Amigo loans 24 month turned into 26??

pete_pamplemoose

Hi all.

2 years ago took out a loan with Amigo, 24 monthly repayments of 309.08 total repayment 7417.

They are currntly advertising the same offer on the website, ie borrow 5000 repay 24 payments of 309.08 over 24 months.

Ok so my last (24th) payment due this month but after its paid there is still an amount of £470 remaining on the account.

So i havent missed any payments, one or two have been a couple of days late over the 2 years and have incured a couple of quid extra intrest, but it seems they are contributing the extra 470 odd quid down to me changing the repaymnet date from the 10th of the month to the 30th one paticular month, and the fact that they paid out on the 15th of feb and didnt take the first payment untill the 10th april as it needed to be a full calender month before the first payment was taken.

Does this sound fair? they are insistant i pay it, and ended the conversation with the usual if you dont pay it we will take it from your guaranteur speech.

I though an agreement on loan was final x amount of paymnets over a period of time job done, i could undertand if i was in arrears or late payments charges but no.

Anyone any advice??

CHR15

You awarded yourself a fee month by not paying for 20 days, and were late paying on other occasions so it sounds about right to me.
All those days you didn't make payments all accrued more interest than you would have attracted if you had paid on time.

DCFC79

I agree with previous poster, might have only been a few days late but you didn't stick to the agreement.

pete_pamplemoose

DCFC79 wrote: »

I agree with previous poster, might have only been a few days late but you didn't stick to the agreement.

ERM, yes i did.

They are perfectly happy to let you change the repayment date, its done online, 2 clicks of the mouse, no penalties, nothing.

Well nothing advertised obviously.

Asn for being late a couple of times ive been looking at the statments and it seems it caused a massive 7-10 quid in extra intrest, was caused by dd bouncing at which point they successfully charged my card.

Nothing in the statements show where this xtra is from, the first months interest was approx 100 quid more than the second, still doesnt add up to nearly 500.

As for the 20 days i never asked for it, i just applied mid month, asked ofr the repayment to be on pay day ie the 10th and thats how it panned out.

pete_pamplemoose

For clarity anyone know how much this should have added to the repaymnet amount, £5000 payed back over 24 months at 309.08 per month.

That initial 20 days of intrest before the first payment, would this really be over 400 quid?

[Deleted User]

Wonder how it'll show on your credit report? any leverage there?
Feel sorry for you OP really I can, similar happened to me when I changed a payment date with a short term loan provider really but not to this extent

Absolute all credit to you for paying - you remember that, in sentimental tribe I always like to think it'll pay off one day in another way?

pete_pamplemoose

Deleted%20User wrote: »

Wonder how it'll show on your credit report? any leverage there?
Feel sorry for you OP really I can, similar happened to me when I changed a payment date with a short term loan provider really but not to this extent

Absolute all credit to you for paying - you remember that, in sentimental tribe I always like to think it'll pay off one day in another way?

Never any question of me not paying, even now looking like ill have to pay this xtra, just galls that after repaying so much for the agread amount of time i now have nearly 2 xtra repayments to make for having done very little wrong.

If it wasnt for the guaranteur they wouldnt see penny one i can assure you.

DCFC79

Ask them for a breakdown of the £470.

Maybe try complaining if that don't get you anywhere, maybe try the fos if the complaint don't work.

SnowTiger

pete_pamplemoose wrote: »

For clarity anyone know how much this should have added to the repaymnet amount, £5000 payed back over 24 months at 309.08 per month.

That initial 20 days of intrest before the first payment, would this really be over 400 quid?

It appears that you also extended the loan by an additional twenty days when you changed the payment date from the 10th to the 30th of the month.

£470 does seem a lot.

Are you sure you've made 24 payments? You have 24 payments of £309.08 leaving your bank account?

CHR15

pete_pamplemoose wrote: »

ERM, yes i did.

They are perfectly happy to let you change the repayment date, its done online, 2 clicks of the mouse, no penalties, nothing.

ERM, no you didn't.

Them making it easy is a country mile away from them not charging you for doing so. If it were penalty free, you could simply move evey payment right and never repay the loan.

Remember that astonishing interest rate on your loan which even from the outset led you to agree to repay nearly £7.5k on just a £5k loan?
This is the result. By not making your payment you incurred a shed load more in interest piling on your account BUT...you still only repaid at the same amount each month so you incurred more interest each and every month from that point onward, same for the late payments.

If your gurantor had taken a £5k loan with his own bank even at a poor rate of 9.9%, you would have repaid just £500 more than the £5k you borrowed. He could have given you the money and it would have been in distant memory now, all paid up and forgotton.

You won't find anyone on here recommending Amigo, or any other guarantor loan.

PeacefulWaters

Sounds like miscounting the number of payments made / to be made plus 20 days interest plus a few extra days interest for late paying to me.

When the APRs nudging 50% don't expect cheap!