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Apologies if this is sat in the wrong section.



My son applied to Amigo loans in order to purchase a new car, He asked me if I would step in as a guarantor which after some consideration I agreed. I know many of you will say I signed it and that's just the way it is. I accept the position at the time. However what has troubled me since is as follows.



My son borrowed a substantial amount of monies however he defaulted the first month, the second month and so on.. through to month five. I have paid every month to date as a guarantor.



I have raised a complaint based on the due diligence and the affordability of the original loan applicant and furthermore the proof of affordability from me. I provided no proof of affordability although my credit file is perfect so I would expect ay loan application to be approved on my signature.



However what concerns me is the following - My son who has now defaulted the loan every month, and also ignored me completely. I raised a complaint and challenged the proof of affordability.

It has been confirmed in writing and by an authorised telephone recording the following.. My son has a poor credit file with defaults going back 4 and 5 years ago, poor credit rating full stop. It was confirmed Amigo loans did not look at Bank statements, but only looked at wage slips.. only took on-board the income and only discussed the expenditure but never had to prove this expenditure.



I have borrowed monies from many various private and commercials over the years and the loops that I have to jump through are many providing bank statements both commercial and private etc to demonstrate affordability. yet Amigo loans admitted today that they never got physical proof of affordability and a month after pay out they received bank statements at my request and the statements demonstrate affordability and the statement were shocking.



My question and getting to the point is were is my protection as a guarantor?

How can any finance house lend monies based on income and no physical proof of expenditure especially with so many defaults on his credit file.



This demonstrates that responsible lending is Clearly very distant from Amigo loans mind-set and they are just out to nail the Guarantor.



Charging a 49.9 APR claiming it is because of risk, I have asked what risk? they take no action against the defaulted loan applicant unless the Guarantor stops paying. then they take action against both...

I know I have myself and my unconditional love to blame but surely proof of affordability is key to how these people lend money in the first place. I have now had a final response and now submitted to the ombudsman too. Thoughts please. Thank you

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