Author Topic: An Experience I've Had  (Read 1592 times)

cjarvis

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An Experience I've Had
« on: Sep 08, 2012, 12:41:07 PM »
 Hi Guy's[/size]

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I just wanted to tell you about an experience I've had with consolidating some of my debts. I recently applied for £5000 pounds to consolidate a number of payday loans that I have. I found a company called Amigo loans. My wife saw their advert on the T.V and suggested I try them out. I myself, like a lot of your users, don't have a good credit report, but these guys don't do a credit check on an applicant. All they ask for is a guarantor (that is a home owner) to apply with you should you default on the repayments. The whole process was very easy and I was impressed with how quickly they dealt with the application and paid out the money.[/size]

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As soon as I had found somebody to act as a guarantor and they had applied through the link they sent to me, they called me back the next day to discuss if it was feasible for me to make the repayments. They asked me things like: how much rent do I pay, how much gas/electric, how much do my other bills amount to, that sort of thing. They then asked me about the repayments I am making to my creditors, of course once I told them that this would all be paid off once I received the loan they didn't include them as expenses.[/size]

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They also asked similar questions to my guarantor, but as soon as they were happy with everything, they paid the money straight away into my guarantor's account.[/size]

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I would recommend them to anyone as they have helped me out of a tight spot.[/size]

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Here a link to their website:    amig.me/3QLKY4[/size]

James Falla

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Re: An Experience I've Had
« Reply #1 on: Sep 10, 2012, 11:45:34 AM »
Hi there cjarvis
Thanks for the information. Just one word of warning. You mentioned that to get your loan you had to have someone to act as a guarantor who is a homeowner. As such it sounds very much like the loan you have taken is secured on the guarantor's property. As such if you do not keep up the payments then the guarantor has to pay or their house is at risk. You have been lucky to find someone who would agree to be a guarantor for you. However I think that most people would struggle to find someone who would be quite so helpful....
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Steven Jackson

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Re: An Experience I've Had
« Reply #2 on: Sep 10, 2012, 11:54:29 AM »
I agree. This service simply looks like a secured loan to me...
The other thing I would point out regarding using a loan to consolidate other debts is that before you agree to borrow any money you should first calculate your disposable income. ie the amount you have left from your income to repay the new loan after you have paid for all your reasonable living expenses each month. You must do this to make sure that you can afford to make the new loan payments and satisfy yourself that there will be no problems with making them. If you are worried that your disposable income is not anough to cover the new loan payments, then do not take the loan and rather consider a different solution to resolve your debt problem.
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Mavrick101010

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Help and Advice Required
« Reply #3 on: Sep 11, 2012, 06:46:56 AM »
Im new to this and im sorry for posting it here,
 
I have had problems paying my unsecured loan, which is 12k, It has already defaulted and went to a debt help centre.
 
I'm not having issues paying that,
 
I got married recently and changed my name and moved address, its been about 4 years now, but I have not told them I have changed my name or moved address.
 
my question is, I intend to pay it back when i have money, but im living and paying for food and rent at the moment.
 
I do not own a home or mortage, cant they still find me and take my belongings away from me?
 
I'm worried, it defaulted about 3 years ago, and ive been working like a dog to pay them back, not im not well, and i cant afford to pay them.
 
any advice?

James Falla

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Re: An Experience I've Had
« Reply #4 on: Sep 14, 2012, 09:30:09 AM »
Hi Mavrick
The first thing to say is that given you have changed your name it is unlikely that the creditor will find you. However even if they do they will not take away any of your belongings.
Nevertheless it would still be sensible to try and resolve the debt problem. From what you have said I think you have a number of options. Firstly you could consider a debt management plan. This would mean you would pay an amount you can afford towards your debt each month. However a large downside to this is that it will take you a very long time to repay the debt if you can only afford to pay a small amount each month.
Alternatively if your debt is less than £15,000 you should look at the option of a Debt Relief Order. This would mean that the debt would be taken away from you and after 12 months you would be debt free. If you do not qualify for a Debt Relief Order then the alternative option if you are not a home owner is bankruptcy which would also mean you are debt free after 12 months. I understand that this option sounds scary but for someone in your position it really could be an extremely good solution.
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