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Amigo loan query

7 replies 373 views
veimveim Forumite
6 posts
First Post Photogenic
MoneySaving Newbie
Due to being young and stupid I took out one of these horrific loans. My original agreement is £xxx per month for 60 months.  My first payment was Jul 2015 so I would expect my last payment to be June 2020 however the outstanding balance Amigo claim I owe will take me over the 60 monthly payments?  Are they allowed to do this?  I’ve never missed a payment with them so can’t understand why I would have to pay more than the 60 monthly payments.

Replies

  • zx81zx81 Forumite
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    You'll only make the payment specified in the contract if you make them on time and don't miss any.
  • sourcratessourcrates Forumite, Board Guide
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    What does it say on your credit agreement ?
    Do you still have a copy, if not make a request for one, under sec 77/79 CCA.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
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  • Clive_WoodyClive_Woody Forumite
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    veim said:
    Due to being young and stupid I took out one of these horrific loans. My original agreement is £xxx per month for 60 months.  My first payment was Jul 2015 so I would expect my last payment to be June 2020 however the outstanding balance Amigo claim I owe will take me over the 60 monthly payments?  Are they allowed to do this?  I’ve never missed a payment with them so can’t understand why I would have to pay more than the 60 monthly payments.
    Did your contract say an initial payment of £xxx followed by 60 payments of £xxx
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • veimveim Forumite
    6 posts
    First Post Photogenic
    MoneySaving Newbie
    Hi agreement states 60 payments at £xxx
  • Clive_WoodyClive_Woody Forumite
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    veim said:
    Hi agreement states 60 payments at £xxx
    Give them a call and ask why they are asking for more to be paid than was in your agreement.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • veimveim Forumite
    6 posts
    First Post Photogenic
    MoneySaving Newbie
    veim said:
    Hi agreement states 60 payments at £xxx
    Give them a call and ask why they are asking for more to be paid than was in your agreement.
    I plan to.  Just wondered if anyone else has experienced the same with Amigo.  
  • edited 16 February at 10:59AM
    veimveim Forumite
    6 posts
    First Post Photogenic
    MoneySaving Newbie
    edited 16 February at 10:59AM
    If an agreement states £xxx over x amount months can they charge you extra monthly payments on top of this claiming it was because of the timeframe from the loan being paid to the first payment being made? Just want to know where I stand on this before I take it further.  No mention of extra payments in any correspondence or agreement. 
    Thanks
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