Amigo irresponsible lending compensation Refunds

Reclaim interest on your Amigo Loans. Have you been mis-sold a guarantor loan form Amigo?

Amigo is a UK based direct lender specialising in loans for people who are self-employed, have low credit scores, have County Court Judgments (CCJ) or who simply find it difficult to get a loan from other providers.

Amigo will ask you for a guarantor – that’s a friend or family member who trusts you and who will back your loan by agreeing to step in if you ever miss repayments. They offer borrowers loans of £1,000-£10,000 over 1-5 years, with loans of under £2,500 available over terms of 1-3 years.

Latest Amigo News

On the 25th May 2021, the High Court rejected Amigo Loans Scheme of Arrangement (SOA) to limit the amount of compensation paid to settle customer complaints. The judge refused to approve the scheme, even though Amigo Loans reported that it “was essential to its survival” and over 74,866 Amigo Loans creditors approved it. Read more about the latest update here.

We have also put together our top Frequently Asked Questions relating to Amigo Loans, and what the future may look like for this lender and it’s customers.

Amigo Loan Refund Claims 

Amigo Loans was in the spotlight during June 2020, with the Financial Conduct Authority launching an investigation into the “creditworthiness assessment process of subprime lender Amigo Holdings“. This news means that if you have had a loan with Amigo in the past, and could not pay it, you may be eligible for a claim against amigo and potentially a refund for all the interest paid plus 8%.

Amigo irresponsible lending claims affordability Complaints are being upheld.

90% of affordability complaints are being upheld against Amigo Loans, with more and more people claiming against the company for mis-sold credit. Amigo has even been referred to as a “legal loan shark” by members of Parliament. Reports also confirm that Amigo initially set aside £26.6 million to deal with affordability complaints.

Amigo loans irresponsible lending claims

Further reports have recently been published concerning Amigo Loans, with the firm “facing a £35 million back of complaints” and the Financial Conduct Authority (FCA) launching an investigation into Amigo’s “assessment process for customers creditworthiness‘. The Amigo Loans company was due to be sold to an unnamed buyer earlier this year, but this deal fell through after the increase of valid customer complaints and the amount needed to settle these claims was disclosed.

If you have borrowed a loan from Amigo and found that you were unable to pay the loan you could be eligible to claim compensation. Start your claim or get in touch with the experienced Reclaim Experts team who will guide you through the process.

What type of loans do Amigo offer?

– Guarantor Loans
– Bad Credit Loans
– Wedding Loans
– Self Employed Loans
– Vehicle Loans
– Debt Consolidation Loans

Amigo Eligibility Requirements for Borrower:
Minimum age of 18 and not be in active bankruptcy (which means that you have filed for bankruptcy and your case is ongoing)

Amigo Eligibility Requirements for Guarantor:
Minimum age of 18, with a strong credit history or be a UK homeowner.
Must be able to make the repayments if the borrower does not pay.

Amigo Loan Example:
Representative Example: Borrowing £4,000 over 36 months, repaying £195.16 per month, total repayable £7,025.76. Interest rate 49.9% (variable). Subject to status.

Amigo Loans is registered at the following address:
Amigo Loans, Nova Building, 118-128 Commercial Road, Bournemouth, BH2 5LT.
Telephone Number: 01202 560 996

Have you used Amigo for your loan and found that you were unable to pay the loan? You could be eligible to claim compensation. Start your claim or get in touch with the experienced Reclaim Experts team who will guide you through the process.

Why could I receive an Amigo Refund?

• Was the loan affordable to you before Amigo granted your application for a loan?
  Amigo may have not conducted the correct affordability checks.
• Did your loan have excessive charges combined onto it, such as high interest and charges?
  The FCA have introduced a price cap to protect borrowers from excessive charges.
• During your application process, you may have not mentioned all of your debts.
  If this didn’t match with your credit record, Amigo should have ensured to double check this.
• You may have underestimated your monthly outgoings when you took out the loan, due to estimations
  or eagerness to be eligible for your loan due to the circumstances you were in, causing you not to be
  able to afford the monthly repayments. If your monthly outgoings were too low, Amigo
  should have explored whether these were correct or not.
• When you applied for the loan, you may have not stated your correct regular income, due to be self-employed or your job history changing during this time. Amigo should have looked at this and ensured you had a regular, consistent income before giving you a loan

If any of the above statements apply to your experience with Amigo, you could be eligible to claim compensation. Start your claim or get in touch with the experienced Retail Experts team who will guide you through the process.
We are here to help.

You may be able to reclaim interest on your Amigo loan. Start your claim for irresponsible lending by Amigo Loans Today!

Have you been Mis-sold a loan from Amigo?

Start your claim or get in touch with the experienced team at one of our partner CMC’s who will guide you through the process.

Have you used Lending Stream Loans at Home  Morses Club  George Banco Bamboo Loans UK Credit TrustTwo or Guarantor my Loan and found that you were unable to pay the Guarantor loan?

Start your Amigo Loans affordability complaint:

You could be eligible to claim compensation. Start your refund claim online and begin the process in reclaiming a Refund from Amigo.

You maybe eligible to claim a refund from provident home loans. Estimate how much you could be owed using the loan refund calculator