A reader asked: I agreed to be the guarantor for a loan for a friend, but he lied to me and couldn't pay it. Amigo were very difficult, wanting me to stop paying other debts so I could pay them, and got a CCJ. Is it too late for me to complain and ask to be removed as the guarantor? Guarantor lenders have a reputation for being very fast to go to court when a guarantor doesn't pay them. People … [Read more...]
Getting out of debt
Practical articles about the different debt options, which might work for you and different ways of dealing with creditors
How to complain when you are the guarantor for a loan
UPDATE: Do not use the templates on this page for the following lenders, instead see the specific page: George Banco & Trust Two a Scheme of Arrangement is being proposed, see Everyday Loan Scheme for details Amigo has set up a Scheme of Arrangement. the deadline for making a claim has now passed, see Amigo's Scheme for details. Buddy Loans went into administration in September … [Read more...]
“Lender says I lied – what should I do?”
Some lenders responding to affordability complaints by saying your application wasn't accurate about your income or expenses when you took out the loans. They are doing this to try to put you off taking your case to the Financial Ombudsman. That may save them a lot of money! Let's see why applications may have been inaccurate and whether this is a problem for your complaint. Most of the … [Read more...]
Why the Ombudsman released a guarantor from a loan
The Financial Ombudsman (FOS) has recently published two important decisions about guarantor loans, one where a borrower complained and one where the guarantor complained. I have covered the borrower case here: Ombudsman – Amigo did not check properly that a borrower could afford the loan. This article looks at the FOS decision about the guarantor for a loan. I have selected points from the … [Read more...]
Ombudsman – Amigo did not check properly that a borrower could afford the loan
The Financial Ombudsman (FOS) has recently published its decision on Miss G's complaint against Amigo. This FOS decision criticised Amigo's inadequate assessment of Miss G's income and expenses. It said her poor credit record meant Amigo should have verified the figures, for example by looking at bank statements. So FOS ordered Amigo to refund all the interest and charges she paid, plus 8% … [Read more...]
“When I am made redundant, should I go for a Debt Relief Order?”
Ms G asked: I have about £18,000 of debts which I can't afford to pay after my partner left. I am part-time at work, with very little money and renting, but I have been told I will be made redundant in November. I should get about £2,500 redundancy pay and I will need that while I look for a proper job - I won't get Universal Credit straight away. So is it best to wait and apply for a Debt Relief … [Read more...]
How Subject Access Request information can help an affordability complaint
If you are making an affordability complaint about a large bad credit loan (that includes logbook loans and car finance) or a guarantor loan, my template letters start by asking the lender to send you a copy of all your personal information. This is often called a Subject Access Request (SAR). Getting thus data has been free since 2018. So what do you do when you get this SAR information? … [Read more...]
Guarantor loans – more refunds being paid!
In May 2019, adjudicators at the Financial Ombudsman (FOS) made several dozen decisions upholding affordabilty complaints by people with Amigo loans. Amigo has accepted all these decisions and has paid out refunds. These adjudicator decisions are not published by FOS but readers have sent me copies of them. This article has some extracts so you can see what FOS is looking at in guarantor loan … [Read more...]
Letters from Reunite or Prime Location Services – be careful
This article covers letters from Reunite (website: reunitemenow.com) and Prime Location Services (website: primelocationservices.co.uk). Both firms send "tracing letters", trying to find someone, without saying anything about why they are trying to contact you. Both have links with Global Debt Recovery, who are a debt collector. Reunite A typical letter from Reunite says: We require your … [Read more...]
“What if I forgot to put a debt on my bankruptcy application?”
A reader asked: I am thinking of filing for bankruptcy. Some of my debts go back quite few years. I tried a DMP and an IVA that failed. I’m behind on my household Bills too. I’m single mum and find hard to cope with all this stress. I finally plucked the courage to do the form. I have at least 13 creditors, some of these details I took off my IVA creditors list but some have passed the debts … [Read more...]
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