Paying off Amigo loan Hevensangel84

#1
Good afternoon

My partner has a loan with Amigo, he's just called them to find out the remaining balance which is just shy of £1800. He currently pays £123 a month and I saw on a recent statement about £80 of that is interest. What is the best way to pay it off? We don't have the money in the bank so would mean getting another loan or a credit card. I'm willing to use my good credit rating to get one of these so getting credit shouldn't be a problem. Any help or advice would be appreciated

#2
Sure, you could take a personal loan and use it to repay his amigo loan with it, it sure will save him a lot of money. Just keep in mind that he will then owe money to you, and people who need amigo loan in the first place generally do not have a good history of repaying what they owe.

#3
Given Amigo Loans have a "Representative 49.9% APR (variable)" then taking out another loan to repay that loan might seem sensible. Alternatively to a loan, a money transfer credit card might be a better option:

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs



But in general don't like the idea of borrowing to repay a loan - it seems a bit like heading in the wrong direction. You could alternatively try to overpay a little each month - each overpayment would reduce the interest arising before the next payment and that effect can considerably reduce the number of repayments needed.

#4



Good afternoon

My partner has a loan with Amigo, he's just called them to find out the remaining balance which is just shy of £1800. He currently pays £123 a month and I saw on a recent statement about £80 of that is interest. What is the best way to pay it off? We don't have the money in the bank so would mean getting another loan or a credit card. I'm willing to use my good credit rating to get one of these so getting credit shouldn't be a problem. Any help or advice would be appreciated
Originally posted by Hevensangel84


Does the loan have a guarantor?

#5



Does the loan have a guarantor?
Originally posted by boliston


Im hedging my bets on that yes there is a guarantor






Good afternoon

My partner has a loan with Amigo, he's just called them to find out the remaining balance which is just shy of £1800. He currently pays £123 a month and I saw on a recent statement about £80 of that is interest. What is the best way to pay it off? We don't have the money in the bank so would mean getting another loan or a credit card. I'm willing to use my good credit rating to get one of these so getting credit shouldn't be a problem. Any help or advice would be appreciated
Originally posted by Hevensangel84


You could try using your credit rating but lenders dont use credit ratings for loans let alone see them. Id like to be there to listen to the convo where you speak to a lender and say due to your credit rating they should offer you a loan.



Heed the advice thats previously been posted.

#6



Sure, you could take a personal loan and use it to repay his amigo loan, it sure will save him a lot of money. Just keep in mind that he will then owe money to you, and people who need amigo loan in the first place generally do not have a good history of repaying what they owe.
Originally posted by Arleen


Furthermore, the chances of you being able to get any money out of him should be decide to stop repaying you are basically nil, therefore the real question is whether you can afford to take on a £1,800-2,000 loan yourself?

#7



Furthermore, the chances of you being able to get any money out of him should be decide to stop repaying you are basically nil, therefore the real question is whether you can afford to take on a £1,800-2,000 loan yourself?
Originally posted by ReadingTim


Though if the OP is the guarantor of the existing loan (which seems likely to me) then this is no different from the current situation. In this case is probably preferable to have the guarantor directly borrow the money instead, as it prevents the risk of the guaranteed loan borrower incurring fees before the lender goes to the guarantor for payment.

Who is online

Users browsing this forum: No registered users and 1 guest

cron