Amigo

paizy1988

I’m wondering if some one can help? I have filed a complaint through my amgigo claims company who stated they would get me compensation on interest on a current loan I have with amigo, I have been informed amigo have upheld this and have offered an amount but only to be deducted off my remaining balance? I was led to Venice I would receive this as compensation seeing as I have over paid out of my own pocket. 

sourcrates

Hi,

Not a very good idea to use a claims management company, as you will also be liable for their fee, which looking at their website is 25% plus VAT.

If you have an outstanding balance, even in venice, then its common practice to deduct any redress from it.

paizy1988

Thank you for your advice, so there’s no way of getting this amount paid out to me just have it taken off the balance? 

sourcrates

Well you can ask Amigo, no harm in trying, but standard practice is to do as they have done.

paizy1988

I’ve contacted amigo direct and they said that’s all they will do and if I don’t accept it then things will stay as they are with interest and things . I just find it unfair that I have paid over the odds in interest yet they aren’t paying literally anything back? 

MinuteNoodles

paizy1988 said:

I’ve contacted amigo direct and they said that’s all they will do and if I don’t accept it then things will stay as they are with interest and things . I just find it unfair that I have paid over the odds in interest yet they aren’t paying literally anything back? 

But they are paying you back by reducing what you owe them so overall not only will you not pay that amount of capital repayment on the loan you'll also pay less interest so you're actually better off overall than if they sent you a cheque you then blew on whatever. The fact they're not paying money into your bank doesn't mean they're not paying you back. It isn't just Amigo that does this, effectively any lender will. There is nothing in law which requires them to pay you back if there's a balance owed that it can be applied to.
However one thing that will have to be paid is the 25% commission the claims company charge and that will come out of your pocket so I hope you have cash equivalent to 30% of the claim as with VAT that's what you owe the claims company. 

OrbitHeadache

paizy1988 said:

I’m wondering if some one can help? I have filed a complaint through my amgigo claims company who stated they would get me compensation on interest on a current loan I have with amigo, I have been informed amigo have upheld this and have offered an amount but only to be deducted off my remaining balance? I was led to Venice I would receive this as compensation seeing as I have over paid out of my own pocket. 

Why did you use a claims management company? You could have easily done it yourself 

DCFC79

paizy1988 said:

Thank you for your advice, so there’s no way of getting this amount paid out to me just have it taken off the balance? 

Surely they are both the same, you get the money paid direct to you or your balance is reduced by the amount due which means you will have more money at end of each month.