Amigo - "If" interest removed, possible outcome?

normanna

sourcrates said:

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.

Some people may have had 'issues' but they do not relate to the OP as he hasn't said what his 'issues' actually are.  Suggest it would be best if people stop trying to read between the lines looking for things that aren't there to try to justify a particular view they have of these lenders.  

Willing2Learn

normanna said:

sourcrates said:

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.

Some people may have had 'issues' but they do not relate to the OP as he hasn't said what his 'issues' actually are.  Suggest it would be best if people stop trying to read between the lines looking for things that aren't there to try to justify a particular view they have of these lenders.  

The OP came here looking for advice, support and guidance, with what appeared to be a problem with their loan.  I merely signposted the OP, so that they had more information that may or may not be relevant for their problem.  I was just making they were aware of a couple of a couple of options, with regard to potential irresponsible lending.

normanna

Nothing wrong with your post Willing2Learn that I can see

jjames1985

Willing2Learn said:

normanna said:

sourcrates said:

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.

Some people may have had 'issues' but they do not relate to the OP as he hasn't said what his 'issues' actually are.  Suggest it would be best if people stop trying to read between the lines looking for things that aren't there to try to justify a particular view they have of these lenders.  

The OP came here looking for advice, support and guidance, with what appeared to be a problem with their loan.  I merely signposted the OP, so that they had more information that may or may not be relevant for their problem.  I was just making they were aware of a couple of a couple of options, with regard to potential irresponsible lending.

I think the comment was aimed at sourcrates who definitely seems to have assumed this is about a lack of affordability checks when the loan was taken out despite there being no evidence that was the case with teh op

MoneyPanda

I have since updated my original post's title to better reflect the information I was after.

I would like to thank everybody who has taken the time to provide information, whether it relates to my situation or not.

I think it's best we draw a line under this now as my question has been answered and this thread is just going around in circles over semantics.

I hope you have all had a lovely weekend. Stay safe. 

peteuk

nofollow">peteuk said:

Do loan companies not provide you this information at the start of the loan?  

Why yes. Yes they did. However I came here seeking an answer to a question. Not to be judged. If you have nothing helpful to say on the matter then please restrain from posting anything.

Moneypanda - apologies if you felt i was being judgmental it wasn't meant that way, the question you put was questioning the amount you have paid back against the original loan and the large amount of interest. Interestingly Amigo current set their APR at 49.9%. Obviously the longer the loan the more interest and so the more you pay back. The point I was making was that this would have been pointed out to you at the start of the loan, you should have been asked if this is affordable and they would have looked at your income and expenditure before lending to you. Modern loans will (or should) but it plainly to you. I have just accessed Amigo and input the same amount. Running over 36 months and the total paid back is £13,173.12, which it states clearly before you even ask for a quote. So I now know that to borrow £7500 I am expected to repay £5673 in interest on top of the amount loaned. So at that point I fail to see the issue. Now if, like I have previously, you lied or covered up your true debit balances then some of the issue lies with you. They should have checked your information and as such if you can prove they have been irresponsible in lending then I wish you well in your pursuit of the interest paid. BUT you have stated that the payment is crippling you. So the real question is what do you do. Firstly dont stick your head in the sand. Is it this payment that is crippling you or a combination. As this is a guarantor loan, nil payment will just push it to your guarantor which wont resolve the situation. Have a look at the Debt free wannabe threads, do an income and expenditure (as painful as that might be) be open and honest to yourself. And then go from there... as painful as it sounds step change or other debt assistance is out there. It might be you can freeze the interest and pay a reduced amount, even if for just a short period (6 months) or they can advise if longer assistance is required. GOOD LUCK!