Amigo loans sold to First Credit (Intrum?) - please help

Bill11

sourcrates said:

Bill11 said:

sourcrates said:

Bill11 said:

Questions:
1. Were they able to sell on my debt without receiving my consent, i.e. shouldn't they be certain that I have received a letter that my debt is sold? The address they have on file would definitely get the letters bounced back. Amigo never informed me over the phone either.
2. The debt that was sold - am I still being charged 50% APR on it or is it now just a fixed amount that will not increase?
3. How would be actual amount of debt owed to Intrum be calculated?
4. Do I have any recourse against Amigo? Or is it now just with Intrum?
5. Is there any way of not paying the full debt e.g. paying only 30% off considering that I have already paid in excess of 5,000 initially borrowed? 
6. Is the guarantor in the picture? Am I able to shift the debt to his name? Or guarantor is now out of the picture?
7. Once the debt was sold - does it stay on my credit rating or it's now not a formal loan anymore? i.e. it's now similar to a PCN that is outstanding and debt collector chases for.
8. Am I charged for any missing payments etc, at the moment? Any interest?

Please let me know what are my options are and whether I have any options to fight this.

Thank you for your time reading this and appreciate any help.

Cheers,
Bill

Answers.

(1) Yes, in a nutshell, the agreement you have with them will allow this.

(2) Depends if the loan defaulted, if it did, it would show the date of default on your credit file, and all interest and charges would be frozen permanantly, If it didn`t default, then it was sold as a going concern and Intrum can charge you interest as per the original agreement.

They tend not to default Guarentor loans as they have the fallback of the guarentor to chase, and to keep charging you interest as well.

(3) The same as if the loan had completed as per your agreement.

(4) Debt collectors are always open to making a deal, however you are not in the best of positions as they hold all the cards.

(5) Some people have had complaints for unafordable borrowing upheld, try a written complaint to Amigo and see how you get on.

(6) If you, the debtor, don`t pay, then they will chase the Guarentor for the full amount.

(7) Stays for 6 years from date of default, if not defaulted can be longer.

(8) Depends on answer to question (2).

Hi, thank you for your response. 

Regarding point (2) - I don't think that the loan has defaulted as I have been making monthly payments of £100 as per arrangement with Amigo. If I default on the loan - would they seek to recover it from me regardless or go to the guarantor? I am asking because at the time I had a dispute with Amigo they told me that they will go after both of us to SCC.

Regarding point (3) - so does it mean 5,000 initially borrowed + 5 years of 50% APR? And that's regardless of what I have paid so far? This is crazy.

Regarding point (4) - I assume if I refuse to pay they will just go after the guarantor? What happens in case of court proceedings?

Regarding point (5) - am I still able to do that even though the debt was passed on?

Regarding point (6) - how this will be reflected on my credit score? If i just default do I get a CCJ?

As i said, guarentor loans rarely get defaulted, this allows the loan to be sold on, (if applicable), and the full amount of interest can still be charged, and they will pursue you both, yes, thats the cost of high interest borrowing unfortunatly.

Your credit file will show the missed payments, and how much in arrears you are.

As for legal action, that is a good question, I don`t know the answer to that one, the normal rules do not apply as there is a guarentor for the loan, all i would say is its a possibility either one, or both of you may be faced with, but normally if an arrangement is made, the threat deminishes.

Thanks for your input.

My credit file so far shows only the initial amount borrowed, deducting the payments made and arrears (I believe) added, which is still slightly under the initial amount borrowed. Do you think there is an option for an arrangement to repay the initial borrowed amount and freeze any interest?  They say here - https://www.intrum.co.uk/customer/received-a-letter/customer-charter/ - that the interest is frozen, would that apply to my loan?

sourcrates

Bill11 said:

sourcrates said:

Bill11 said:

sourcrates said:

Bill11 said:

Questions:
1. Were they able to sell on my debt without receiving my consent, i.e. shouldn't they be certain that I have received a letter that my debt is sold? The address they have on file would definitely get the letters bounced back. Amigo never informed me over the phone either.
2. The debt that was sold - am I still being charged 50% APR on it or is it now just a fixed amount that will not increase?
3. How would be actual amount of debt owed to Intrum be calculated?
4. Do I have any recourse against Amigo? Or is it now just with Intrum?
5. Is there any way of not paying the full debt e.g. paying only 30% off considering that I have already paid in excess of 5,000 initially borrowed? 
6. Is the guarantor in the picture? Am I able to shift the debt to his name? Or guarantor is now out of the picture?
7. Once the debt was sold - does it stay on my credit rating or it's now not a formal loan anymore? i.e. it's now similar to a PCN that is outstanding and debt collector chases for.
8. Am I charged for any missing payments etc, at the moment? Any interest?

Please let me know what are my options are and whether I have any options to fight this.

Thank you for your time reading this and appreciate any help.

Cheers,
Bill

Answers.

(1) Yes, in a nutshell, the agreement you have with them will allow this.

(2) Depends if the loan defaulted, if it did, it would show the date of default on your credit file, and all interest and charges would be frozen permanantly, If it didn`t default, then it was sold as a going concern and Intrum can charge you interest as per the original agreement.

They tend not to default Guarentor loans as they have the fallback of the guarentor to chase, and to keep charging you interest as well.

(3) The same as if the loan had completed as per your agreement.

(4) Debt collectors are always open to making a deal, however you are not in the best of positions as they hold all the cards.

(5) Some people have had complaints for unafordable borrowing upheld, try a written complaint to Amigo and see how you get on.

(6) If you, the debtor, don`t pay, then they will chase the Guarentor for the full amount.

(7) Stays for 6 years from date of default, if not defaulted can be longer.

(8) Depends on answer to question (2).

Hi, thank you for your response. 

Regarding point (2) - I don't think that the loan has defaulted as I have been making monthly payments of £100 as per arrangement with Amigo. If I default on the loan - would they seek to recover it from me regardless or go to the guarantor? I am asking because at the time I had a dispute with Amigo they told me that they will go after both of us to SCC.

Regarding point (3) - so does it mean 5,000 initially borrowed + 5 years of 50% APR? And that's regardless of what I have paid so far? This is crazy.

Regarding point (4) - I assume if I refuse to pay they will just go after the guarantor? What happens in case of court proceedings?

Regarding point (5) - am I still able to do that even though the debt was passed on?

Regarding point (6) - how this will be reflected on my credit score? If i just default do I get a CCJ?

As i said, guarentor loans rarely get defaulted, this allows the loan to be sold on, (if applicable), and the full amount of interest can still be charged, and they will pursue you both, yes, thats the cost of high interest borrowing unfortunatly.

Your credit file will show the missed payments, and how much in arrears you are.

As for legal action, that is a good question, I don`t know the answer to that one, the normal rules do not apply as there is a guarentor for the loan, all i would say is its a possibility either one, or both of you may be faced with, but normally if an arrangement is made, the threat deminishes.

Thanks for your input.

My credit file so far shows only the initial amount borrowed, deducting the payments made and arrears (I believe) added, which is still slightly under the initial amount borrowed. Do you think there is an option for an arrangement to repay the initial borrowed amount and freeze any interest?  They say here - https://www.intrum.co.uk/customer/received-a-letter/customer-charter/ - that the interest is frozen, would that apply to my loan?

Its hard to speculate as I don`t know the circumstances of the assignment from Amigo to Intrum, my suspicion is they have bought your full debt balance (inc interest) and that is what they will be chasing you for, they themselves will not add further fee`s or charges of their own to the debt, it would have been handy to see the notice of assignment, presumebly that went to an old address ?

You can ask for a copy of the assignment notice, and a copy of the original credit agreement (CCA Request) just to assertain your position, this may take a while, so will at the very least, give you some thinking space, normally debt buyers are open to doing deals, it just depends on what terms they have bought your particular debt.

Bill11

sourcrates said:

Bill11 said:

sourcrates said:

Bill11 said:

sourcrates said:

Bill11 said:

Questions:
1. Were they able to sell on my debt without receiving my consent, i.e. shouldn't they be certain that I have received a letter that my debt is sold? The address they have on file would definitely get the letters bounced back. Amigo never informed me over the phone either.
2. The debt that was sold - am I still being charged 50% APR on it or is it now just a fixed amount that will not increase?
3. How would be actual amount of debt owed to Intrum be calculated?
4. Do I have any recourse against Amigo? Or is it now just with Intrum?
5. Is there any way of not paying the full debt e.g. paying only 30% off considering that I have already paid in excess of 5,000 initially borrowed? 
6. Is the guarantor in the picture? Am I able to shift the debt to his name? Or guarantor is now out of the picture?
7. Once the debt was sold - does it stay on my credit rating or it's now not a formal loan anymore? i.e. it's now similar to a PCN that is outstanding and debt collector chases for.
8. Am I charged for any missing payments etc, at the moment? Any interest?

Please let me know what are my options are and whether I have any options to fight this.

Thank you for your time reading this and appreciate any help.

Cheers,
Bill

Answers.

(1) Yes, in a nutshell, the agreement you have with them will allow this.

(2) Depends if the loan defaulted, if it did, it would show the date of default on your credit file, and all interest and charges would be frozen permanantly, If it didn`t default, then it was sold as a going concern and Intrum can charge you interest as per the original agreement.

They tend not to default Guarentor loans as they have the fallback of the guarentor to chase, and to keep charging you interest as well.

(3) The same as if the loan had completed as per your agreement.

(4) Debt collectors are always open to making a deal, however you are not in the best of positions as they hold all the cards.

(5) Some people have had complaints for unafordable borrowing upheld, try a written complaint to Amigo and see how you get on.

(6) If you, the debtor, don`t pay, then they will chase the Guarentor for the full amount.

(7) Stays for 6 years from date of default, if not defaulted can be longer.

(8) Depends on answer to question (2).

Hi, thank you for your response. 

Regarding point (2) - I don't think that the loan has defaulted as I have been making monthly payments of £100 as per arrangement with Amigo. If I default on the loan - would they seek to recover it from me regardless or go to the guarantor? I am asking because at the time I had a dispute with Amigo they told me that they will go after both of us to SCC.

Regarding point (3) - so does it mean 5,000 initially borrowed + 5 years of 50% APR? And that's regardless of what I have paid so far? This is crazy.

Regarding point (4) - I assume if I refuse to pay they will just go after the guarantor? What happens in case of court proceedings?

Regarding point (5) - am I still able to do that even though the debt was passed on?

Regarding point (6) - how this will be reflected on my credit score? If i just default do I get a CCJ?

As i said, guarentor loans rarely get defaulted, this allows the loan to be sold on, (if applicable), and the full amount of interest can still be charged, and they will pursue you both, yes, thats the cost of high interest borrowing unfortunatly.

Your credit file will show the missed payments, and how much in arrears you are.

As for legal action, that is a good question, I don`t know the answer to that one, the normal rules do not apply as there is a guarentor for the loan, all i would say is its a possibility either one, or both of you may be faced with, but normally if an arrangement is made, the threat deminishes.

Thanks for your input.

My credit file so far shows only the initial amount borrowed, deducting the payments made and arrears (I believe) added, which is still slightly under the initial amount borrowed. Do you think there is an option for an arrangement to repay the initial borrowed amount and freeze any interest?  They say here - https://www.intrum.co.uk/customer/received-a-letter/customer-charter/ - that the interest is frozen, would that apply to my loan?

Its hard to speculate as I don`t know the circumstances of the assignment from Amigo to Intrum, my suspicion is they have bought your full debt balance (inc interest) and that is what they will be chasing you for, they themselves will not add further fee`s or charges of their own to the debt, it would have been handy to see the notice of assignment, presumebly that went to an old address ?

You can ask for a copy of the assignment notice, and a copy of the original credit agreement (CCA Request) just to assertain your position, this may take a while, so will at the very least, give you some thinking space, normally debt buyers are open to doing deals, it just depends on what terms they have bought your particular debt.

Thanks for the response.

So technically, in a nutshell, worst case scenario is that even if I don't pay until they establish the contact with me they will not add further interest on top or any arrears, but the total debt fill be fixed as per agreement with Amigo that Intrum bought, i.e. initial amount borrowed + 50% APR x number of years?

I didn't get any notification in any way from those guys, and I am bit reluctant to contact those guys myself first as well. 

I also do believe that I have quite strong case to file with FOS against Amigo for the amount borrowed due to the circumstances.

sourcrates

That is correct, yes.

If you do make a complaint, you do so to Amigo in the first instance, only if you are unhappy with their response do you escalate to the FOS.

Bill11

sourcrates said:

That is correct, yes.

If you do make a complaint, you do so to Amigo in the first instance, only if you are unhappy with their response do you escalate to the FOS.

I had a complaint with Amigo with their final response around September 2018 which I was not happy with. Do you think I can still use that today to go directly to the FOS?

DCFC79

Bill11 said:

DCFC79 said:

John_ said:

Bill11 said:

Not sure how that is a concern on my end, if anything, borrowing at 50% APR for a holiday surely should raise some concerns on the borrower's side.

I also checked my ClearScore by equifax, and  I can see that the loan is still with Amigo and the amount is 4800. Does it mean that Intrum will try to recover 4800 from me or they will try to recover 4800 + arrears + any interest on top? How does it work?

This really doesn’t make sense. If your friend had good enough credit to be a guarantor then he had good enough credit to borrow himself, so why did you act as guarantor?
Anyway, you committed fraud on the application, and this isn’t a good reason to try to get out of your obligations.

I understood the friend was the guarantor.

That's correct, the friend was a guarantor.

Regardless of what John_ said, I could say that I want to borrow money to build a rocket and fly to the moon, it's for the lender to assess whether the reason given is credible and appropriate. I doubt that you understand that legal concept of fraud John, therefore I would ask you to refrain from any further comments, cheers pal.

I didn't act as a guarantor. My friend at that time was fully loaded on credit already, therefore he couldn't borrow any more money. Considering how Amigo performed their checks, i.e. "no checks" at all, it's no surprise he qualified to be a guarantor. 

Your credit score is only seen by you, your history is whats important.

Re 3 it is crazy but its what was agreed when you signed the agreement
Re 4 if you fail to pay then yes they will go after the guarantor, thats the whole idea of the loans,  this would be detailed in the agreement you signed.
Re 6 if you default, you might get a ccj or the debt owner might want to work with you to agree on a repayment plan, depends how aggressive they want to be.

Give a complaint for unaffordable borrowing a go, you might be lucky and it gets written off.

Re asking John not to post on here anymore, well you can certainly ask but he can still post, you might not like what he posts but thats life.

Bill11

DCFC79 said:

Bill11 said:

DCFC79 said:

John_ said:

Bill11 said:

Not sure how that is a concern on my end, if anything, borrowing at 50% APR for a holiday surely should raise some concerns on the borrower's side.

I also checked my ClearScore by equifax, and  I can see that the loan is still with Amigo and the amount is 4800. Does it mean that Intrum will try to recover 4800 from me or they will try to recover 4800 + arrears + any interest on top? How does it work?

This really doesn’t make sense. If your friend had good enough credit to be a guarantor then he had good enough credit to borrow himself, so why did you act as guarantor?
Anyway, you committed fraud on the application, and this isn’t a good reason to try to get out of your obligations.

I understood the friend was the guarantor.

That's correct, the friend was a guarantor.

Regardless of what John_ said, I could say that I want to borrow money to build a rocket and fly to the moon, it's for the lender to assess whether the reason given is credible and appropriate. I doubt that you understand that legal concept of fraud John, therefore I would ask you to refrain from any further comments, cheers pal.

I didn't act as a guarantor. My friend at that time was fully loaded on credit already, therefore he couldn't borrow any more money. Considering how Amigo performed their checks, i.e. "no checks" at all, it's no surprise he qualified to be a guarantor. 

Your credit score is only seen by you, your history is whats important.

Re 3 it is crazy but its what was agreed when you signed the agreement
Re 4 if you fail to pay then yes they will go after the guarantor, thats the whole idea of the loans,  this would be detailed in the agreement you signed.
Re 6 if you default, you might get a ccj or the debt owner might want to work with you to agree on a repayment plan, depends how aggressive they want to be.

Give a complaint for unaffordable borrowing a go, you might be lucky and it gets written off.

Re asking John not to post on here anymore, well you can certainly ask but he can still post, you might not like what he posts but thats life.

Should I complain to FOS directly regarding Amigo regardless of the loan being sold?

DCFC79

Bill11 said:

DCFC79 said:

Bill11 said:

DCFC79 said:

John_ said:

Bill11 said:

Not sure how that is a concern on my end, if anything, borrowing at 50% APR for a holiday surely should raise some concerns on the borrower's side.

I also checked my ClearScore by equifax, and  I can see that the loan is still with Amigo and the amount is 4800. Does it mean that Intrum will try to recover 4800 from me or they will try to recover 4800 + arrears + any interest on top? How does it work?

This really doesn’t make sense. If your friend had good enough credit to be a guarantor then he had good enough credit to borrow himself, so why did you act as guarantor?
Anyway, you committed fraud on the application, and this isn’t a good reason to try to get out of your obligations.

I understood the friend was the guarantor.

That's correct, the friend was a guarantor.

Regardless of what John_ said, I could say that I want to borrow money to build a rocket and fly to the moon, it's for the lender to assess whether the reason given is credible and appropriate. I doubt that you understand that legal concept of fraud John, therefore I would ask you to refrain from any further comments, cheers pal.

I didn't act as a guarantor. My friend at that time was fully loaded on credit already, therefore he couldn't borrow any more money. Considering how Amigo performed their checks, i.e. "no checks" at all, it's no surprise he qualified to be a guarantor. 

Your credit score is only seen by you, your history is whats important.

Re 3 it is crazy but its what was agreed when you signed the agreement
Re 4 if you fail to pay then yes they will go after the guarantor, thats the whole idea of the loans,  this would be detailed in the agreement you signed.
Re 6 if you default, you might get a ccj or the debt owner might want to work with you to agree on a repayment plan, depends how aggressive they want to be.

Give a complaint for unaffordable borrowing a go, you might be lucky and it gets written off.

Re asking John not to post on here anymore, well you can certainly ask but he can still post, you might not like what he posts but thats life.

Should I complain to FOS directly regarding Amigo regardless of the loan being sold?

You really should complain to the lender first, if not a satisfactory answer after i believe 8 weeks then the FOS.

Bill11

DCFC79 said:

Bill11 said:

DCFC79 said:

Bill11 said:

DCFC79 said:

John_ said:

Bill11 said:

Not sure how that is a concern on my end, if anything, borrowing at 50% APR for a holiday surely should raise some concerns on the borrower's side.

I also checked my ClearScore by equifax, and  I can see that the loan is still with Amigo and the amount is 4800. Does it mean that Intrum will try to recover 4800 from me or they will try to recover 4800 + arrears + any interest on top? How does it work?

This really doesn’t make sense. If your friend had good enough credit to be a guarantor then he had good enough credit to borrow himself, so why did you act as guarantor?
Anyway, you committed fraud on the application, and this isn’t a good reason to try to get out of your obligations.

I understood the friend was the guarantor.

That's correct, the friend was a guarantor.

Regardless of what John_ said, I could say that I want to borrow money to build a rocket and fly to the moon, it's for the lender to assess whether the reason given is credible and appropriate. I doubt that you understand that legal concept of fraud John, therefore I would ask you to refrain from any further comments, cheers pal.

I didn't act as a guarantor. My friend at that time was fully loaded on credit already, therefore he couldn't borrow any more money. Considering how Amigo performed their checks, i.e. "no checks" at all, it's no surprise he qualified to be a guarantor. 

Your credit score is only seen by you, your history is whats important.

Re 3 it is crazy but its what was agreed when you signed the agreement
Re 4 if you fail to pay then yes they will go after the guarantor, thats the whole idea of the loans,  this would be detailed in the agreement you signed.
Re 6 if you default, you might get a ccj or the debt owner might want to work with you to agree on a repayment plan, depends how aggressive they want to be.

Give a complaint for unaffordable borrowing a go, you might be lucky and it gets written off.

Re asking John not to post on here anymore, well you can certainly ask but he can still post, you might not like what he posts but thats life.

Should I complain to FOS directly regarding Amigo regardless of the loan being sold?

You really should complain to the lender first, if not a satisfactory answer after i believe 8 weeks then the FOS.

I did that before, but it was in 2018, can I still use their response to go to FOS?

jonesMUFCforever

My understanding is that you have 6 months from the final outcome of your complaint with the lender to go to the Ombudsman.
So IMO if you try to do so they may decline you as being out of time.