Complaining against amigo loans

liverlad88

Hi everyone this is my first ever post.
I have a family member who is currently stuck in an amigo loan which is costing them thousands. I have recently read this article and I know they would be keen to make a complaint against them as they have definatley been miss sold.

They are put off making a complaint as they feel it will impact themselves and their guarantor if they do.

Does the complaint impact the loanee and guarentor or if they continue to make payments during the complaint will there be no impact.


I hope this makes sense.

Thanks in advance

Clive_Woody

How was this loan miss sold?

lordmountararat

Making a claim won't impact either the borrower or the guarantor, but stopping making payments will impact their credit history. Often these loans are miss- bought rather than miss-sold. Usurious interest rates aren't in themselves evidence of miss selling. However, there have been successful claims against Amigo and your family friend should follow the normal channels if he or she thinks there is a case for Amigo to answer.

[Deleted User]

I imagine the family member wasn't complaining when the loan money hit their bank account and they spent it.

sourcrates

Lodge your complaint, but keep up with the repayments.
Amigo have been investigated previously for not observing due diligence when making lending decisions, basically they have form for it, and have admitted as such.
If you are unhappy with any aspect of your agreement, you have the statutory right to make a complaint, and that is what I suggest you do.

jonesMUFCforever

OP if the family member stops repayments, Amigo will be straight into the guarantor's account and then whack some charges on the loan. Not the best of ideas?