Amigo loan

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jasmin

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Post by jasmin » Thu Apr 04, 2019 6:01 am
I have a amigo loan that I can’t afford to pay and it’s making me ill. My friend is a garentour and there is no way I can let him down and liable for the loan I’m so worried I’m making myself ill will an Iva help and not cause him to pay

Foggy

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Post by Foggy » Thu Apr 04, 2019 6:53 am
I am afraid not. As soon as you fail to pay, even by going into an IVA, Amigo will turn to your friend to make the payments. The perils of being a guarantor. Sorry, I wish I had better news.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Thu Apr 04, 2019 8:12 am
I know it's hard but when your friend signed up to be guarantor this is exactly the situation he was guaranteeing - that he would pay if you could not, so he must be prepared for it.

You need to take advice and deal with the debt as things can spiral out of control if you cannot get on top of it. You could lose control of your options.
How much is the debt?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Shaun Vickery

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Post by Shaun Vickery » Thu Apr 04, 2019 8:56 am
I agree, better to seek advice now rather than putting it off....even if just to clarify what your options are. Why not speak to one of the experts like Lisa who contribute here (click on the IVA experts link on the left hand toolbar).
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/
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