Hey everyone, my daughter agreed to be a guarantor for a £5k loan from Amigo Loans. She got £600 for doing it, but now the main borrower isn’t paying up and won’t respond to Amigo. She’s ended up paying £70 a month to cover it. We know where this person lives, but is there anything we can do to fix this mess?
Ugh, that’s rough. Unfortunately, as a guarantor, your daughter is legally on the hook if the main borrower doesn’t pay. She might want to talk to a legal advisor to see if there’s any way out.
Hollis said:
Ugh, that’s rough. Unfortunately, as a guarantor, your daughter is legally on the hook if the main borrower doesn’t pay. She might want to talk to a legal advisor to see if there’s any way out.
Yeah, it’s been a nightmare. We’ll definitely look into getting some legal advice. Thanks for the suggestion.
Wait, what’s a guarantor? 
Sidney said:
Wait, what’s a guarantor?
A guarantor is someone who agrees to pay back a loan if the main borrower doesn’t. Basically, they’re like a backup payer.
Sidney said:
Wait, what’s a guarantor?
A guarantor is someone who agrees to pay back a loan if the main borrower doesn’t. Basically, they’re like a backup payer.
Got it, thanks for explaining!
Maybe she can take legal action against the main borrower? If you know where they live, it might be worth pursuing.
Shai said:
Maybe she can take legal action against the main borrower? If you know where they live, it might be worth pursuing.
That’s a thought. Not sure how effective it would be, but we’ll consider it. Thanks!
This is why I always tell people to avoid being a guarantor unless they’re 100% sure about the borrower. It’s a risky move.
Paxton said:
This is why I always tell people to avoid being a guarantor unless they’re 100% sure about the borrower. It’s a risky move.
Totally agree. It’s a big responsibility and can lead to situations like this.
Has she tried negotiating with Amigo Loans? Sometimes lenders can offer alternative payment plans or solutions.
Freddie said:
Has she tried negotiating with Amigo Loans? Sometimes lenders can offer alternative payment plans or solutions.
She’s been in touch with them and agreed to the £70 monthly payments. Not sure if they’ll offer anything else, but it’s worth asking.