Amigo Loans Refund ?


The FOS had dealt with my complaint and agreed it was irresponsible lending so they agreed with the outcome being fair on the facts of that the loan amount borrowed was £7500 and the 25 payments I had made towards it was £7411 so they let me off kind of with £89 of the loan amount I had borrowed 

But my issue is my guarantor made a further 12 payments in the year running up to the complaint of £296.44 as it was agreed between myself and my guarantor for me to pay them as my work had changed and I was unable to change payment date on loan 

I have read elsewhere that where a loan complaint is upheld they should refund the guarantor payments back to them plus business interest 
In total 37 payments were made to the loan 25 being the borrower (myself) and then 12 by the guarantor all at £296.44 

Now my guarantor has had to complain to be refunded I was just asking if this is correct as it should of been offered the day my complaint (the borrower ) was upheld 
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Comments

  • sourcrates
    sourcrates Posts: 31,060 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 12 February 2020 at 8:20PM
    Hi,

    Your information is incorrect.
    You do not get a refund of capital, just the interest and any charges you may have paid, plus interest at 8%.
    You may in some circumstances have any remaining balance written off, but not always.
    You have had the benefit of the loan, so it’s only right you should repay it, however if once all interest and charges are deducted,  you have paid more than was initially borrowed, you should get a refund of the difference.
    That is the starting point the FOS take, it’s on their website, have a look.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • But the interest would of been the over payment from the guarantor would it not ?the loan amount borrowed was £7500  As in total the amount paid was £10, 968 
    37 payments of £296.44 in total 
    25 x £296.44 made by myself which is £7411 
    12 x 296.44 made by guarantor which is £3557 
  • Hi @jack71 , on debt camel it gives you a template how to complain including what you need to complain 
  • sourcrates
    sourcrates Posts: 31,060 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 17 February 2020 at 3:12PM
    KingBC said:
    Hi @jack71 , on debt camel it gives you a template how to complain including what you need to complain 
    Best not to quote spam posts.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • My Grandson took out a loan I was guarantor, stupidly I didn’t read ALL of the Ts n Cs he has made 2x payments and now lost his job Amigo are pestering me now 
    what are my options I am prepared to pay off the loan out of my pension pot but not the interest any advice most welcome 
  • Hi Pauline,

    Have a read of the following article from DebtCamel:
    https://debtcamel.co.uk/amigo-complaints-by-guarantor/


    Read in full as there may be a solution.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Have a look on debt camel @paulineB they have advice about how to complain and templates to forward onto the complaints team at amigo 
  • If you don't pay the interest, then you'll default on the loan the same as he has.

    You may as well default on the full sum if you're not prepared to pay the full amount and try to negotiate a settlement after a few months once your credit file is trashed.  However, be aware they will not give up on the money easily, as they're used to high risk borrowers.
  • I was a guarantor for a friend who got a loan out with amigos they didn't check out his financial status at the time he was already in so much debt and was on a month to month contract at work which I didn't know can I complain
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 24 August 2020 at 1:48PM
    Anyone can complain about anything.

    Whether it's worth it depends on the complaint and the evidence.
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