Amigo loans

2021BJ

sourcrates said:

2021BJ said:

jefaz07 said:

2021BJ said:

jefaz07 said:

You could look at this page;

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

it may or may not be of assistance 

Unlikely as that page is aimed at borrowers, not guarantors.

Look again. Plenty of info for Guarantors too. Even tells them how to put in a complaint with templates 

Only as "this will happen to your guarantor" information. It's not aimed at guarantors

This is the page relevant to guarantor`s -

How to complain when you are the guarantor for a loan · Debt Camel

Yes.

I have to say though, I strongly disagree with this part.

Guarantor loans are major, serious, long-term financial commitments. I would expect a lender to ask for evidence of your income and to have checked your credit record to see what other debts you had. 

Outside of a mortgage and a recent Barclaycard application, I've never had a lender ask me for, say payslips or an SA302.  I'd be very surprised if many do and the FCA will be well aware of this.  And a loan from a mainstream lender is just as "serious" and "long-term" a financial commitment as a guarantor loan.  If high street lenders aren't being rapped on the knuckles for this, then I don't see why it's any different with Amigo.

Of course, the OP has no idea what was put on their application form as they didn't check it, but if it's a bunch of old codswallop designed by the person who did fill it out to make sure it appeared affordable...

jefaz07

2021BJ said:

sourcrates said:

2021BJ said:

jefaz07 said:

2021BJ said:

jefaz07 said:

You could look at this page;

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

it may or may not be of assistance 

Unlikely as that page is aimed at borrowers, not guarantors.

Look again. Plenty of info for Guarantors too. Even tells them how to put in a complaint with templates 

Only as "this will happen to your guarantor" information. It's not aimed at guarantors

This is the page relevant to guarantor`s -

How to complain when you are the guarantor for a loan · Debt Camel

Yes.

I have to say though, I strongly disagree with this part.

Guarantor loans are major, serious, long-term financial commitments. I would expect a lender to ask for evidence of your income and to have checked your credit record to see what other debts you had. 

Outside of a mortgage and a recent Barclaycard application, I've never had a lender ask me for, say payslips or an SA302.  I'd be very surprised if many do and the FCA will be well aware of this.  And a loan from a mainstream lender is just as "serious" and "long-term" a financial commitment as a guarantor loan.  If high street lenders aren't being rapped on the knuckles for this, then I don't see why it's any different with Amigo.

Of course, the OP has no idea what was put on their application form as they didn't check it, but if it's a bunch of old codswallop designed by the person who did fill it out to make sure it appeared affordable...

Are with your comments. I have read a bit about it out of interest and I can only assume that it’s because they ‘prey’ on bad credit customers and will lend to anyone....as long as they have a guarantor. It seems to me that it’s the initial customer who have been irresponsibility lent to. In that they know they will probably not be able to pay but it’s sound, they have a prime lender to chase. 

They must be doing something wrong as the FOS don’t uphold so many claims that it forces a business into a scheme of arrangement. 

My take on it. 

teddy1971

Hi all really need some help please . First post on here so here goes.i Raised a claim through Ressolver Amigo loans in March 2020, didnt get any reply escalted the compliant , through ressolver as far as possible . Still no responce from Amigo loans . I then escalted my complaint in May 2020 to foc. I chased and chased for an update over the months . In November 2020 i got a call from Foc advising Amigo loans was offering me a settlement and to advice foc if i acceppted this before the 4th of Dec 2020. I agreed to the settlement, before the 4th of Dec 2020. And iam still chaseing now 1 year on. I have emailed the foc to ask what time scale do Amigo loans have to pay the settlement . To be told there is no time scale , for them to settle . I have chased foc and Amigo loans iam told its been escalted to Amigo loans by Foc, and i am told by Amigo Loans they can not provided me information directley as my complaint is with foc. Iam really at a loss where to go or what to do next. Or where i legally stand to get Amigo loans to pay the settlement . Please please help .Foc are no help i had to email them to advise Amigo loans had offerd a settlement , i only found this information out through a 3rd party company i tried to use to help witj my complaint, due to foc not replying to my complaint or emails for 6 months .

sourcrates

Sorry teddy, no one can help you, amigo have now entered a scheme of arrangement to prevent bankruptcy.
You may get a small percentage of your claim in due course, but I would not hold my breath.

Engaging a 3rd party was not a good idea, as you will be liable for their fee as well.

Basically you may now end up with nothing.

helpyhelper

it's only a small percentage of what you are owed. But if you have been mis sold and still owe amigo money, you will be let off the money you owe them (assuming it is less than the interest you have already paid).  

peteuk

MEM62 said:

tazmin3110 said:

No he has stopped paying all together he stopped last year about 2 month after he agreed a new payment agreement  

Amigo suspected that your friend would not pay - that's is why they asked you to guarantee his payments.  If you cannot afford to do so the you should not have agreed to it.  As for allowing him to fill in the documentation on your behalf, perhaps now you can see that this was madness.  You need proper advice on this and are doing the right thing speaking to Stepchange.  Listening to and following their advice is the best thing you can do now.      

Amigo saw him as a higher than normal risk and so asked for a guarantor, rather than suspected he wouldn't pay.  They are a guarantor loan company and so everyone asking for a loan over a set period is asked for a guarantor. 

Again sadly the OP signed to say they would guarantee the loan payments should the borrower not pay.  Now they have hit difficulties then it needs to be reported.  But as stated the borrower has stopped making payments, so rather chase him they look at the guarantor.