AVOID!!!!!!!

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Amigo Loans - www.amigoloans.co.uk
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GiannaHoward268's review of Amigo Loans - www.amigoloans.co.uk

“AVOID!!!!!!!”

★☆☆☆☆

written by GiannaHoward268 on 04/03/2014

Looks like these are unsecured loans, not if you're the Amigo/Guarantor.
This despicable company will do the following if the person you are acting as guarantor for doesn't pay.
They contact the Land Registry & register a valid interest in your property due to money owed to them. How does this affect you. If you decide to sell your property, say you are moving house, you won't be able to due to there being a debt attached to your property.
Even if the person you are acting as guarantor for starts repaying the loan they leave this claim on your property in place until the loan is cleared due to default history.
We had to completely pay off my wifes sons loan before we could sell the house.

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Amigoloans's Comment

Written on: 17/03/2014

Hi there,

My name’s Scott, I work at Amigo, and I wanted to reply to your review, as one of the points you’ve made isn’t quite accurate and doesn't tell the whole story.

Firstly, you’re right that if a borrower doesn't pay back their loan we do ask the guarantor to. That's how we work and it's how we can offer loans at 100th of the APR of payday loans, which are usually the only other option our customers have.

We make it super clear before anyone agrees to being a guarantor what they are doing and what their responsibilities are. We have a discussion with every guarantor to ensure they understand what being a guarantor means and they also sign agreements to confirm they understand and accept their responsibility for the loan.

You mention that if the borrower doesn’t pay, we contact the Land Registry to place a charging order on the guarantor’s property, but this isn’t the whole story. Firstly, this would only ever happen if both the borrower and guarantor did not pay, after us contacting them, as agreed before the loan was paid out. Both the borrower and guarantor would need to refuse to make the payments they had agreed to make, for it to get this far. We would never ask anyone to do anything that they hadn’t agreed to.

This is always the absolute last resort and usually only when the applicant and guarantor are refusing to accept responsibility for the repayments. By it going to court, a judge - someone completely independent from the situation - decides what should happen. If the judge rules that the borrower and guarantor should pay, as agreed when taking out the loan, then a charging order may be placed on the house, meaning that if the house is sold, they would need to pay back the amount owed, out of the money from the house sale. We would never force the sale of a guarantors home and wherever possible try to work with the borrower and guarantor to get the repayments back on track.

If after reading this, you feel like we’ve acted differently in your case, please contact me, and I can have your case reviewed, to make sure that we’ve acted exactly how we should have done.

Thank you,

Scott @ Amigo

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