Amigo loans can I claim against them for being a guarantor?

Wjb92

I stupidly agreed to be a guarantor for a supposed friend on two loans one with amigo and one with bamboo. She stopped paying them and I have been left with a very big debt and a ccj because of her irresponsibility. Can I claim any money back from either company for being misold loans and checking if I was able to afford the repayments?

[Deleted User]

No.      

Willing2Learn

If you satisfy certain conditions, then you may have a reason to complain (as the guarantor)…
https://debtcamel.co.uk/amigo-complaints-by-guarantor/

DCFC79

Wjb92 said:

I stupidly agreed to be a guarantor for a supposed friend on two loans one with amigo and one with bamboo. She stopped paying them and I have been left with a very big debt and a ccj because of her irresponsibility. Can I claim any money back from either company for being misold loans and checking if I was able to afford the repayments?

Were you aware of the possible consequences of being a guarantor ?

SnowTiger

Wjb92 said:

I stupidly agreed to be a guarantor for a supposed friend on two loans one with amigo and one with bamboo. She stopped paying them and I have been left with a very big debt and a ccj because of her irresponsibility. Can I claim any money back from either company for being misold loans and checking if I was able to afford the repayments?

You can complain: Amigo Loans and Bamboo Loans.

Having a CCJ against you suggests you've let this rumble on for a long time.

Both companies make it clear to guarantors what the deal is; both companies also pay the loan in to the guarantor's account, who then passes it on the 'borrower'.

Obviously you, Amigo Loans and Bamboo Loans believed you could afford repayments when the loans were taken out.

Clive_Woody

Wjb92 said:

I stupidly agreed to be a guarantor for a supposed friend on two loans one with amigo and one with bamboo. She stopped paying them and I have been left with a very big debt and a ccj because of her irresponsibility. Can I claim any money back from either company for being misold loans and checking if I was able to afford the repayments?

Why did you agree to be guarantor if you knew that you couldn't afford repayments?

sassy_one

Let's get this right...

You AGREED wilfully to be a guarantor on a loan.
Knowing what you signed for, the contract, the terms.

And you want to claim against THEM? Because they enforced the agreement you signed?

Sorry, am I missing something here?
Suggest you think about what you sign in future.

In response to you post, unless its already not been made clear, no you cannot.

sassy_one

SnowTiger said:

Wjb92 said:

I stupidly agreed to be a guarantor for a supposed friend on two loans one with amigo and one with bamboo. She stopped paying them and I have been left with a very big debt and a ccj because of her irresponsibility. Can I claim any money back from either company for being misold loans and checking if I was able to afford the repayments?

You can complain: Amigo Loans and Bamboo Loans.

Having a CCJ against you suggests you've let this rumble on for a long time.

Both companies make it clear to guarantors what the deal is; both companies also pay the loan in to the guarantor's account, who then passes it on the 'borrower'.

Obviously you, Amigo Loans and Bamboo Loans believed you could afford repayments when the loans were taken out.

Considering they approved the loan and the OP signed the agreement, I presume someone told some fairytales on the income part of the application, which in turn is application fraud and conspiracy to commit fraud by misrepresentation.

I'd suggest the OP avoids any complaint at all, as they'll be digging an already shallow grave.

Willing2Learn

sassy-one said:

Considering they approved the loan and the OP signed the agreement, I presume someone told some fairytales on the income part of the application, which in turn is application fraud and conspiracy to commit fraud by misrepresentation.

I'd suggest the OP avoids any complaint at all, as they'll be digging an already shallow grave.

Some FOS decisions could indicate the opposite is true.

https://debtcamel.co.uk/payday-lender-says-lied/

glennstar

It's a difficult situation, isn't it? Amigo (not sure about Bamboo) are a bunch of scoundrels but at the same time you signed a contract. I would go back to both companies, explain there were some irregularities and ask them to put the agreements aside. If your luck holds you might be able to get yourself on the CIFAS list as well as a CCJ for your troubles.
On a constructive point, chose your friends more carefully in future and never stand guarantor unless you can afford to pay the loan yourself.

foxy-stoat

The answer to the OP's question is in post #2.
Thread should be closed as everything else isn't helping the poor sap.....my post including.