guarantor cca

[kev5830]

hi, im hoping someone can help me
i agreed to be the guarantor for a friend through amigo loans (stupid thing to do when i think about it now!) they assured me they would keep up payments,and they did for a while.
well it seems they have since fallen behind with payments and amigo are now chasing me for the money.
i have since been in contact with them and asked for the credit agreement which they have sent,
no signature from me or from amigo,is this legal (i know this is a bit of a grey area now)
point 2 the "friend" when fell behind with payments entered into a payment plan with amigo,i was not informed or asked to sign a new credit agreement, is this breech of contract?
point 3 when i went through everything with amigo they never actually had evidence of what i earned i just told them,i couldn't find a wage slip at the time and they were happy with this,is this legal?

thanks for any advice

[Stu]

Re: guarantor cca

You signed electronically via the link that was sent and as soon as you do you owe the money if the other party fails to comply. As of point 2 the payment plan is still the same contract and it is Amigo helping I guess rather than demanding from you straight from the off.. And point 3 they will have asked you your financial income to support your friends application (would have stated in any T/C that any information fraudulently given could have server consequences (Or word to that effect) ) for if there was any difficulties you could afford the repayments

As a guarantor you are responsible if the other party fails and when you agreed to do so and signed via the link given. In effect Amigo don't lend your friend the monies they lent it to you and you lent it to your friend, hence why they pay the money into your bank account...

[nemesis45]

Re: guarantor cca

hi, im hoping someone can help me
i agreed to be the guarantor for a friend through amigo loans (stupid thing to do when i think about it now!) they assured me they would keep up payments,and they did for a while.
well it seems they have since fallen behind with payments and amigo are now chasing me for the money.
i have since been in contact with them and asked for the credit agreement which they have sent,
no signature from me or from amigo,is this legal (i know this is a bit of a grey area now)
point 2 the "friend" when fell behind with payments entered into a payment plan with amigo,i was not informed or asked to sign a new credit agreement, is this breech of contract?
point 3 when i went through everything with amigo they never actually had evidence of what i earned i just told them,i couldn't find a wage slip at the time and they were happy with this,is this legal?

thanks for any advice

There is certainly nothing unlawful in Amigo's actions as such.

My feeling that there is some mileage in suggest that this is irresponsible lending, in regard
to their acceptance of verbal assurance on income etc.
This should be challenged Formally In Writing as a " Formal Complaint " aimed
at a director/MD at Amigo.

nem

[kev5830]

Re: guarantor cca

There is certainly nothing unlawful in Amigo's actions as such.

My feeling that there is some mileage in suggest that this is irresponsible lending, in regard
to their acceptance of verbal assurance on income etc.
This should be challenged Formally In Writing as a " Formal Complaint " aimed
at a director/MD at Amigo.

nem

well i have sent them a letter today so i will see what their response is,
the person on the phone when i was originally going through the loan wanted proof of income but i didn't have it,she then asked her boss who said it didn't matter and to go ahead with it.

[Stu]

Re: guarantor cca

As a previous user of Amigo, they go over the full income and expenditure on both parties over the phone .... And it is then they make there decision if the loan can go ahead..

[R0b]

Re: guarantor cca

It also depends on the wording of the terms, if you act as guarantor you are responsible for any payments that accrue however if they enter into a payment plan and nothing in the terms states you are still liable then you could potentially argue it is a new agreement entered into. As above though it could also be irresponsible lending if they did not follow certain procedures.

Its likely they have covered it in the terms but you never know.

Are you able to post a copy of the terms of the agreement, with any personal info removed?

[nemesis45]

Re: guarantor cca

well i have sent them a letter today so i will see what their response is,
the person on the phone when i was originally going through the loan wanted proof of income but i didn't have it,she then asked her boss who said it didn't matter and to go ahead with it.

A clear indication off irresponsible lending imo!

nem

[Stu]

Re: guarantor cca

Changing the terms of your agreementWe may change the terms of this agreement and we will tell you aboutany changes that we make. We may make reasonable and proportionatechanges to take account of:• market conditions;

From their T/C's might be of interest if they didnt notify you of the payment plan...