Amigo Loan mis-sold

ScotGuy1

Hello, 

I was a full-time student when I took out a loan via Amigo Loans in 2014. They offered me the loan and I took it with a guarantor. I only worked 10 hours per week. Despite my limited income, I was offered this loan, which I could not realistically afford. Since then, I have remained in debt, still paying off a loan that was used to clear this Amigo loan. I was even offered more money, further worsening my financial situation. As a student working fewer than 20 hours per week, I was never in a position to afford this loan, and I had to rely on my bursary to make repayments, which significantly impacted my education. Amigo Loans should never have approved my application, as it was clear I could not afford it. Therefore, I went to Amigo Loans and stated this.
They said they could find my account. I sent them the account number, agreement etc... copies of the agreement! They then came back and said I'm too late to apply for anything as the deadline was 2022 - I never knew anything about deadlines or the situation around Amigo Loans as I was going through a personal issue over the last few years and to be honest, wasn't on this site to know and Amigo made ZERO attempts to contact me.  I still have the same number and postal address since the application in 2014. 

What should I do, if anything? 

MattMattMattUK

ScotGuy1 said:

Hello, 

I was a full-time student when I took out a loan via Amigo Loans in 2014. They offered me the loan and I took it with a guarantor. I only worked 10 hours per week. Despite my limited income, I was offered this loan, which I could not realistically afford. Since then, I have remained in debt, still paying off a loan that was used to clear this Amigo loan. I was even offered more money, further worsening my financial situation. As a student working fewer than 20 hours per week, I was never in a position to afford this loan, and I had to rely on my bursary to make repayments, which significantly impacted my education. Amigo Loans should never have approved my application, as it was clear I could not afford it. Therefore, I went to Amigo Loans and stated this.
They said they could find my account. I sent them the account number, agreement etc... copies of the agreement! They then came back and said I'm too late to apply for anything as the deadline was 2022 - I never knew anything about deadlines or the situation around Amigo Loans as I was going through a personal issue over the last few years and to be honest, wasn't on this site to know and Amigo made ZERO attempts to contact me.  I still have the same number and postal address since the application in 2014. 

What should I do, if anything? 

Chalk it up to experience and move on.

retiredbanker1

To be honest they didn't need to check whether you could afford it as they had the guarantor to fall back on.
Did you default? Was the guarantor asked to pay?

Nasqueron

ScotGuy1 said:

Hello, 

I was a full-time student when I took out a loan via Amigo Loans in 2014. They offered me the loan and I took it with a guarantor. I only worked 10 hours per week. Despite my limited income, I was offered this loan, which I could not realistically afford. Since then, I have remained in debt, still paying off a loan that was used to clear this Amigo loan. I was even offered more money, further worsening my financial situation. As a student working fewer than 20 hours per week, I was never in a position to afford this loan, and I had to rely on my bursary to make repayments, which significantly impacted my education. Amigo Loans should never have approved my application, as it was clear I could not afford it. Therefore, I went to Amigo Loans and stated this.
They said they could find my account. I sent them the account number, agreement etc... copies of the agreement! They then came back and said I'm too late to apply for anything as the deadline was 2022 - I never knew anything about deadlines or the situation around Amigo Loans as I was going through a personal issue over the last few years and to be honest, wasn't on this site to know and Amigo made ZERO attempts to contact me.  I still have the same number and postal address since the application in 2014. 

What should I do, if anything? 

The Amigo loans settlement and winding up deal has been done and closed and they are making the payments at the moment, I doubt you'll get any further if you haven't registered until now

https://www.amigoscheme.co.uk/

sourcrates

It was up to the debtor to make an affordability complaint, not for Amigo to contact the debtor.

You are too late now to do anything about this unfortunately, as the deadline has passed.

MEM62

ScotGuy1 said:

Hello, 

I was a full-time student when I took out a loan via Amigo Loans in 2014. They offered me the loan and I took it with a guarantor. As was their business model.  I only worked 10 hours per week. Despite my limited income, I was offered this loan, which I could not realistically afford.  If you could not afford it why did you take it?   Since then, I have remained in debt, still paying off a loan that was used to clear this Amigo loan. I was even offered more money, further worsening my financial situation. As a student working fewer than 20 hours per week, I was never in a position to afford this loan, and I had to rely on my bursary to make repayments, which significantly impacted my education. Amigo Loans should never have approved my application, as it was clear I could not afford it. But you didn't need to as you had a guarantor on the hook.  As long as they passed the checks the loan would be given.  Therefore, I went to Amigo Loans and stated this.
They said they could find my account. I sent them the account number, agreement etc... copies of the agreement! They then came back and said I'm too late to apply for anything as the deadline was 2022 - Yep, they are now out of business and being wound up. I never knew anything about deadlines or the situation around Amigo Loans as I was going through a personal issue over the last few years and to be honest, wasn't on this site to know and Amigo made ZERO attempts to contact me.  It is not their responsibility to contact you.  If you have a complaint you contact them.  I still have the same number and postal address since the application in 2014. 

What should I do, if anything? 

It is too late to raise this now.  Amigo Loans have folded.