Amigo

[damppatchnot]

I’ve just won my affordability complaint against amigo

I took out a guarantor loan 5 years ago for 5k for my business. I then was assaulted in my shop and had to close so started to struggle with payments.

My guarantor paid 3k off last year to close as they were harassing us both

I continued to pay my guarantor a total of £1960 and with £940 to pay I won my claim and was informed they were refunding all Interest plus 8%

Problem is they are refunding my guarantor what she paid plus the interest and not taking into account my payments to her

She’s currently owed £940 and Amigo are paying her £3,900
I’ve asked for the £940 to be taken off so she’s owed nothing, the £1,960 to be refunded and the difference to be split as I accept the issues this loan has caused

She’s now saying she’s taking legal advice and I think intends to keep it all. What can I do ?

Bump

I assume appealing to her better nature isn't an option? Who is the guarantor? It seems strange that you have/had a close enough relationship for her to be your guarantor but not for her to act reasonably in sharing the refund.

You've paid off most of a very high interest loan, and it sounds like you've done your best to repay a good portion of what the guarantor has paid off. plus it sounds like it's you who's gone to the effort of making a complaint.

The fairest thing would be for the guarantor to keep enough of the refund so that all she's paid is repaid, plus perhaps sum on top to say thanks for the help, maybe about £200? But the rest should be yours to compensate for the very high interest rate that you've had to pay, which has been ruled unfairly high. it sounds like your guarantor is expecting to profit at your expense, which is ridiculous.

You might do well to search for amigo in the moneysavingexpert loan forum, they've been encouraging people to complain and there seems to be lots of threads there.

forums.moneysavingexpert.com/categories/loans

She should get £940 and the rest to you. It's then up to you as to whether you want to give her anything else as a token of thanks. If she won't hand it over take it to small claims.

We were friends but this changed when I struggled to pay. I only have £940 to repay and I I heard about amigo claims so thought I would give it a go. I was surprised to win the case but shocked to see Amigo sending her this but they were not aware of the payment arrangement.

I’ve emailed her saying to take £500 by way of a thankyou
I can’t be any fairer than that and if the £2,500 isn’t refunded I will take to small claims

I'm confused. So how much of the amount the she had to pay have you paid back to her? Is it most of the loan and now amigo are refunding her instead of you even tho you've paid her? Sorry I'm just a bit confused.

How does that work? My ex dropped the whole loan on me because we split up they refused to go after him just me as guarantor

The payments between the OP and the guarantor are likely to be considered to be outside the arrangement with Amigo.

I expect that, at some point, Amigo recorded the fact that the OP had stopped paying, and formally took payment from the guarantor, therefore, technically it is the guarantor who is due the refund, because they paid Amigo, who is ignoring or is unaware of the fact that the OP has repaid the guarantor most of the money separately.

Plus it could also simply be that the money is going back to the account that it came from, or even a mistake.

In any case, what the OP is proposing is perfectly fair and hopefully if the guarantor does indeed take legal advice (I suspect she may be bluffing) then that would tell her that legally, and certainly morally, the guarantor is not entitled to keep all the £3900.

OP, it sounds like you've been through a lot, hopefully you're a bit more back on your feet now.

@Barbaraofseville ah I see, thanks for explaining. Op I think @Barbaraofseville is right in saying that no legal person is going to tell her she can fairly keep the money. If she does, definitely issue a CCJ against her.

Hiya op,
Absolutely no help with you dilemma here but hoping you can help me?
How did you start an affordability complaint with Amigo? I'm a guarantor for an abusive ex. Amigo hasn't been chasing us for money, but of course its still all on file and im sure we will be hearing from them again soon!
Would love to do what you have done financially things are awful for me and I was pressured into being guarantor for a loan i could never afford.

The loan was 5k I paid amigo then started to struggle and they wouldn’t wait a few months so guarantor paid 3k as they we’re threatening and she’s a legal executive so didn’t want it affecting her job.

I carried on paying her with only 940 left to pay. I then won my case and amigo paying her 3k back plus interest so 4K

I’ve advised that she can take £940 due plus £500 by way of appreciation

Hi hiccup I just sent an email to amigo quoting affordability complaint
Explained my financial situation and the stress the loan caused me

They asked for loan details and in 5 weeks accepted my claim x

Hiccup

Have a look on moneysavingexpert. There's a guide to reclaiming and one of the reasons is being pressured into being a guarantor.

www.moneysavingexpert.com/reclaim/reclaim-guarantor-loans/#guarantor