Amigo loans

ihateyes

im going to kill their advert..... so misleading....

lilyputian

I know everyone says how bad Amigo (formerly FLM) are, but I have used them twice, with the same guarantor, and only ever missed 1 payment which I reimbursed my guarantor straightaway.

I used FLM (as it was then) because I literally had no option elsewhere and I had just moved house. My credit was appalling due to irresponsible spending due to my mental health condition a few years earlier, and desperately needed money. In circumstances such as mine where there is no other line of credit offered, and you approach it honestly, something like Amigo is a good thing.
Yes it can be abused but I paid religiously, I knew the amount was a lot but I went into it with my eyes open, and I made sure my guarantor was always paid back - they only had to step up once.

I paid the loan off a while ago, but just wanted to say that I had a good experience. Possibly the only one though

rob404uk

I bet your guarantor wasn't too happy when you missed the one payment though. Please realise that average people never miss payments. I wonder what your previous history is when you are proud to miss only one.

Useitorloseit_2

Seems to be a lot of one posters praising this company....astro turfing..personally this form of lending is a reflection of the Wild West landscape we have today in regards to desperate lending by desperate people...there has to be a ethical route why not try credit unions

Apples2

lilyputian wrote: »

I know everyone says how bad Amigo

is taken you three and a half years since joining to make your very first post which promotes one the worse type of borrowing available ?

Unless your previous posts also promoted dodgy lending and felt the wrath of the spam button

nottoolate

Useitorloseit wrote: »

Seems to be a lot of one posters praising this company....

i expect business is slow at the Amigo office today

jonesMUFCforever

Amigo loans is the devil - the worst kind of borrowing because of the guarantor element.

SnowTiger

Useitorloseit wrote: »

Seems to be a lot of one posters praising this company....astro turfing..personally this form of lending is a reflection of the Wild West landscape we have today in regards to desperate lending by desperate people...there has to be a ethical route why not try credit unions

IMO Credit Unions aren't much better. Most promote lending over saving, and according to The Guardian are going bust at the rate of about one a month.

Pop off to most Credit Union websites and you'll find lots of info about borrowing money. You can even download application forms to complete.

What do savers get out of them? Virtually nothing, and even that isn't guaranteed.

And another one fails (14 June 2013):

A Country Armagh credit union with around 600 members has gone bust.

[...]

The FSCS said the overwhelming majority of savers will get their money back within seven days.

[...]

The last set of accounts for Carleton Credit Union showed that it had made a £37,00 provision for doubtful debts.

Due to its small size those doubtful debts were enough to tip the credit union into insolvency.

This is the second credit union in Portadown to go bust in recent months.

Lending money to people who can't or won't pay it back is never a good idea, whether it's done ethically or not.

Ethics didn't seem to do the Co-operative bank much good.

lilyputian

Proud to miss one payment? No.

Spam? No.

Lurking on behalf of Amigo? Hell no.
Frankly I don't have to explain why I haven't posted since I joined, but I will. I don't make a habit of frequenting forums, as it happens I was searching for PPI and guarantored loans out of interest and came across this thread.

The general reception received, when all I was doing was sharing my own experience, has reinforced my view of online forums.
You don't know my circumstances; don't judge.

Apples2

lilyputian wrote: »

don't judge.

I will when somebody claims taking a loan out at over 50% Apr was a good experience.

We would all fail the mse site if anyone followed down this path due to this post.

You've got to be crazy to consider applying not to mention inconsiderate and spiteful to even think of dragging other people into your mess.

Congratulations on messing up your guarantors credit file by the way.