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Amigo Loans / do not use!

1 England, Dorset, United Kingdom Review updated:

I'm serving as a guarantor for my nephew to build up some credit since he is young and at University, which I am happy to do. But the tactics that 'Amigo' have used to complete the application and now to collect on the funds has been ridiculous. I'm just going to pay the thing off and be done with it, and get him to build his credit elsewhere. Pushy salespeople to 'up-sell' an amount he didn't need in order to boost their profits, added and hidden fees, and rude collectors (and he only missed one payment). So sorry I told him to give it a try. I have been officially robbed at the border by bandits.

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Comments

  • Lo
      24th of Jul, 2012
    +1 Votes

    Amigo Loans more like Bandit Loans take a look at this http://amigoloansscam.com Amigo Loans Scam

  • Ri
      1st of Aug, 2012
    -2 Votes

    rip off sharke and have the cheek to defend themselves...i was not interest but sat the adv . on TV and thought oh oh who is going to ripped off now...and wanted to warm people in my nwtworking areas...this a total rip off and it would not take any collectors to think about door knocking here in northern ireland if they want to walk again

  • Ch
      24th of Aug, 2012
    0 Votes

    hi
    i went guarantor for my son with amigo loans and because my son missed a payment they have dont nothing but hounded me i change my num but they managed to get my new num this company is a joke when someone from emigo rang me again for the 6 th time it was the manager who rang me this time he said the loan is worth more than my life if that not a threat i dont no what is, so i called the police told them what the manager said to me the police said they couldnt do anything because they have not threat to kill me this company is 1 bloody joke i have passed on to people not to take a loan out with them and there add on tv they have a cheek

  • Ch
      24th of Aug, 2012
    +1 Votes

    i will make sure no one else has a loand from u

  • Sc
      11th of Sep, 2012
    Best Best Advice +6 Votes

    Holy crap. Is everyone who posted here illiterate AND stupid? The clue is in the title, loan company, not give company. Of course they will get annoying to you if you do not pay. All of the site literature (I have read it, unlike the posters above) states that you and your guarantor must be certain you can make the payments on time. Just like any other loan. Letters and phone calls will abound from financial institution if you do not pay them. I see no reviews here from anyone who says that they paid on time and that the company were horrible to them. You know why? Cos they [email protected] paid on time. Enough said I think.

  • Th
      18th of Nov, 2012
    +4 Votes

    The BBC described James Benamor, Owner of Amigo Loans, as someone who "has made a fortune by misleading people over loans". Need we say more...? Well that and the fact that Amigo loans are mid-term, 3 to 5 years, so it does not make sense to directly compare the APR with payday loans. Amigo will collect directly from the guarantor if any missed payments are made and can even place a second change on the guarantor’s property to recover the debt and on top of this negatively affect the guarantor's credit rating! Why would anyone want to burden a good friend or family member with this kind of risk or potential hassle?

    These loans carry very LOW RISK to the LENDER but this low risk is NOT REFLECTED in the HIGH APR incurred to the borrower!! Hence the only real winner is the loans company.

    My advice would be to avoid these guys at all costs and get an agreement drawn up between you and your guarantor for them to lend you the money directly - it’s better for the borrower and the guarantor!!

  • An
      2nd of Dec, 2012
    0 Votes

    My experience of Amigo loans is that of a guarantor.

    I foolishly agreed to sign as guarantor for someone I thought was a close friend. As soon a s she received the funds she left the country. And hasn't made even a single payment. I have learnt from other friends that she has done the same thing to a number of people over a period of a few weeks. One of the massive drawbacks of not making even basic checks on the borrower is that patterns of borrowing like this aren't identified and stopped. I personally believe that all loan companies -particularly in this kind of loan market should be making exhaustive checks on borrowers and make informed lending decisions. My circumstances have changed recently and i am struggling to make payments. Are Amigo interested? NO.

    In conclusion! If you are considering acting as guarantor for someone! DONT DO IT. NO MATTER HOW WELL YOU THINK YOU KNOW THE PERSON!

  • Da
      19th of Dec, 2012
    +1 Votes

    I am with Amigo, i have paid off 2 thirds of my loan, about 10 months ago my bank Natwest decided to cancel and block every direct debit on the account, amigo were informed of this and told to take payment from card (same account, same date), every month since i get e-mails and texts saying i am in arrears, it takes them 2-3 days to take the payment from card, they still try the direct debit first, this month i have had change bank accounts and i am waiting for a large backdated payment to go in hence the payment is now exactly three days late, my guarantor has very worse financial luck over the past year or so since her divorce and now faces having to sell her house and rent, oh dear thats against amigos stupid homeowner policy, these loans are NOT sercured, when we took the loan we had to because of a situation, they phone with a stupid verbal arrangement that you pay because missed payments mean they cant lend to some one else, this gets put to you every month for being two days late because they wont listen.
    The other dayt i got a letter offering me £4232.62 or similiar, rounding what i owe with this to £5000, payable at £192 per month, total paid back over £13000.00, it was ripped up and i will NEVER use them again, another point this loan HAS NOT helped my credit score in one bit.

  • Di
      28th of Jan, 2013
    +5 Votes

    I really do think that people should think a little more before commenting on here. Why is it Amigo loans' fault if someone doesn't keep to their side of the agreement? Don't sign up as a guarantor unless you are 100% sure of what you are doing. I've a loan with Amigo, nearly paid off, with a friend as guarantor. He has known me for over ten years, and knows that I have enough self respect and honour not to dump him in it. I've not had any problems with Amigo and neither has my guarantor. Why? Because I keep to my side of the agreement. Don't blame them if you sign on the dotted line for something you do not understand, or for someone you don't trust.

  • Do
      12th of Mar, 2013
    0 Votes

    well dickie75 you are one of the lucky ones whether you have known your friend for 10 yrs and whether you have the self respect to honour and not dump is a good thing for your friend but that doesn't mean to say that others are wrong in what they have commented. my son owns his own hse has a good job and a little boy. his friend who he stood guarantor for promised exactly the same thing as you did to your friend. my son told noone what he had done to help this person out. she had a good job she was moving she had a job to go to and wen applying for the loan she told Amigo exactly the same on tape. after the second payment had not been paid my son went missing leaving txts he was in trouble life was not worth living he couldnt go on (trying to pay a lge morgage was fine but to find another 220 a month was breaking him) to cut a long story short i new the family well and visited them to tell them what had happened between my son and there daughter mum was already in tears with the local paper no idea that her daughter was in court for stealing money from an old peoples home over 26, 000 and had lost her job over 2mths previous she had also taken her best friends debit card each time she had visited and taken 17 transactions of 200 this has all been taken to court with numerous fraud against her that noone was even aware of NOT EVEN HER CLOSEST FAMILY and although in court she admitted lying to my son and he has a letter from the courts and her solicitor says he should now be taken off as gaurantor we stand no chance according to amigo. up til now he still has to make the payment each month as she is refusing amigo are refusing to take him off as they say its still not proof enough so we are now going to try and take a single case against her to court as amigo have said although she lied on tape to them and a fraud case has been won by amigo against her they still need the proof that she lied to my son as its his word against hers??? its actually nothing of the sort what it is they no they can hound him they no he will lose his home if he is blacklisted they no they will get nothing off this woman as shortly she will class her self as bankrupt and too a two penny company like this if my son had have taken his own life it would have meant nothing to these hounders probably would push to take the home from under my grandsons feet. im well respected where i come from i work as hard as anybody else brought 4 good boys into this world that all work and dont scrounge so i can see where some of these people are coming from

  • Do
      12th of Mar, 2013
    0 Votes

    i should have added if no one stood guarantor companies like this would be shut down they just prey on ppl

  • An
      9th of Apr, 2013
    +1 Votes

    I used to work for amigo loans and the tactics they use are terrible. They will call guarantors over and over. They even told me to tell a guarantor that the courts would take his cats if he didn't pay the loan repayments. James benamore is a vile man and even sacked his own fatherfrom a position just so he could make a department redundant due to the companies negligence of paying loans out to the wrong people so that directors could hit big bonuses . All they care about is money and they even employ people to hit targets and then find any reason to sack them in their probationary period so they don't have to employ them after they have hit their targets. In all I'm glad I'm out of there. And if anyone is even thinking about getting a loan from these sharks then u deserve everything u get after reading all of this

  • Am
      30th of Nov, 2018
    0 Votes

    @annoyed1234tyu Please could you help me with a few answers
    My son was on the brink of suicide I have paid his debts and received an excuse for a response along with the offer of £35 to take him for a family meal as they admit some liability
    I feel so patronised and angry I want to highlight this to my M.P
    Kind Regards
    Jacky

  • Un
      16th of Apr, 2013
    +2 Votes

    i stood guarantor for my son. it took a ten minute phone call and the money was soon in the bank. at no time was i told the loan would be in MY NAME. i had an excellent credit score but it seems to have affected it as i was recently refused a bank loan as i had a loan from this type of company. i highly recommend no one uses this company.

  • Be
      27th of May, 2013
    -1 Votes

    Yes 100% amigo loans are bloodhounds, the most unhelpful people you could come across. I lost my job and had no money coming in, my guarantor also is going through a divorce so therefore skint. i tried explaining everything to amigo, asked can i pay back lower payments and the answer is completely NO.

    Told y guarantor to change her number and cancel her card but someone they have managed to get the cash from her bank does anyone know how?

  • Ju
      22nd of Jun, 2013
    0 Votes

    My daughter took out a loan with Amigo, and fraudulently signed me up as her guarantor, which she has admitted to, however Amigo have refused to accept this and remove me as the guarantor, my daughter has defaulted on the loan and Amigo are hounding me, ringing me 10 times in one day sending me text messages, threatening to take me to Court and place a charge on my house. I asked the Financial Services in intervene, but they Are unable to help me I am a pensioner and cannot afford to pay this loan. Don't know what to do.

  • Im
      21st of Aug, 2017
    0 Votes

    @Judy12 1.can't understand Amigo deposits the loan into the guarantors bank account! 2. Amigo can only enforce you to pay as guarantor(surity)on a court order ONLY 3. Insist they get a court judgement but defend their action under the "Misrepresentation Act 1967" we did and won. 4. Amigo must take action against the borrower as well and if get judgement cannot benifit from you as well ( unjust enrichment) See CC Act 1974 section 113 (1)security.

  • Do
      2nd of Jul, 2013
    -1 Votes

    On your original agreement paperwork before the loan was paid out there is a passage which asks for your bank details as a guarantor and you have to agree to them setting up a direct debit mandate on your account. They also confirm this over the phone with you. So when the applicant fails payment for so long they automatically kick in a direct debit payment request which does not need your current debit card details to clear

  • Gi
      29th of Oct, 2013
    0 Votes

    I do feel sorry for people that are duped in to these loans and having to sadly resort to loan sharks to keep their head above water, its the way the UK has gone, not surprising we are the laughing stock not only in Europe but Worldwide, and the Government will do nothing to stop loan Sharks operating at scandalous interest rates and conditions linked to these Loans..
    Most Banks will consider a loan with a Guarantor at much lower interest rates if you go to see them, now if you are refused a loan by a Bank, it is normally because you have a bad credit rating, or you cannot afford the repayments, in that case if these Loan sharks are doing as the law demands they should also refuse a loan to that same person...but they don't!...fact.
    As for acting as a Guarantor for a friend or family member looking for a Loan, do not do it, if the friend or relation can make the Loan Payments then they will never need to worry about who is the Guarantor, if however, there is a concern of risk...DO NOT DO IT...these sharks will if they can, take a 2nd or 3rd charge on your house...with Interest mounting...Stay away from 50 per cent Amigo Loans, who's pathetic adverts makes me want to throw up...patronising ###s! try a credit card at 35 per cent...good luck to all.

  • Ho
      21st of Jan, 2014
    +1 Votes

    If you miss payments on a loan. Regardless whether it be with Amigo or any other Loan Company, they will hound you for those payments. If someone owed you money and agreed to pay it at a certain time but failed to do so, you would chase them for that payment. But having said that. It does not excuse the amount of interest charged by Amigo. If you asked them why they charge such rates, they would reply they make high risk loans. But that of course is not true. They take less risk than any normal Loan Company because they insist on a guarantor. So they have a back up if the borrower doesn't pay. So They are in affect, Loan Sharks! Set up to fleece those who have no where else to go but to them. It was well thought out on their part. Outrageous interest with less risk than a normal Credit Card Company. So if you allow yourself to get tangled up with these people, it is a self inflicted wound!

  • Mi
      11th of Jun, 2014
    0 Votes

    People take out a payday loan to improve their credit record or to improve a family members credit. It's absolutely heartbreaking as it will ruin your credit having a payday loan on your file. I'm a mortgage broker and can tell you almost no lender will go near you with a payday loan on your file. They tell you it will improve your credit record and then suddenly people who have innocently taken out the loan can't get credit or a mortgage for 6 years. It's the greatest financial con ever. You would not believe the amount of people I have to tell they can't own a home because they took out a. Payday loan several years back. The big lenders have an absolute no payday policy for mortgages. The fact that relatives are taking out these loans via amigo etc as guarentor are causing them more damage than they will ever know.

  • Fa
      20th of Jun, 2014
    0 Votes

    It is obvious to everyone that this man is a shark praying on those who can't get a loan elsewhere. He take less risk than a credit card company because he insists on a guarantee. How the law allows him to operate beggars belief.The rate of interest is nothing short of theft. Yet they have the audacity to advertise affordable loans. If ever a company needs investigating and closing down, this one does. But he can only prosper if people allow themselves to fall into his clutches. Rather than sign up for a loan with Amigo, you'd do better to go to bed and leave your front door open to burglars

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