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. The latest FCA High Cost Credit Review reports in June 2018 covered many of the different types of lending covered on this page (with the regrettable exceptions of guarantor loans and … [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...]