Amigo

[Ian71]

I stood as guarantor for my brother for a loan with Amigo. After that, I was subject to an IVA myself. Making monthly payments. To cover my debts. Since then my brother has now applied for an IVA too. Will this stop Amigo from chasing me for the loan he defaulted on. Surely they can't expect us both to pay back the loan via an IVA as they would get double the debt back.

[Roger]

I stood as guarantor for my brother for a loan with Amigo. After that, I was subject to an IVA myself. Making monthly payments. To cover my debts. Since then my brother has now applied for an IVA too. Will this stop Amigo from chasing me for the loan he defaulted on. Surely they can't expect us both to pay back the loan via an IVA as they would get double the debt back.

Don't make any assumptions. Your are paying because of that guarantee so what documentation if any has been sent to you? and what default value are you paying?
Once a guarantee has been invoked the debt becomes yours!

Your brothers IVA must be on his other debts?
You need to specifically check this out!

[Ian71]

I think that his creditor's meeting is on the 10th of August. It includes Amigo. With his Amigo payment being due on the 17th of each month. So will they then ask me to make the payment? If they do I will get them, to contact creditfix and let them sort it out.

[Roger]

I think that his creditor's meeting is on the 10th of August. It includes Amigo. With his Amigo payment being due on the 17th of each month. So will they then ask me to make the payment? If they do I will get them, to contact creditfix and let them sort it out.

You should have official letters from Amigo passing to debt to you as the Guarantor.

[Ian71]

We have been advised that ***** is applying for an IVA (Individual Voluntary Arrangement), which would mean that if accepted by creditors, that you are responsible for maintaining the full monthly payment to the loan each month going forward. The IVA has not been accepted just yet, but we don't want to potentially make ******* situation more difficult by automatically collecting the payment due on 16/08/2022 from them. Therefore we have prevented any attempt to automatically take the payment from ***** in the meantime. However, we have let ***** know that we will continue to accept payments from them until we receive confirmation that their IVA is confirmed.

As we believe ***** is no longer in a position to uphold their original agreement, if the account falls behind, a Default Notice will be issued to ***** and we will send a copy of this to you. We need you to step in and make the next payment, however, we won't attempt the payment from you until the account is 15 days behind. You will be given the option to pay sooner should you wish. Also, as I mentioned, if the IVA is accepted, then we will legally not be able to collect any more payments from *****, or contact them about the loan and you will need to cover the full instalment each month moving forward until the balance is settled. We will let you know as soon as we know.

Thanks,

My email in return to them


Hi,


I'm subject to an IVA myself. Please contact creditfix on 0800 043 1431 to confirm any details. I will not be making any payments to you due to my IVA being in place. Please contact them to confirm.



Regards
******

[Ian71]

Amigo has now contacted me. Asking for Creditfix to contact them. With details of my IVA.

[Roger]

Amigo has now contacted me. Asking for Creditfix to contact them. With details of my IVA.

Left hand made aware of what the Right Hand is doing! Sensible

BUT WHAT WERE THE TERMS OF THE GUARANTEE?
You really need a copy of the Agreement plus what you signed for as a Guarantor and to whom? Normally this would be to the NAMED Original Lender.
The mention of IVA rather suggests that Original Debtors have been perhaps replaced and or the Debts sold!
Why would a Debtor sell a Debt that was being reclaimed from a Guarantor?

The mention that you are also on a IVA complicates matters! You might possibly be responsible for part of a Debt as Guarantor!

So really need to see the Agreement plus the Guarantee that you signed!
Because I would be very surprised if your Guarantee could be sold on to a DCA for instance.
Also does this Debt show on your Credit Agency Reports?

More questions than answers at the moment!

[Ian71]

I don't remember seeing mention of Amigo on my credit report.

[Roger]

I don't remember seeing mention of Amigo on my credit report.

Well is it showing on your brothers Credit Report?
Just be on your guard here one thing to be a Guarantor for your brother to an Original Lender BUT quite another if that debt is sold on!
Also irrespective of being a guarantor is the DEBT Enforcible in the first place?
As you are both on IVA this needs looking into!

[Ian71]

https://www.amigoloans.co.uk/loans/terms

[Roger]

https://www.amigoloans.co.uk/loans/terms

"..
‘Borrower’s agreement’ means the Consumer Credit agreement regulated by the Consumer Credit Act 1974 that the Borrower plans to enter into with us (Amigo Loans Ltd) for a personal loan.
.."

"..
‘You’ and ‘your’ means the person whose name appears on the guarantee and indemnity and who has agreed to guarantee full repayment to us of the Borrower’s loan if the Borrower fails to meet any payments due.
.."

But you and your brother are on a IVA

This is a CCA 74 regulated Loan and the Consumer Credit Act includes Statutary Notices as well as various Terms and Conditions

It would help AAD and yourself if you could set this out in a Diary format!
Please do this with any other Debts

Type:
Date Commenced:
Current Balance:
Default Date:
Last Paid:
Status:
Owner:

[Ian71]

My brother's IVA application was approved at his creditor's meeting yesterday. He has to pay back £90 a month for five years.

[Roger]

My brother's IVA application was approved at his creditor's meeting yesterday. He has to pay back £90 a month for five years.

Which raises the question you first brought up

I stood as guarantor for my brother for a loan with Amigo. After that, I was subject to an IVA myself. Making monthly payments. To cover my debts. Since then my brother has now applied for an IVA too. Will this stop Amigo from chasing me for the loan he defaulted on. Surely they can't expect us both to pay back the loan via an IVA as they would get double the debt back.

So is Amigo loan included in your brothers IVA and therefor NOT in yours!

[Ian71]

The last communication that I received from Amigo said that they won't want me to make a payment until his loan is in default by 15 days. However, now that his IVA has been approved. I will have to wait to find out what they now plan to do about it.

[Roger]

The last communication that I received from Amigo said that they won't want me to make a payment until his loan is in default by 15 days. However, now that his IVA has been approved. I will have to wait to find out what they now plan to do about it.

Well your brothers IVA would be a settlement for whatever they will accept against that outstanding DEBT. You need to know if this is the Case and it should be in your brothers IVA documents.