hi all, i have recently joined this site after many long conversations with my sister (also a member for some time) re: many topics on offer.
i have some questions of my own if anyone can shed some light…
back in february of this year i took out a £5k loan with amigo whom i have used previously in order to get me out of some finiancial difficulties. My brother, again agreed to be guarantor for this loan. the repayments are becoming difficult and after conversations with my sister she pointed me here.
now i am relatively ok with the process of stopping payments for the loan due to unilateral agreements etc etc, but my main problem is not with standing firm with amigo and then no doubt debt collectors, it lies with putting my brother in a crap situation whereby if i default, before you know it they take the money from him, thereby maintaining THEY get the monthly repayment….
how do i fight this on my own, and take my brother out the equation so he does not effectively pay it for me…
You will be home and dry, after using the process, however, they will inevitably go after bro and call in his marker, so i would suggest he signs up to the site, unless of course he is happy to remain a slave to the system.
but you know this deep down so get your bro on board
Reading other posts I reckon I can get my bro to follow the cancelling of payment schedule as I’m sure there will be a payment DD or standing order type thing that way ensuring he doesn’t get billed each month. Then I can wait till they sell on to DCA then start 3 letter process? Or hit amigo with the process when they contact re: missed payment?
any further thoughts on this guys, whilst i dont mind cancelling my dd and recurring continuous payment authority, i dont want my bro getting stung for 250 quid a month until things move on.
seeing as my brother is guarantor, will a DD or continuous payment authority show on his banking site?
option 2 is could/should i write to Amigo requesting a copy of agreement as i believe the loan is not lawful, i.e. details in letter 1
option 3 print out the payslip with which to make a payment and use a prom note for the full £4822
Hmmm I havent any experience with promissory notes YET, but you would be admitting the debt and I think first thing would be to get proof of the debt.
If your bro IS on board then cancel the DD and get your bro to tell the bank he lost his card. This will give him a fresh card that amigo loans cannot access.
Then ignore any calls or emails or texts until you or your brother get post (probably your brother), then start the 3 letter followed by estoppel, making sure if its amigo to use the bank letters and if its DCA use the debt collector letters.
Option 2 is bad without cancelling the DD first as you are still admitting to the debt when you pay them.
I want to see if I have said the right things so input from others would be nice thanks!
Just had my first response today from Amigo Loans.
They are a little less than impressed with the first letter (or this site! So it seems)
As you will see from my attachment.
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we are famous
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LOL yes GOODF is famous.
Can I take it then that from their response and their argument that I should proceed as planned with the remaining letters
Continue with the process all the way until estoppal 😀
the 😆 😆 😆 😆 😆 should have let you know but as mareo says
Ahhhhh, see now that you know their template response, you can include some of the wording as a fee schedule.
For example “By replying to my letter, you agree that the use of the link https://www.getoutofdebtfree.org will cost you £500.”
Hi Just curious as to what happened next. please let us know the outcome and response from Amigo.
Hi, I am too wondering how you are getting on with this? I am in a similar situation.
Just letting you know were I am so far with Amigo.
They have sent me a detailed letter explaining that they have broken no rules what so ever and are more than happy to persue this further should I want to.
I have sent them the last of the 3 letters so will wait and see what their response is now.
May I please ask what the process is and how you go about doing good this