Amigo Loans rejection

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steven802
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by steven802 » Fri Feb 02, 2018 8:25 am
Hi, my son Craig has tried 3 times to get an IVA using various IVA debt agencies but on all attempts has been turned down by Amigo loans. The last agency he used virtually guaranteed to get it accepted by Amigo loans. This loan with Amigo has his sister as guarantor. Obviously this has caused stress to my son . Are you aware of any approach that can be made to Amigo loans to reconsider their decision? What other options are available to my son?
Thank you for any help/advice you can give.
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Foggy
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by Foggy » Fri Feb 02, 2018 9:15 am
Do Amigo hold, by value, more than 25% of your son's total debt ? If so, and they bother to vote, they will always control the outcome. If not, and tyhe IP can convince 75% to vote yes, they can be outvoted. The problem here, though, is that even if an IVA is granted this would only absolve your son ... Amigo could and would still pursue the sister for payment.
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steven802
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by steven802 » Fri Feb 02, 2018 10:24 am
Foggy wrote:
Do Amigo hold, by value, more than 25% of your son's total debt ? If so, and they bother to vote, they will always control the outcome. If not, and tyhe IP can convince 75% to vote yes, they can be outvoted. The problem here, though, is that even if an IVA is granted this would only absolve your son ... Amigo could and would still pursue the sister for payment.


Thank you for the information. I'm not sure of the actual financial figures at this time , but will find out and come back.
Amigo pursuing my daughter (craigs sister) would not be an issue.
Amigo is the only company that has rejected the IVA, so let me ask you this.
Is there anyway a guarantor can take control of the loan contract?
This would take Amigo out of the picture and allow the IVA to go through.

Thank you once again.
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Lisa Thomas
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by Lisa Thomas » Fri Feb 02, 2018 10:39 am
If his sister can pay it off (you state it would not be a problem) then if she does this now they will no longer be a creditor, she will.

Her vote cannot be counted as connected party but may get around the issue if other creditors vote in favour.
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