Amigo / FLM Loans - Guarantors Please be careful!!

sistafromanothermista

DCFC79 wrote: »

Im sure Ive said before that all Amigo Loans are doing is providing a service, I like to believe that people are of an age where they can make their own decisions, if they dont understand anything they can ask a family member/friend to explain it in easier terms.

I like to think people are free to do what they want with they're own money.

DCFC79, I don't think you've been impolite at all.
I completely agree with what you have said above.
They are providing a service
No-one forces people to take out one of these loans, if the applicant and associate do not read/understand the terms of the agreement then no-one is making them sign!!!!!

FinanceForEveryone

I think 'be especially nice' was the words I used, not 'impolite'.

In any case, I'm now been promoted from 'Newbie' to 'MoneySaving Convert
- 1 star'!!!! Baptism of fire...!? 'Congratulations' could be warranted :-)

meer53

All payday loans provide a service. If people choose to use their services without doing their own research then it's their own fault if things don't quite go as planned. I don't really understand what the OP is trying to achieve with their posts. The PDL companies don't hide anything, all the information is there if you care to look.

Troll springs to mind.

sistafromanothermista

FinanceForEveryone wrote: »

I think 'be especially nice' was the words I used, not 'impolite'.

In any case, I'm now been promoted from 'Newbie' to 'MoneySaving Convert
- 1 star'!!!! Baptism of fire...!? 'Congratulations' could be warranted :-)

:j Congratulations on your promotion

DCFC79

FinanceForEveryone wrote: »

I think 'be especially nice' was the words I used, not 'impolite'.

In any case, I'm now been promoted from 'Newbie' to 'MoneySaving Convert
- 1 star'!!!! Baptism of fire...!? 'Congratulations' could be warranted :-)

Ok so you didnt use polite but was especially nice which I was but thats your view.

Tiddlywinks

FinanceForEveryone wrote: »

Trouble is we all know that people don't read these thing carefully, they're rushed into it and don't give things the proper time and attention they deserve, often not seeing the obvious, the wood-through-the-trees etc. - e.g. "hang about, why don't I just lend them the money myself, get an agreement in writing, and cut out this expensive redundant service?"

It's a legally binding agreement that they are entering into - they NEED to read it or suffer the consequences - that is the responsibility that comes with entering into the agreement.

Why do you persist in saying that the would-be guarantor should become the lender and cut out the middle man?

This is a naive suggestion at best - not everyone that has the assets or status to be a guarantor will have the liquid assets to supply a cash loan.

FinanceForEveryone wrote: »

Fixated? I think frustrated and exasperated by all their misleading statements would a better descriptions...that companies like this are can even advertise on TV and declare themselves to be more moral than banks...or 'how things used to be"?

If you feel leaflets or adverts are misleading then complain to the appropriate regulator - they are paid to consider your complaint and see if it has merit; whereas, simply repeating yourself here only serves to frustrate us all.

FinanceForEveryone

Sorry for pointing out the obvious....but if people aren't interested in this post, why don't they just click on a post, read and respond to one they are interested in?

Why do you persist in saying that the would-be guarantor should become the lender and cut out the middle man?

This is a naive suggestion at best - not everyone that has the assets or status to be a guarantor will have the liquid assets to supply a cash loan.

So you don't think that in the vast majority of cases, if you have a Guarantor that is a homeowner, they are not perfectly positioned to be able to get a loan themselves from their bank and lend it to their friend, or relative, at a much lower interest rate than Amigo Loans are offering?

In my view it's a redundant and overtly profiteering service. I just wish more people would realise this, and in particular, on money saving forums like this not try to defend what companies like this are doing :-( !!!

_Andy_

I like turtles.

sistafromanothermista

Profiteering from the stupid and ill educated.....

If you are too stupid to understand the consequences then.....

FinanceForEveryone

I like turtles too...much preferable to sharks