amigo loans - i was a guarantor - Pensioner worried about losing home

[diamonddiane]

Hello there I have not put anything on here before but my daughter has and so she has introduced me to this.

I am in a pickle and feeling the stress and at almost 70 I could do without it.

I was a guarantor for my son for a loan a while back and he got into a terrible mess and tried his hardest to pay the huge monthly payment but had gotten behind with repayments along with a mountain of debt form elsewhere.

 

Now me myself, I too am in a lot of debt and it is worrying me to the point I am awake at night just about my own mess.

I own my home but there is a lifetime motgage on it as I released the equity in it a while ago. Does this mean I can't be forced to sell it?

I am so worried about losing my home.

 

Today I received a letter saying that if I don't pay the arrears of 900 pounds within 2 weeks, they will take court action against me and send the bailiffs.

 

I can't pay 900 pounds but I am willing to pay something each month, as is my son.

 

My question is, if this goes to court what happens? Will the bailiffs come to my house or try to make me bankrupt? I am worried sick over this thank you.

[dx100uk]

Slow down

 

You have a scary letter from a powerless dca

They are not bailliff and have no legal powers

 

Name names please

[diamonddiane]

Oh sorry

the letter is a default notice from the loan company amigo and

 

 

it states that I have until the 10th of August to pay the full arrears

or they will sent it to court and demand the full amount of over 5,000 pounds.

 

 

They know I own my home and so

 

 

I think they will try to make me sell it or go bankrupt

 

 

but I owe a lot on it because of the equity release.

[Bazooka Boo]

At least these legalised loan sharks interest rate isn't as extortionate as others!

 

I too was a guarantor for my sister many moons ago, lets just say that I've not spoken to her for at least two decades now because of it.

 

The default notice (DN) is standard procedure for them to follow, how much is the arrears they are demanding?

 

All that happens is that if the arrears are not paid by the date they have stated, then the agreement will be terminated, meaning that the full amount/balance will be payable.

 

However for them to take legal action ie. court, they need to jump through a few hoops first.

 

And you will NOT lose your home, they DO NOT force homeowners to sell or repossess them.

• We will never repossess or force you to sell your home.
  

http://www.amigoloans.co.uk/our-promise

 

 

How much are the monthly payments?

[dx100uk]

and read the letter PROPERLY it does not say WILL anywhere

 

 

it says MAY might could instructed but not WILL.

 

 

as for your other debts.

I hope you've sent everyone a CCA request?

and not been blindly paying all manner of DCA's that write?

 

 

it worries me you state you have already done an equity release

I suppose that was to pay of supposed debts too?

that's not a good move and wastes even more money that all the so called

equity release companies charge. and put in their pockets.

 

 

dx

[Tawnyowl]

Hi diamonddiane.

Glad your daughter told you about the CAG

At 70 as you say you sure will be feeling stressed. And a guarantor at 70 quite a age to take such a responsibility on.

 

When your son got into arrears, missed payments what did the loan company do.

Did they do what they say they will do which is,

1- We will treat you with respect and courtesy at all times.

2- We recognise that you don't want to be in arrears and we will always work with you to get you back on track as quickly as possible.3

3- We will always attempt to collect from and contact the borrower first before approaching a guarantor for payment. We will continue to make every reasonable attempt to collect from the borrower as long as the account remains in arrears

 

I understand that sometimes people in arrears or debt do not like talking to the companies involved.

Did they try to help in some way.

It sounds like your son as you say needs some help unless he has now had advice from elsewhere. As he has other debts as well. Perhaps he could tell us his situation.

 

Many would try to help him. Many people here have been in terrible positions when arriving here and with help have worked things out over time.

How much was the loan for and for how long. How long has it got to go. When was it taken out. I see there are possibilities of the full 5000 pounds owing being asked for.

If you borrow 5000 pound from this company over 5 years it costs approx. 11857.00 approx do not know what to say about that, so will refrain.

 

 

Oh might as well. Just checked a Credit Union Guarantor loan out for five years

Borrowing 5000 pound for 5 years costs approx 6824.00 but of course you have to be a member and your local Credit Union do such things.

Check yours out see what they can do for you. Christmas Clubs so many things. Link here.

http://www.findyourcreditunion.co.uk/home

 

 

Back to the thread sorry about that.

Just wondering when you became guarantor were you in any difficulties then. Just wondering that is all. Sorry if I appear nosey.

 

You also seem to have as you say a lot of debt and I do not like the idea of you feeling so stressed at night.

Perhaps you could tell us who you owe and if you have had any help yourself to work out payments you can afford .

 

 

How did the Company first get in touch with you after your son fell behind with payments. And what did they say.

Did they send letters or telephone perhaps maybe email before this letter threatening Court Action and saying they will send the Bailiff. Have you got any copies.

 

 

I understand you can not pay the 900 pounds. And are willing to pay something each month. Have you perhaps made any offer to the company that has been turned down perhaps.Has your son.

Have you had any further correspondence from the Company any court papers etc. Phone calls and how many and rough frequency.

What time of day and night. Keep a copy of times if you can and letters for all the companies you owe money to. Just in case for future reference.

As said in another post about the house.

We will never repossess or force you to sell your home

 

 

Sounds like there is not much equity left on your house and maybe the worst that could happen is a CCJ a Charging Order further down the line. Much further.

Meaning on sale of your house the money would perhaps be repaid if enough equity. But I am no expert. Have you got any CCJs or arrangements with Creditors already.

And as this company says we will never force you to sell your home. So means that they will not apply to enforce a Charging Order. It must do. Otherwise they would be breaking one of their Ten Commandments i mean 10 promises. Which also has me thinking many things. Which i will go into on another thread.

And may as I am saying never go that far.

 

 

And as you are a pensioner I found this article. It seems many pensioners have some debt And many it seems have released equity on their property.As you have.

Will you spend old age stuck in debt? Nearly a third of retirees are still paying off mortgages, credit cards and loans

 

 

• 30 per cent of retirees find themselves mired in debt
  
• Just 17 expect to owe money when they stop work
  
• One in ten retirees owe more than £100,000
  

 

 

Read more: http://www.thisismoney.co.uk/money/pensions/article-3169424/Nearly-retirees-stuck-debt-old-age-survey-finds.html#ixzz3l8AHaOoA

 

 

I hope you are still around and perhaps your daughter could help you if you decide to tell us more.

If you copy anything take all personal details off before posting.

I do hope you come back and say what is happening.

As for the Bankruptcy thoughts and Bailiff thoughts deal with things like that if they ever arise. If they ever do.

And help is available by many in these Forums for those kinds of problems too. And of course there are many Debt Advice Centres online such as Citizens Advice.Who at the moment are very concerned about Guarantor Loans and are helping people. link here.

Debt And Money Citizens Advice.

https://www.citizensadvice.org.uk/debt-and-money/?gclid=COvctf2-5ccCFRQTGwod2WYDUA

 

 

Maybe even some like Age Concern could help. Link here.

Debt Advice. Age Concern

http://www.ageuk.org.uk/money-matters/money-management/debt-advice/debt-management/

 

And as your daughter gave you such a good place to come to and because of your age and stress you must be feeling please ask her to help you with posting your situation as it stands. A lot for you to cope with. Stay calm. And get some sleep.

Tawnyowl.

[rubber duck]

Hi Everyone..

Amigo is the worst of the loan sharks.period.

 

Started by a [removed] ,named James Benamor who was also the main culprit on a BBC documentary about

 

 

" a millionaire from Bournemouth misleading people over loans"

is simply a [removed] misrepresenting yet unfortunately still allowed to [removed] people

with formerly with a now defunct outfit called FLM and now the new kid on the block called Amigo Loans Ltd.

 

 

This Company must be stopped at all costs since

 

their main aim is not to get you out of a dire situation but instead layer his own pockets

with a whopping 50 pct interest-even higher than Loan sharks

 

 

since they only lend for a very short term and take all the risk themselves

-with a view to put a charge on your house and even repossess it!

 

 

Irrespective of what his website and advertising mumbo jumbo tells people.

 

This is why this company must be taken off the financial industry since they are [removed] with money,

and they will bring you on your knees ,if you allow them.

 

 

This is why I would wish to start a protest group for any guarantor Company especially this outfit

and drive them away from preying on the weak and the vulnerable..

 

 

..And why am I so incensed with these[removed]?...

Because they are trying to [removed] their way of putting a charge on my house ,

irrespective of the fact that they made an arrangement with the primary Debtor

and when I offered to pay the same as his guarantor

 

 

-although in their contract it says that they cannot make me pay more than the debtor himself

-they want 10 times..

.yes 10 times more from me as his guarantor

 

 

.Otherwise they threaten me with putting a charge on my house

-for an unsecured Loan!!!!!

 

 

which is what Amigo loans are supposed to be

-and because they somehow got a Court order from a Colluding Court

-since I suppose , they bring a lot of business to them !

 

 

- and now I shall be fighting them tooth and nail until they are simply taken out of this industry .

 

 

The main culprit ,Benamor should have been stopped as early as 2008

but instead he is now worth 220 million quid ,

instead of 77 mil when he was found to be a real [removed]by the BBC.

 

So please revert back as to how we can start to stop this evil empire!

[Tawnyowl]

I understand why people feel so strongly against Payday Loans and Guarantor Loans that have and are causing problems for many.

And it seems Google are not that keen on them as well.

I understand many will know this news but some perhaps do not.

 

Google to stop showing paid adverts for payday loans and possibly

guarantor loans

 

Things are closing in slowly in many ways.good.

 

And as usual think about joining a Credit Union.Easy to find one.

http://www.findyourcreditunion.co.uk/home

[Bazooka Boo]

WHY???