Amigo loans .

andrew007007

Had a amigo loan and as you know the company has been in dire straights. I have paid off all my capital, yet they are still advising i need to pay off the remainder of the huge interest.
I have been advised that somewhere on herevtherevis a thread that says if you have cleared the capital the interest does not have to be paid off 

Does anyone have any information on this please ? This would be really helpful 
Many thanks 

DullGreyGuy

How have you paid off the capital without paying the interest? In early repayments most the money is interest.

Presumably what you mean is you've made payments equivalent to what the original loan amount was? Why do you think you should be entitled to an interest free loan?

jefaz07

andrew007007 said:

Had a amigo loan and as you know the company has been in dire straights. I have paid off all my capital, yet they are still advising i need to pay off the remainder of the huge interest.
I have been advised that somewhere on herevtherevis a thread that says if you have cleared the capital the interest does not have to be paid off 

Does anyone have any information on this please ? This would be really helpful 
Many thanks 

You may Jane read people are reclaiming the interest as unaffordable and are making claims against them. 

Look at the Debt Camel website. There is all the information you need. 

Nasqueron

DullGreyGuy said:

How have you paid off the capital without paying the interest? In early repayments most the money is interest.

Presumably what you mean is you've made payments equivalent to what the original loan amount was? Why do you think you should be entitled to an interest free loan?

Basically SOME customers who are in the redress scheme have been told by Amigo they can stop paying.

This is completely separate (as far as I can see on the Debt Camel site) from the full refunds that some people will get if they have paid back at least the equivalent of the full amount of the initial loan.

Question really is whether OP is actually in the scheme or not

andrew007007

DullGreyGuy said:

How have you paid off the capital without paying the interest? In early repayments most the money is interest.

Presumably what you mean is you've made payments equivalent to what the original loan amount was? Why do you think you should be entitled to an interest free loan?

No I don't automatically think I should. 
All capital & most interest paid. 
Under current turmoil with amigo there are lots of different outcomes been suggested 

MorningcoffeeIV

andrew007007 said:

DullGreyGuy said:

How have you paid off the capital without paying the interest? In early repayments most the money is interest.

Presumably what you mean is you've made payments equivalent to what the original loan amount was? Why do you think you should be entitled to an interest free loan?

No I don't automatically think I should. 
All capital & most interest paid. 
Under current turmoil with amigo there are lots of different outcomes been suggested 

If there is a balance remaining then the capital can't have been paid off, because there can't be any interest without capital.