Amigo - "If" interest removed, possible outcome?

Fighter1986

MoneyPanda said:

calm down Karen. 

🤣😅🤣😅🤣😅🤣😅🤣😅🤣😅🤣

10/10 🤭🤭🤭

Awh man, good luck with your complaint 🙂

jjames1985

MoneyPanda said:

To clarify it was a general question that if a complaint was made, whether its for irresponsible lending or the fact they may have stole my lunch money, then what would would be a possible outcome based on my current circumstances. Would it be what I thought or was I wrong. Which looking at the replies, people got the general gist of the question.

since nobody actually knows what you're complaining about, how can anybody possibly answer that?

MoneyPanda

jjames1985 said:

since nobody actually knows what you're complaining about, how can anybody possibly answer that?

But it was answered

jjames1985

MoneyPanda said:

jjames1985 said:

since nobody actually knows what you're complaining about, how can anybody possibly answer that?

But it was answered

you got "an" answer and probably the one you were looking for (being told what they want to hear is usually the whole point of these posts)
but since nobody knows what on earth the basis for your complaint actually is, whether its the right answer is anyones guess..

SnowTiger

MoneyPanda said:

jjames1985 said:

since nobody actually knows what you're complaining about, how can anybody possibly answer that?

But it was answered

Buyer's remorse basically?

sourcrates

Ladies and gents, all lenders are supposed to observe due dilligence when offering loans to customers, no matter who that company or customer may be, certain payday loan, and guarentor loan companies have not done so, and have openly admitted granting loans to people who they should not have lent too, and in the case of Amigo type loans, obtained guarantors who should not have been accepted as such, this is irresponcible lending, as defined in the FCA handbook -

https://www.handbook.fca.org.uk/handbook/CONC/5.pdf

In essence, its nothing to do with the debtor, or their conduct, or their reasons for complaining, its down to the bank or financial institution for not following the rules set out in the lending code.

These type of loans often attract desperate people, usually at their lowest ebb, a lender is supposed to check if the loan is affordable, and if it is suitable for the client, these checks were not always done, the companies have admited this, and because of this breech, they have laid themselves open to affordability complaints.

I fail to see this as anything but a breech of the regulations, for which they must provide restitution.

jjames1985

sourcrates said:

Ladies and gents, all lenders are supposed to observe due dilligence when offering loans to customers, no matter who that company or customer may be, certain payday loan, and guarentor loan companies have not done so, and have openly admitted granting loans to people who they should not have lent too, and in the case of Amigo type loans, obtained guarantors who should not have been accepted as such, this is irresponcible lending, as defined in the FCA handbook -

https://www.handbook.fca.org.uk/handbook/CONC/5.pdf

In essence, its nothing to do with the debtor, or their conduct, or their reasons for complaining, its down to the bank or financial institution for not following the rules set out in the lending code.

These type of loans often attract desperate people, usually at their lowest ebb, a lender is supposed to check if the loan is affordable, and if it is suitable for the client, these checks were not always done, the companies have admited this, and because of this breech, they have laid themselves open to affordability complaints.

I fail to see this as anything but a breech of the regulations, for which they must provide restitution.

op is complaining about current affordability though, they haven't said anything about affordability when the loan was taken out. although it doesn't seem to matter, op apparently didn't really want an answer as they just went ahead and claimed anyway.

Fighter1986

Thank you @sourcrates, I'm glad someone has their rational hat on. 

normanna

The OP hasn't actually said what the issue is.  Therefore comments that there has been a breach are not accurate as no one can state this is the case with such limited info.

sourcrates

normanna said:

The OP hasn't actually said what the issue is.  Therefore comments that there has been a breach are not accurate as no one can state this is the case with such limited info.

The "issues" with Amigo and similar lenders are well documented, they lend to people without making the required affordability checks, they did not credit check or do affordability checks on the guarentors, the complaints are listed on the FOS website for all to see, so its obvious to all and sundry what the issue is here.