Are Amigo loans going into administration?

greenredblue

Has anyone heard if Amigo loans are going or about to go into administration?
Have just been looking on fb and Twitter and people have been waiting for over 2 weeks for someone to contact them and they have switched off their phone lines due to an 'unexpected busy period'

DCFC79

greenredblue said:

Has anyone heard if Amigo loans are going or about to go into administration?
Have just been looking on fb and Twitter and people have been waiting for over 2 weeks for someone to contact them and they have switched off their phone lines due to an 'unexpected busy period'

I assume you searched on google.

Can't see anything, the share price has dropped.

soolin

It has apparently been up for sale since January 
https://inews.co.uk/news/business/amigo-loans-sale-share-price-guarantor-lender-1376475

LifesAGamble

I am all for businesses making a profit, but one of the exceptions to my general view is Amigo.

This is a nasty company, preying on people who dont fully understand the implications of being a guarantor, and the subsequent misery that ensues when said guarantor is all to often faced with repaying a loan that wasn't theirs.
Guarantor loans should be banned for 2 reasons, people dont fully understand the implications until its too late, and people being almost forced to be guarantors by the borrower using loyalty, guilt and or force.
IMO its far worse than the PPI scandal and hopefully in time the FCA will order a refund to every guarantor who has had to repay someone elses loan.

John_

LifesAGamble said:

I am all for businesses making a profit, but one of the exceptions to my general view is Amigo.

This is a nasty company, preying on people who dont fully understand the implications of being a guarantor, and the subsequent misery that ensues when said guarantor is all to often faced with repaying a loan that wasn't theirs.
Guarantor loans should be banned for 2 reasons, people dont fully understand the implications until its too late, and people being almost forced to be guarantors by the borrower using loyalty, guilt and or force.
IMO its far worse than the PPI scandal and hopefully in time the FCA will order a refund to every guarantor who has had to repay someone elses loan.

They explain really clearly what being a guarantor means, and if they still choose to guarantee it then you can’t blame the company.

diggingdude

LifesAGamble said:

I am all for businesses making a profit, but one of the exceptions to my general view is Amigo.

This is a nasty company, preying on people who dont fully understand the implications of being a guarantor, and the subsequent misery that ensues when said guarantor is all to often faced with repaying a loan that wasn't theirs.
Guarantor loans should be banned for 2 reasons, people dont fully understand the implications until its too late, and people being almost forced to be guarantors by the borrower using loyalty, guilt and or force.
IMO its far worse than the PPI scandal and hopefully in time the FCA will order a refund to every guarantor who has had to repay someone elses loan.

Cigarettes can kill some people, we all know this but some choose to smoke.  The people to blame are not those providing a legally acceptable service, but those who prey on friends/family to take the loan despite knowing they are scumbags who won't repay it

pelirocco

Ive checked the last accounts to be submitted for amigo loans ltd ( they have a few companies  )their shareholder funds were 247 million
So probably unlikely they are going into administration 

[Deleted User]

Of course they are going into administration, when short term lenders now have to be 'granted access' to your bank account or at minimum see 3 payslips (more if paid more frequently) - I cannot begin to explain the humiliation when you have to ask a short term lender Aka payday lender to decline your application in favour of benefit fraud. When sick of explaining you only have one credit card and in x amount of years have never borrowed from Paul to give to
Peter where that's concerned.
seems good old Martin got his wish at the right time! Convenient when Universal Credit is such a mess, the job scene never worse. Just think in years time there shall be no need for the debt free wannabe forum not when the finance industry has collapsed.
lets all get down the bookies with our house deeds. That's how bonkers being a guarantor is. Who the hell would risk their house on a mate.

boo_star

Deleted User said:

Of course they are going into administration, when short term lenders now have to be 'granted access' to your bank account or at minimum see 3 payslips (more if paid more frequently) - I cannot begin to explain the humiliation when you have to ask a short term lender Aka payday lender to decline your application in favour of benefit fraud. When sick of explaining you only have one credit card and in x amount of years have never borrowed from Paul to give to
Peter where that's concerned.
seems good old Martin got his wish at the right time! Convenient when Universal Credit is such a mess, the job scene never worse. Just think in years time there shall be no need for the debt free wannabe forum not when the finance industry has collapsed.
lets all get down the bookies with our house deeds. That's how bonkers being a guarantor is. Who the hell would risk their house on a mate.

Amigo aren't a payday lender.

I know this may sound a little crass but I think you have mental health issues that are undiagnosed or not being properly medicated.  You always seem to be going off topic and talking about completely irrelevant nonsense.

Seek help?

MalMonroe

Amigo Loans announced they were 'up for sale' on 27 January 2020. There doesn't seem to be any further news available since then about what is or is not happening. The founder, James Benamor is a billionaire. Those who take out Amigo Loans are not, and never will be. Legal or not, companies like this make money out of vulnerable people who are desperate and I for one think it's despicable. diggingdude's analogy to smoking cigarettes is just nonsense. Being addicted to nicotine bears no correlation to having no money!

poppy10_2

Amigo loans were being kept afloat by well known sucker Neil Woodford pumping money into them. Now that he has gone bust, the company won't last long