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Thread: Amigo loans

  1. #1

    Amigo loans

    Hi im new to this forum but looking for some advice.
    About a year and half ago i took a loan out with amigo loans and everything was running smoothly untill i found out that my guarantor added not 1 but 2 members of the family without my consent!!. Obviously i wasn't happy with this and put numerous complaints in, but amigo seems to close the complaint with no othet means of replying and need to make another complaint and wait a further 8 weeks for another reply. So i looked in the loan agreement and unless I've missed it i can't see anywhere where it states the guarantor can add as many people as like without informing me see if im happy. So im now at my wits end and a top up and i can't have one due to the person who was added putting a stop to it.

    So where do i stand and who i can contact in order to get these people off the loan agreement?

    Any hejp would be highly appreciated.

  2. #2
    I would have thought that the more guarantors you had (didn't even realise you could have more than 1 with Amigo so have learnt something new) that Amigo would be more than willing to accept because it means they have more people to chase should you default on your payments.

    Have you asked your original guarantor why they decided to add more people?

  3. #3

  4. #4
    You're looking at the wrong issue.


    Why are you having to rely on Amigo Loans and why do you need yet more money from them?


    Head to the DFW board as people can assist you there, and if you're in debt trouble speak to a debt charity like StepChange ASAP.

  5. #5

  6. #6
    Welcome to MSE. According to the Amigo Loans website you can only change your guarantor if you have paid off your loan in full or you become eligible for a top up. A top up is a new loan you may be able to get on top of an existing one if you meet certain conditions.


    https://www.amigoloans.co.uk/question/can-i-change-my-guarantor

    There is no mention of being able to have additional guarantors. It also doesn’t seem it would be possible as the loan has to be paid into the guarantor’s account to avoid any fraud, suggesting there can only be one.

    Have Amigo loans confirmed that there is more than one guarantor on the same loan? I would suggest you try the complaints website Resolver to follow the complaints process all the way through to the Financial Ombudsman Service if necessary. Hope this helps.

  7. #7
    Welcome to MSE. According to the Amigo Loans website you can only change your guarantor if you have paid off your loan in full or you become eligible for a top up. A top up is a new loan you may be able to get on top of an existing one if you meet certain conditions.


    https://www.amigoloans.co.uk/question/can-i-change-my-guarantor

    There is no mention of being able to have additional guarantors. It also doesn’t seem it would be possible as the loan has to be paid into the guarantor’s account to avoid any fraud, suggesting there can only be one.

    Have Amigo loans confirmed that there is more than one guarantor on the same loan? I would suggest you try the complaints website Resolver to follow the complaints process all the way through to the Financial Ombudsman Service if necessary. Hope this helps.

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