Amigo is not taking proper care of its borrowers' personal information. Readers are reporting that their details are being sent to the wrong address, or have been so poorly packaged that they are arriving ripped open with some of the contents missing. Now once could be an accident, but I have five reports in five weeks. I am not seeing similar comments about other lenders. What information are … [Read more...]
News snippets about high cost credit
This page brings together news items about various types of high-cost lending in Britain, including payday loans, guarantor loans, doorstep lending, logbook loans, rent to own and other forms of high-cost credit. In December 2018 the FCA has responded to consultation responses on high cost credit and overdrafts. Good to see a major change to what they are proposing for BNPL deals, see below. … [Read more...]
How to complain if you have got a guarantor loan
If you have been given a personal loan by a guarantor lender you can ask for interest to be removed from this loan if: you can't afford the repayments without hardship or borrowing more money, AND Amigo or any other lender would have realised this before they gave you the loan if they had checked properly. Amigo and the other guarantor lenders should have made sure a loan … [Read more...]
How to complain if you are a guarantor for a loan
If you are a guarantor for a loan that you can't afford to pay without hardship, you can ask to be removed as the guarantor. A lender such as Amigo should check that a loan will be affordable for both the borrower and the guarantor before the loan starts and before any top-ups. But often proper checks have not been made. The regulator's definition of affordable is that you have to be able to … [Read more...]
Amigo loans – a bad way to rebuild a credit score
I was surprised to read a newspaper article saying that Amigo loans were a good way to repair a bad credit score. This isn't right - there are big problems with guarantor loans - they are very expensive and dangerous. And there are much better ways to improve a bad credit rating! Amigo is much the biggest guarantor lender in Britain, but everything here also applies to other guarantor … [Read more...]
Bad credit loans to avoid
Logbook loans, guarantor loans, "pay weekly" shops such as BrightHouse - these may sound attractive if you are short on cash but have a poor credit rating or have been refused a payday loan. But this sort of debt can end in disaster if you have money problems. This article looks at bad credit loans and what alternatives might work better for you. From February 2017 I have been keeping a summary … [Read more...]