he was on benefits just by a check on bank statement. If I had been aware of what he was doing I would have stopped it happening."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
-
My brother fully accepts what he has done is wrong and if Amigo takes this further then we will have to deal with that. My brother has never been married and did not have any contact with his daughter for the first 35 years of her life and it is only recently they have had contact. The pressure was put on by both his daughter and her partner to take out this loan. We since learned that she has done similar to other family members. I have followed Debt Camels advice and will wait and see what the outcome is.
Thanks for responses.0 -
You really should be making provisions to repay this debt the cheapest way possible - I very much doubt that any amount of complaining, stating the actual financial position and confirming that he committed fraud will persuade the lender to write the debt off - the debt is enforceable if not paid and the longer you leave it the worse it will be for him with the increased interest and charges for non payment.
If you cannot get a loan, credit cards, sell stuff then look to release equity in the property.0 -
The charging order is a long way down the process, so they are probably informing him of that to try and coerce payments. Does the house have a mortgage on or is it paid for?
A charging order is done due to non payment under a court order. If he gets a claims form he can fill in the admission with a reasonable offer of payment, based on his benefit income. So long as he keeps to that plan there would be no charging order.0 -
There is a thread here about charging orders https://forums.moneysavingexpert.com/showthread.php?t=1839539&highlight=charging+order
A creditor cannot be granted a charging order on a jointly owned property, on a charging restriction, which means you are free to sell the property as long as your solicitor provided notice to the creditor.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards