Amigo loans

Welshman2017 · 19 May 2017 at 12:49PM

Hi im new to this forum but looking for some advice.
About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

So where do i stand and who i can contact in order to get these people off the loan agreement?

Any hejp would be highly appreciated.

Thanks Marcus

Candyapple · 19 May 2017 at 1:22PM

I would have thought that the more guarantors you had (didn't even realise you could have more than 1 with Amigo so have learnt something new) that Amigo would be more than willing to accept because it means they have more people to chase should you default on your payments.

Have you asked your original guarantor why they decided to add more people?

AndyPix · 19 May 2017 at 1:46PM

Welshman2017 wrote: »

Any hejp would be highly appreciated.

Dont get a "top up"

StopIt · 19 May 2017 at 2:08PM

Welshman2017 wrote: »

Hi im new to this forum but looking for some advice.
About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

So where do i stand and who i can contact in order to get these people off the loan agreement?

Any hejp would be highly appreciated.

Thanks Marcus

You're looking at the wrong issue.

Why are you having to rely on Amigo Loans and why do you need yet more money from them?

Head to the DFW board as people can assist you there, and if you're in debt trouble speak to a debt charity like StepChange ASAP.

National_Debtline · 19 May 2017 at 2:29PM

Hi Welshman2017

Welcome to MSE. According to the Amigo Loans website you can only change your guarantor if you have paid off your loan in full or you become eligible for a top up. A top up is a new loan you may be able to get on top of an existing one if you meet certain conditions.

https://www.amigoloans.co.uk/question/can-i-change-my-guarantor

There is no mention of being able to have additional guarantors. It also doesn’t seem it would be possible as the loan has to be paid into the guarantor’s account to avoid any fraud, suggesting there can only be one.

Have Amigo loans confirmed that there is more than one guarantor on the same loan? I would suggest you try the complaints website Resolver to follow the complaints process all the way through to the Financial Ombudsman Service if necessary. Hope this helps.

https://www.resolver.co.uk/companies/amigo-loans-complaints

Susie
@natdebtline

Brock_and_Roll · 19 May 2017 at 3:01PM

Welshman2017 wrote: »

Hi im new to this forum but looking for some advice.
About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

So where do i stand and who i can contact in order to get these people off the loan agreement?

Any hejp would be highly appreciated.

Thanks Marcus

Also from a legal perspective, you do not need the consent of a borrower to issue a guarantee. For example, if I was sufficiently mad, I could agree to "guarantee all current liabilities, if any, of Mr XYZ to Amigo".

Happens all the time in commercial financial/insurance transactions.

Gambler101 · 19 May 2017 at 4:01PM

You wont have 2 guarantors on your loan with Amigo, thats impossible.

OneLife_OneShot · 19 May 2017 at 4:20PM

Another Amigo loan story.....

Just pay the loan off, do not get more!

MataNui · 19 May 2017 at 4:45PM

Or is it just a case of you wanting to top up the loan and the current guarantor not wanting to do that and they are just telling you a story?

Not that there is a problem with that. Its 100% their choice if they want to guarantee additional borrowing or dont want to.

Richey_ · 19 May 2017 at 5:26PM

You could argue it's not actually your loan but the guarantors, that's why they pay the money to the guarantor on approval of the loan and not you. You are just the payee until you fail (harsh but they expect you to) and then they chase the real person who took the loan out and they paid the money to....... the guarantor.

I am not sure how they can allow you a second guarantor with out giving out more money, are you sure you don't have more than one Amigo loan with different guarantors?

SnowTiger · 20 May 2017 at 1:42AM

Welshman2017 wrote: »

Hi im new to this forum but looking for some advice.
About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

So where do i stand and who i can contact in order to get these people off the loan agreement?

Any hejp would be highly appreciated.

This doesn't make any sense.

Who told you two other guarantors have been added to the loan agreement? The guarantor? Perhaps they (the original guarantor) don't want you to extend your loan and is using that as an excuse.

https://www.amigoloans.co.uk/question/when-am-i-eligible-for-a-top-up:

What is a top up?

A top up loan is a way of customers with an existing loan borrowing more money from Amigo.

You don't need to have cleared the balance of your original loan, because we would use the top up loan to settle the outstanding balance, and pay out the difference. However, you can't have more than one loan at once.

You can apply for a top up loan using either the same guarantor or a completely new one, as long as they are aged 18-75

Can't you apply for top up loan using your original guarantor as a new guarantor?

The top up loan would pay off your current loan and give you the extra dosh you want.

Amigo loans

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