Amigo loan sold for First Credit (Intrum?) - please help

Bill11

sourcrates said:

Bill why have you posted this again ???

Apologies, did so based on the advice, given in the initial thread.

Bill11

EimearF said:

Lenders are not life coaches, you are an adult and if you want to take out a 50% loan to go on holiday and you can make repayments then that is your choice. 50% isnt a good interest rate but its not insanely bad, people buy all kinds of rubbish at 40% and no one would bat an eyelid. 
Do you have proof they omitted this? Surely it became apparent after one month, did you challenge them if it wasnt as per your understanding of the changes in terms you initiated? 
If you think you have a case against amigo then bring it up with the FCA but you should be wary as you have made it clear to Amigo that you lied to get the loan, which could come back on you. 

Re F&F settlement it would probably be a good idea to pull together a lump sum of 1-1.5k and say its all you have to offer as an F&F and see if they take it. You have more leverage if you have a pot of money they can get their hands on today instead of a payment plan that you could back out of. 

Thanks for your response. Regarding F&F - should the % offer only take into consideration the amount borrowed or it should be based on the amount borrowed + interest? 

Regarding lying/not lying. Regardless of what I say, the lender has a duty of care to it's customers and to satisfy himself that the circumstances are appropriate for the loan - https://www.handbook.fca.org.uk/handbook/CONC/5.pdf 
It's not very clear how "that" can come back on me. 

I noticed the interest thing only recently. 

Bill11

fatbelly said:

Before you try F&F you should do a CCA request to the new owner

Hey, thanks for the tip. Do you have any links to some further guidance on this?

Galloglass

As an aside but it may be of interest to you is how Amigo were set up in the first place. The founder of Amigo appears to think you are correct when he says "Amigo had, for six months, been lending almost entirely in a way that matched their own complaints team’s definition of ‘irresponsible’."

https://medium.com/@jamesbenamor/i-started-amigo-in-2005-6b78ed2fb25

However there are issues that you should be aware of. The first is that there in no provision in law to protect those that have been stupid. Secondly there is a duty on you to collect attempt to collect the monies from the person you loaned it to (equitable duty). The last issue is one of time. If you delay, you are presumed to accept the situation which appears to be the case here. (See Magna Carta)

There is no answer here to the issue you pose. The resolution is in your own hands.

DCFC79

Bill11 said:

fatbelly said:

Before you try F&F you should do a CCA request to the new owner

Hey, thanks for the tip. Do you have any links to some further guidance on this?

What guidance would like ?

You send the relevant letter to the owner of said debt.

John_

Bill11 said:

EimearF said:

An answer to some questions:
4.What recourse would you have against Amigo? You took out a loan and gave the money to your friend - thats not Amigos problem. 
5. You can make an offer to settle the debt and it might be accepted, but you agreed to borrow at a certain interest rate not pay only the capital borrowed. 
6. No. Its your loan they chase you first. You need to take this up with your 'friend'. 

Your only recourse is to take your friend to the small claims court. He owes you money, you appear to be blaming Amigo for your friend's failure to honour the terms of your deal with him. 

Thanks for your reply.

4. Affordability complaint and suitability concerns - I was essentially missold a highly expensive product with 50% APR to go on holiday, surely that should have been vetted, there were no checks done on affordability either, at that time my bank statement would barely show any income.
5. Amigo has been in a lot of trouble lately, any chance I could use that in my favour? I also believe that's the reason they sold my loan, because it's "toxic". - There are number of complaints to Amigo with this loan, all the story on file, number of times they refused to freeze interest, did not disclose that my debt will keep increasing with reduced payments, gave the loan out without any checks whatsoever, not customer detail review over five years - this all is a good recipe for a juicy FOS complaint with number of FCA breaches in principles, systems and controls and conduct.

I agree, but there is no point taking the guy to the court, he has nothing and it will be pointless. 

You weren’t mis-sold, you said on the other thread that you chose to commit fraud to take out the loan and that you now want to blame the company for believing you.
Amigo have done nothing wrong here, they lent you the money, you gave it away to a friend, and your friend has failed to pay it back, so you are now left with the payments.
Posting it again isn’t going to change the answers. I feel sorry for what’s happened, but you were very foolish to lie on a loan application, and there is no loophole caused by this that lets you off.

John_

Bill11 said:

As much as they can't ensure that someone is not lying, they have to ensure that the purpose and nature of the loan is reasonable and review information on file for any red flags that may indicate potential issues and seek further clarifications. 
Omitting the fact that the interest will continue and other relevant information is dishonest behavior on part of the lender. Again, I refer to FCA's conduct and principles of business. 
Regarding F&S - any guidance on what can give me a stronger footing when trying to negotiate?

Again, you can’t accuse anyone of dishonesty when you yourself were dishonest at the start of the deal, and no, Amigo have not been dishonest here, why would they possibly need to tell you that the agreement that you signed was still the terms that you had borrowed under?
Please, stop casting around to blame others here. You are hopefully very young, so still finding your way, but part of becoming an adult is starting to take responsibility for your decisions, and living with the consequences.
Your friend has stiffed you here, of that there is no doubt, but anyone could have seen that this was coming.

EimearF

Bill you are telling yourself that it’s Amigos fault you lied to obtain money from them. It can come back on you because lying to obtain money is fraud. They were satisfying themselves on the basis of what you said on your application and a credit check of you and your guarantor.  Amigo lend with a guarantor because most of their borrowers wouldn’t get approved on their own. You and your friend knew this when you came up with the rouse. There was demonstrably enough money between you both to pay the loan as you stated the payments only stopped when your friend had a big change in circumstances. You aren’t getting yourself anywhere with this line of argument. 

Regarding F&F base your percentage on the total still owed ie including fees and interest to date. 

danfreestone

I would drop any idea of it being Amigo's fault, Own your mistakes, 
Personally i would save up a few thousand as fast as you can and make them a settlement offer, i know back in 2010 when i had bad old debts i settled around a 4k debt for 1.5k 

fatbelly

All the letters you need are here

https://www.nationaldebtline.org/EW/sampleletters/Pages/default.aspx

Regarding F&F it's just down to negotiation.