Amigo Loan Compensation, what's it all about?
Amigo is now looking to enter into a Scheme of Arrangement and while we no longer accept claims against Amigo we are happy to process claims against other lenders. Start your claim to see our full list of lenders.
Due to the level of complaints over the last couple of years, Amigo have sought to enter a Scheme of Arrangement as they do not believe they are able to continue to satisfy the level of complaints they are currently receiving. As a result we are unfortunately unable to assist clients with any further complaints against Amigo but you can do this directly with Amigo if you think you have a claim.
However, we do offer this service against a number of other lenders including Lending Stream, George Banco, Trust Two, Provident and many more. Please click on ‘Get Started’ to check if you have a claim against other lenders.
“According to FOS statistics published in March 2021, Guarantor loans in particular were shown to have been upholding a huge 83% unaffordability complaints.”
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Why Could I Be Given a Amigo Loan Refund?
If you have taken out a guarantor loan and one or several of the following statements applies to your circumstances you may be entitled to compensation.
- 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? Guarantor loans are specifically targeted at those with bad credit scores, however, 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 circumstances. Regardless of your guarantor’s financial status, the loan needed to reflect your personal repayment potential.
Mis-Sold a Amigo Loan?
If you believe that you were mis-sold a Amigo loan, you now have the opportunity to request a refund.
- Whilst 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 Bamboo and needed to borrow extra money, you may have been given extensions or top-ups, without adequate checks, only to put you under more financial pressure.