Amigo Loans/FLM

KingElvis

Also your internal HSBC rating will be sooooooooooooo poor your chances of get a mortgage with be 0.0%

But there's only a 50% chance of that.

Not being critical but why would they ever trust you with their money again?

FinanceForEveryone

My advice would be to avoid using guarantor lending companies like Amigo Loans. In my view they make a lot of money from vulnerable and desperate people. I just got a pack from them through the post. They charge very high interests yet require your guarantor to be a homeowner! So if you get behind on your high interest repayments they will require the guarantor to take over the repayments. If your guarantor, usually a close friend or family member, refuses or can't pay they can take legal action to recover the payments, ruining your guarantor's good credit rating (not to mention your relationship)! Much better to find someone to lend you the money that trusts you and get an agreement drawn up between you both - no high interest repayments from you and less risk for your friend!!

DCFC79

FinanceForEveryone wrote: »

My advice would be to avoid using guarantor lending companies like Amigo Loans. In my view they make a lot of money from vulnerable and desperate people. I just got a pack from them through the post. They charge very high interests yet require your guarantor to be a homeowner! So if you get behind on your high interest repayments they will require the guarantor to take over the repayments. If your guarantor, usually a close friend or family member, refuses or can't pay they can take legal action to recover the payments, ruining your guarantor's good credit rating (not to mention your relationship)! Much better to find someone to lend you the money that trusts you and get an agreement drawn up between you both - no high interest repayments from you and less risk for your friend!!

I imagine by now he OP is sorted whether theyt went for a loan with amigo or not.

FinanceForEveryone

and hopefully they didn't - would probably be regretting it by now!

jonesMUFCforever

FinanceForEveryone wrote: »

My advice would be to avoid using guarantor lending companies like Amigo Loans. In my view they make a lot of money from vulnerable and desperate people. I just got a pack from them through the post. They charge very high interests yet require your guarantor to be a homeowner! So if you get behind on your high interest repayments they will require the guarantor to take over the repayments. If your guarantor, usually a close friend or family member, refuses or can't pay they can take legal action to recover the payments, ruining your guarantor's good credit rating (not to mention your relationship)! Much better to find someone to lend you the money that trusts you and get an agreement drawn up between you both - no high interest repayments from you and less risk for your friend!!

This thread is 6 months old !

DCFC79

FinanceForEveryone wrote: »

and hopefully they didn't - would probably be regretting it by now!

Dont you think dragging it up was a tad pointless.

FinanceForEveryone

When I did a bit of research on them this was the second link that popped up when I googled 'Amigo Loans' (surprised as you’re right…it is old!) anyway I thought my findings it might be good advice for people in a similar situation to myself. I just got an attracting looking pack through the letter box from Amigo Loans saying that they had created an account for me and put around £4000 into it!? All I had to do was return the application and repay at 49.9% APR. As if this wasn't bad enugh, I was absolutely appalled when I discovered the guarantor had to be a house owner that would basically underwrite the loan!? Perhaps I should start a new post on the topic to avoid other's wasting their time looking into, worse actually getting their friends or family involved in something like this ?

DCFC79

FinanceForEveryone wrote: »

When I did a bit of research on them this was the second link that popped up when I googled 'Amigo Loans' (surprised as you’re right…it is old!) anyway I thought my findings it might be good advice for people in a similar situation to myself. I just got an attracting looking pack through the letter box from Amigo Loans saying that they had created an account for me and put around £4000 into it!? All I had to do was return the application and repay at 49.9% APR. As if this wasn't bad enugh, I was absolutely appalled when I discovered the guarantor had to be a house owner that would basically underwrite the loan!? Perhaps I should start a new post on the topic to avoid other's wasting their time looking into, worse actually getting their friends or family involved in something like this ?

No need for another thread on the topic since this thread is all about it.

worried48

I've had a few of those from Amigo - goodness knows how they get any clients but clearly they do.

FinanceForEveryone

DCFC79 wrote: »

No need for another thread on the topic since this thread is all about it.

yeah but it's quite a specific quite complicated scenario. Just some general succinct advice would be good. Are there rules against posting about a new topic that has been mentioned before in a particular context? Perhaps I should write to Martin Lewis and he could consider running an article on them...I expect you would reprimand me if I did it...