RE: Food for thought22 Oct 2020 10:45
Martin lewis - Money Saving site has targeted guarantor loans, and names Amigo multiple times in their article, but no other company has been named ??.
He’s basically suggesting every loan for the last 6 years can raise a claim, sighting 90% successful payouts, regardless of if the person had any issues paying the loan back! The borrower can claim for all the interest paid plus 8% for each year, but not the loan amount.
He’s providing templated letters to help, what a joke!
It looks like Amigo and others offered Top Up loans and didn’t seek further authority from the guarantors, not good practice I would have to agree.
I need Amigo to do well, so want to see more statements of this, historical issue, being brought under control, and the scale.
“Nine in 10 complaints about guarantor loans are successful - that's even higher than for PPI”