Guarantor for IVA

LinziMolly

I have an IVA due to being a Guarantor for my son. I'm 2 years into it and as a homeowner still have 4 years left. 
I have continued to make the £170 a month payment even though I was furloughed for 10 weeks last year due to Covid. I included my credit card into my IVA also. 
What I'd like to know is can I claim that as Guarantor I was put under pressure by my son to do this loan through Amigo and if they'd checked properly they would've seen I couldn't afford it. They never once asked to see bank statements or proof of my earnings.  What would happen with the IVA as I'm in the IVA with my other debts too and could I actually do this? How would it affect it? 

sourcrates

What you are referring too is an affordability complaint, normally I would say yes, go for it by all means.
However, there are two problems with this.

(1) You are in an IVA, any redress awarded would go straight into your arrangement to benefit your creditors.

(2) Also, Amigo have entered what`s known as a "scheme of arrangement", this is basically a way for the company to avoid going insolvent, due to the high volume of mis-selling complaints it has had, by limiting the amount of redress offered to customers whose complaints are upheld, so any likely pay-out would be a lot less than normal.

For example, numerous payday loan companies did exactly the same as Amigo, and there redress was paid out at an average of only 4%, Amigo redress will be of a similar value, so the time has passed now to be honest, and anything you did get, you wouldn`t be able to keep anyway, so I do sympathise, but I really wouldn`t bother if I were you.