Amego loans urgent help.

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  • Exodi
    Exodi Posts: 2,864 Forumite
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    ntcuemaster wrote: »
    Looks like an IVA for my mrs.

    I wouldn't consider an IVA so flippantly...
    Know what you don't
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
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    ntcuemaster wrote: »
    Hi its not my wifes loan its my sons girlfriends, she just was put down as guarantor, but my wife has bad credit scores so cant understand how it was accepted.
    It is your wife's loan, unfortunately. Being a guarantor means your wife has accepted full responsibility for it.

    Your wife has two options:

    - Default, and deal with the ensuing damage to her credit file;
    - Finance elsewhere for a smaller rate, if possible, and pay it off.
    "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."
  • Exodi
    Exodi Posts: 2,864 Forumite
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    And just to reinforce what I said earlier, my heart goes out to you.

    This is a horrendous situation and is evidence that life isn't fair.
    Know what you don't
  • superbigal36
    superbigal36 Posts: 734 Forumite
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    I always say on these threads. No point in using a baseball bat these days. However the power of exposing her on social media may be more powerful tool than you think.
  • Clive_Woody
    Clive_Woody Posts: 5,855 Forumite
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    Have you asked your son how he is going to repay his girlfriend's loan to avoid his mum clearing up his mess?

    If he hasn't got a job then he needs to start looking urgently
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • Exodi
    Exodi Posts: 2,864 Forumite
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    Clive_Woody wrote: »
    Have you asked your son how he is going to repay his girlfriend's loan to avoid his mum clearing up his mess?

    If he hasn't got a job then he needs to start looking urgently

    Well the first action has to be someone immediately moving it from Amigo. At 49.9% APR the balance will double in just over 3 years...

    Your post was my first thought but for the sake of family harmony I think it'll have to be divided. Depending on the sons age, £8000+ could seem to like an eye-watering sum - this is likely more than a young person would take home in a year and, with how volatile young people can be, he could just 'screw this, I'm moving out'! and the problem has got worse.
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  • sourcrates
    sourcrates Posts: 28,876 Ambassador
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    Hi,


    Your wife cannot have an IVA with no disposable income i`m afraid.
    How much is the guatentor loan for ?
    Is she (your wife) a homeowner ?
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  • Exodi
    Exodi Posts: 2,864 Forumite
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    sourcrates wrote: »
    Hi,


    Your wife cannot have an IVA with no disposable income i`m afraid.
    How much is the guatentor loan for ?
    Is she (your wife) a homeowner ?

    From the OP it was for £8,000 at (presumably) 49.9% and has only been paid for 'a few months'.
    Know what you don't
  • Rainbowgirl84
    Rainbowgirl84 Posts: 1,175 Forumite
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    sourcrates wrote: »
    Hi,


    Your wife cannot have an IVA with no disposable income i`m afraid.
    How much is the guatentor loan for ?
    Is she (your wife) a homeowner ?
    Read the OP...and your own posts please?
  • societys_child
    societys_child Posts: 7,110 Forumite
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    ntcuemaster:
    she just was put down as guarantor
    I can't believe people don't understand what being a guarantor entails.
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