Alternatively, you can tell us about your complaint by calling us on 01202 629161 (Monday – Thursday 9 – 6pm and Friday 9 – 5pm). Our advisors should be able to clear up any problems you have or get the complaint looked into for you.
Also know, are Amigo loans being investigated?
Since last summer, the Financial Conduct Authority (FCA) has been investigating Amigo over its alleged failure to carry out basic financial checks on borrowers before selling its guarantor loans.
Similarly one may ask, can guarantor loans be written off?
Guarantor loans and Debt Relief Orders
If they have already defaulted and you are making payments, it will be included in your DRO and written off with the rest of your debts.
Can I claim against Amigo?
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%.
If you are a guarantor for a loan you can ask to be removed as the guarantor: if you couldn’t afford to repay the loan without difficulty; or. you were pressured into becoming the guarantor; or. you didn’t understand the implications of being a guarantor.
Can I settle early? You can settle your loan at any time, or make extra payments on top of the regular monthly instalments.
If you stop paying Amigo and win your complaint, all negative marks on your Amigo credit record will be removed. But if you stop paying other loans and credit cards in order to pay Amigo, when you win your Amigo case you will still be left with a wrecked credit record.
You’ll need to send us a quick email to [email protected] or call us on 01202 629 161 (Monday – Thursday 9 – 6pm and Friday 9 – 5pm) and we’ll update what needs updating.
Can I change the loan amount or extend my loan term? You can change the loan amount and the loan term at any point before the loan is paid out. Just email us at [email protected] and we’ll be happy to help. If your loan has already been paid out, we won’t be able to make any changes.
Even if you fail to disclose the loan to your IVA provider, debts owed to firms like Amigo are legally included within the IVA anyway. It’s also not permissible to keep paying your guarantor loan directly during your IVA. Continued direct loan repayment isn’t a viable option to protect your guarantor.
Yes, it is possible that Amigo Loans could take court action against you, but it is worth keeping in mind that this is always a last resort. Amigo Loans, or any other kind of guarantor lender will tend to avoid going to court and sort things out amicably with regards to an affordable repayment schedule.
I owe money to Amigo Loans, do I still have to pay it? Amigo Loans are being investigated for irresponsible lending, but as they are still trading, you should continue to make payments, if you can afford them. If you can’t keep up with your payments, you should get debt advice.
From the bank’s point of view and the generally accepted norms, the death of a guarantor does not extinguish his liabilities. The amount in default by the borrower is essentially a responsibility of your late father also, to repay. Hence as a legal heir, you inherit the assets as well as the liabilities of your father.
If the guarantor refuses to make the repayment when due, the lenders can then begin to take legal action. … The lender can then begin a court order, which will enable them to retrieve the debt they are owed from the guarantor.