Amigo Loans Irresponsible lending complaints thread

[Deleted User]

AndyPrecious wrote: »

Yes, I shouldn't have signed up etc... But when you need assistance, you need assistance.

And that's fine, as long as both you and the guarantor know what you're signing up to.

Dr_Crypto

So what’s the alternative? Go back to all loans being from a customer’s own bank and even then only after an interview with a bank manager? Basically restrict loans and credit to the well off. Those who aren’t in such a position can borrow from friendly doorstep lenders who’ll break their legs with a smile.

Davy_Jones_II

robboa wrote: »

and before all the trolls, muppets and people on their high horses come along to troll me. I paid every penny back to amigo.

That’s not really true any more though. You paid it back, complained that you had to pay it back, and have now had it given back to you.

Amigo we’re right to put you in the high risk category, you are now one of those to whom they lent money, took a risk on, and who did indeed prove to be a bad bet.

Given that you’ve had a windfall here, will you be donating it to a good cause?

[Deleted User]

robboa wrote: »

That 83 percent figure is before the case has to go the ombudsmand those 49 are complaints that have gone to the ombudsman.

The 83 percent are the adjudicators being sided with the debtor and people finally getting their money back.

I literally never asked anyone to come on here and judge - i asked for success stories. So sorry i handed over 12k in interest - sorry i had bad credit and had to take an amigo loan.

Go and troll another user

YOU, as an adult, made the choice to apply and take the loan. YOU made the choice to pay that interest. No one else did. YOU did. No one forced you to borrow money. YOUR choices have made you be in the position you are or were in.

And yet you post on here about how terrible the company is that lent you the money. I have empathy for people who are in a difficult position and have to make difficult choices. But I have little time for those who blame everyone else but themselves for their own situation.

poppy10_2

Dr_Crypto wrote: »

So what’s the alternative? Go back to all loans being from a customer’s own bank and even then only after an interview with a bank manager? Basically restrict loans and credit to the well off.

Restricting loans and credit to those with the ability to repay them. Anything else is irresponsible

Willing2Learn

poppy10 wrote: »

Restricting loans and credit to those with the ability to repay them. Anything else is irresponsible

Exactly. Amigo and other similar companies have been handing out their money to people who clearly will not be able to afford the monthly repayments. An example of a flawed business model that is being 'guided' into lending more responsibly by the FOS.

Willing2Learn

robboa wrote: »

So despite everyone going off topic i hope people complain and get some money back!

Well done robboa! Hopefully companies such as Amigo will learn a valuable lesson and improve their product delivery model, so that customers who will not be able to afford the monthly repayments will be screened out and have their application declined.

boo_star

Willing2Learn wrote: »

Exactly. Amigo and other similar companies have been handing out their money to people who clearly will not be able to afford the monthly repayments. An example of a flawed business model that is being 'guided' into lending more responsibly by the FOS.

But that doesn't apply to the OP. They did repay all their loans.

Willing2Learn

boo_star wrote: »

But that doesn't apply to the OP. They did repay all their loans.

I know. I am talking about the general principal of irresponsible and unaffordable lending...

Davy_Jones_II

I do wonder if the people complaining about irresponsible lending would have been on here complaining about how unfair it was if they had been rejected for credit.

Actually, no, I don’t wonder; of course they would have.

That’s the direction in which we are heading. These high rates of interest are appropriate for this sort of borrower. Ban the interest or hold companies responsible for not doing a full background check and they will simply withdraw from the market and people like the OP can go back to borrowing from the people down the pub who’ll cut you up a bit with a knife if you fall behind.