If you have taken out an Amigo guarantor loan and one or several of the following statements below applies to you, you may be entitled to Amigo loan compensation.
If you believe that you were mis-sold an Amigo loan, you now have the opportunity to request a refund.
While you may have really needed the loan at the time, you may have found yourself in a worse financial position as a result and the loan should not have been granted in the first place.
If you already had a loan with Amigo and needed to borrow extra money, you may have been given extension or top-ups without adequate checks, only to be put under more financial pressure.
Amigo has put funds aside especially to compensate those who were overcharged or mis-sold loans – and you can start your claim with us by clicking on the button below.
Why Could I Be Given an Amigo Loan Refund?
During your application process, you may not have mentioned all of your debts and if this didn’t match with your credit record, the lender should have ensured to reaffirm this.
It is possible that you underestimated your monthly expenditure due to guesswork or eagerness to be eligible for your loan and in such circumstances, if your figures appeared too low, your lender should have explored their reliability further.
At the time of your application did you have a regular income? If you were self-employed during this period or even had overtime that fluctuated, the lender should have looked at this.
Did you have evidence of recent applications for credit or previous problems on your credit record? While Guarantor loans are specifically targeted at those with bad credit scores, the lender should have been conscious of whether your situation appeared to be worsening.
Whenever you topped up an existing loan, your lender should have ensured to run another set of checks concerning whether this was affordable. Had you missed any previous loan repayments? Had your finances deteriorated since your first loan? If so, the lender should have addressed the fact that their current loan could be unaffordable and as a result, capped any more lending.
The firm may only have carried out a brief affordability check on you because of your guarantors circumstance. Regardless of your guarantor’s financial status, the loan needed to reflect your personal repayment potential.
Has Anyone Got a Refund From Amigo Loans?
Yes, so far Amigo has already refunded millions of pounds in mis-sold claims to former customers – with a commitment to refunding as much as £127 million in total.
An individual is likely to have a strong case against Amigo if their loan was approved without robust affordability checks, they had multiple top-ups loans or they struggled to pay back their loan.
Lenders are required to respond to claims within 8 weeks and the average customer has received around £4,600 in compensation, which usually includes a refund of interest and charges paid on mis-sold loans and 8% compensatory interest on top.
This year alone, clients who have applied through the Forces Compare website have received refund offers in excess of £1.5 million from Amigo Loans.
To start your claim and check your eligibility, simply click on the button below and you will be able to complete a few details about your Amigo loan and submit your claim to our partners at Clear Legal Marketing Limited.
You should receive confirmation of your enquiry very quickly. If successful, you should receive a decision within 8 weeks.
