Amigo loan interest refund

sandford20

Hi, I had my first loan in April 2013 of £3000 I was offered a top up in November 2013 Which I took, they then proceeded To close the first loan and open a whole new loan (£4250). I paid this loan off Monthly by using payday loans Or help from family Most months to cover the costs. In July 2016 I had to ask a family member to lend me the money to pay the debt off in full in 32 months I had only paid £800 off the debt everything else (over £5000) was interest. I have read you can only apply for a refund if the loan was in the last 6 years but does that mean 6 years from the date I took the loan out or from when I paid it off? Thanks.

sourcrates

I’m going to move your thread to a different board as you will get, let’s say more productive results there.
In the meantime, take a look at the debt camel site for more information -
https://debtcamel.co.uk/how-to-complain-guarantor-loan/

DCFC79

sandford20 said:

Hi, I had my first loan in April 2013 of £3000 I was offered a top up in November 2013 Which I took, they then proceeded To close the first loan and open a whole new loan (£4250). I paid this loan off Monthly by using payday loans Or help from family Most months to cover the costs. In July 2016 I had to ask a family member to lend me the money to pay the debt off in full in 32 months I had only paid £800 off the debt everything else (over £5000) was interest. I have read you can only apply for a refund if the loan was in the last 6 years but does that mean 6 years from the date I took the loan out or from when I paid it off? Thanks.

Where did you read about the interest refund ?

sandford20

DCFC79 said:

sandford20 said:

Hi, I had my first loan in April 2013 of £3000 I was offered a top up in November 2013 Which I took, they then proceeded To close the first loan and open a whole new loan (£4250). I paid this loan off Monthly by using payday loans Or help from family Most months to cover the costs. In July 2016 I had to ask a family member to lend me the money to pay the debt off in full in 32 months I had only paid £800 off the debt everything else (over £5000) was interest. I have read you can only apply for a refund if the loan was in the last 6 years but does that mean 6 years from the date I took the loan out or from when I paid it off? Thanks.

Where did you read about the interest refund ?

My father originally told me about it as he was my guarantor and was hounded by them. I then looked it up on this site I have put a claim in with resolver Via this site. 

MinuteNoodles

To get the refund you have to prove mis-selling. You don't just get a refund because you borrowed money. Also because of the way interest works, being calculated on the outstanding balance, for the first half of the loan period most of the payment will go to clearing interest rather than the balance owed. By the time you get to the final months almost all of it goes to repaying the amount owed because there's little interest.

sandford20

MinuteNoodles said:

To get the refund you have to prove mis-selling. You don't just get a refund because you borrowed money. Also because of the way interest works, being calculated on the outstanding balance, for the first half of the loan period most of the payment will go to clearing interest rather than the balance owed. By the time you get to the final months almost all of it goes to repaying the amount owed because there's little interest.

Im not sure I understand what you mean. I paid £5300 in interest over 3 years I had the loan, I don’t have the loan anymore it was fully paid off in July 2016. I was a prolific gambler and should never have taken out the loans or been allowed to take out the loans and when I become very unwell & lost my job there was nothing they would do to help me reduce my payments. 

Smashingitnow

I understand you should never have taken out the loan.
Why do you say you should not have been allowed to take out the loan? What legal or regulatory process was not followed by Amigo? Wishing you hadn't done something like signing a bad deal doesn't make you entitled to a refund in itself...or are you saying that based on your stated income on the application that the loan was clearly unaffordable? When you took out the loan, they will have expected you to pay this from income and you will have stated this...the fact you instead used payday loans wasn't their responsibility.

Your second argument that they did nothing to help you when you lost your job could work...but what records are you relying on? Have you kept this correspondence or records of calls?

fatbelly

sandford20 said:

Hi, I had my first loan in April 2013 of £3000 I was offered a top up in November 2013 Which I took, they then proceeded To close the first loan and open a whole new loan (£4250). I paid this loan off Monthly by using payday loans Or help from family Most months to cover the costs. In July 2016 I had to ask a family member to lend me the money to pay the debt off in full in 32 months I had only paid £800 off the debt everything else (over £5000) was interest. I have read you can only apply for a refund if the loan was in the last 6 years but does that mean 6 years from the date I took the loan out or from when I paid it off? Thanks.

Just do it

https://debtcamel.co.uk/how-to-complain-guarantor-loan/

See the question by Lee yesterday, towards the end of the page

sourcrates

Agree with fatbelly, get the complaint sent, you have nothing to lose.

Good luck.

Galloglass

Follow the money
https://twitter.com/JamesBenamor