Amigo loans

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ANNED
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by ANNED » Fri Sep 15, 2017 6:16 pm
Hey all I just recieved this from amigo loans to day about the loan I went gaurantor for.

We've received a proposal from CreditFix letting us know that you have applied for an IVA (Individual Voluntary Arrangement). I'm sorry to hear that you're in financial difficulty at the moment. I have prevented any attempt to collect payments from you in the meantime, as we don't want to make your circumstances worse if you're struggling right now.

If your IVA is approved, Dominic will become solely responsible for the repayments each month, and I will need to let them know this.

We'll let you know once we've heard back from CreditFix and if you have any further questions, please let me know.

Thanks,


My question is if he does miss the payments will this be then added to my iva ?? Has anyone ever dealt with amigo before.
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Foggy
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by Foggy » Fri Sep 15, 2017 6:24 pm
It looks like they are treating it in a similar fashion to a joint loan --- basically you are absolved from payments and Dominic will have to make them as originally intended --- the loan will be included in your IVA as Dominic has/will have defaulted and they will get a dividend.
ANNED
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by ANNED » Fri Sep 15, 2017 6:29 pm
Foggy wrote:
It looks like they are treating it in a similar fashion to a joint loan --- basically you are absolved from payments and Dominic will have to make them as originally intended --- the loan will be included in your IVA as Dominic has/will have defaulted and they will get a dividend.


I don't understand what u mean ? Will it be added to my iva if he doesn't pay then ??
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Foggy
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by Foggy » Fri Sep 15, 2017 6:45 pm
ANNED wrote:
Foggy wrote:
It looks like they are treating it in a similar fashion to a joint loan --- basically you are absolved from payments and Dominic will have to make them as originally intended --- the loan will be included in your IVA as Dominic has/will have defaulted and they will get a dividend.


I don't understand what u mean ? Will it be added to my iva if he doesn't pay then ??


I thought he had already defaulted (not paid) or doesn't intend to pay... so the loan will be included in your IVA as a debt to you, as you are the guarantor, and Amigo will get dividends from the IVA, but they will then chase Dominic for the repayments. If he was paying and with you as guarantor, the loan would still be included as a contigency loan (that is to say the debt might become yours if he stops paying).
ANNED
Posts: 46
Joined: Tue Sep 12, 2017 7:08 am
by ANNED » Fri Sep 15, 2017 6:52 pm
Foggy wrote:
ANNED wrote:
Foggy wrote:
It looks like they are treating it in a similar fashion to a joint loan --- basically you are absolved from payments and Dominic will have to make them as originally intended --- the loan will be included in your IVA as Dominic has/will have defaulted and they will get a dividend.


I don't understand what u mean ? Will it be added to my iva if he doesn't pay then ??


I thought he had already defaulted (not paid) or doesn't intend to pay... so the loan will be included in your IVA as a debt to you, as you are the guarantor, and Amigo will get dividends from the IVA, but they will then chase Dominic for the repayments. If he was paying and with you as guarantor, the loan would still be included as a contigency loan (that is to say the debt might become yours if he stops paying).


He is planning on not paying but hasn't defaulted yet. So do u mean they will chase the both of us or will it become my debt and be added to my iva when he does default ? Or will they continue to chase him to I thought it wud automatically go to me to pay it wen he defaults.
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Foggy
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by Foggy » Fri Sep 15, 2017 6:57 pm
Because you are the guarantor it will be included in your IVA in case D defaults -- but they won't pay Amigo a dividend until he defaults.

When he defaults it will become your debt --- THEN they will pay Amigo a dividend. When you are in the IVA Amigo can't chase you and will keep chasing D for the debt.

If you were not in an IVA they would chase you for it if D defaulted.
ANNED
Posts: 46
Joined: Tue Sep 12, 2017 7:08 am
by ANNED » Fri Sep 15, 2017 7:12 pm
Foggy wrote:
Because you are the guarantor it will be included in your IVA in case D defaults -- but they won't pay Amigo a dividend until he defaults.

When he defaults it will become your debt --- THEN they will pay Amigo a dividend. When you are in the IVA Amigo can't chase you and will keep chasing D for the debt.

If you were not in an IVA they would chase you for it if D defaulted.


So will they start court proceedings or send debt collectors and that to him even if it's on my iva ?? I thought once he defaults it's my debt not his and they just take the divide end if I'm on iva. I didn't realise while I'm paying he divide end they will still chase him. Sorry about all the questions.
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Foggy
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by Foggy » Fri Sep 15, 2017 7:23 pm
ANNED wrote:
Foggy wrote:
Because you are the guarantor it will be included in your IVA in case D defaults -- but they won't pay Amigo a dividend until he defaults.

When he defaults it will become your debt --- THEN they will pay Amigo a dividend. When you are in the IVA Amigo can't chase you and will keep chasing D for the debt.

If you were not in an IVA they would chase you for it if D defaulted.


So will they start court proceedings or send debt collectors and that to him even if it's on my iva ?? I thought once he defaults it's my debt not his and they just take the divide end if I'm on iva. I didn't realise while I'm paying he divide end they will still chase him. Sorry about all the questions.


Bottom line is they will want their money back! If you are protected by your IVA, they will go back to him for it.
ANNED
Posts: 46
Joined: Tue Sep 12, 2017 7:08 am
by ANNED » Fri Sep 15, 2017 8:51 pm
Foggy wrote:
ANNED wrote:
Foggy wrote:
Because you are the guarantor it will be included in your IVA in case D defaults -- but they won't pay Amigo a dividend until he defaults.

When he defaults it will become your debt --- THEN they will pay Amigo a dividend. When you are in the IVA Amigo can't chase you and will keep chasing D for the debt.

If you were not in an IVA they would chase you for it if D defaulted.


So will they start court proceedings or send debt collectors and that to him even if it's on my iva ?? I thought once he defaults it's my debt not his and they just take the divide end if I'm on iva. I didn't realise while I'm paying he divide end they will still chase him. Sorry about all the questions.


Bottom line is they will want their money back! If you are protected by your IVA, they will go back to him for it.



Yes but just trying to work out what way it works
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