Guarantor Loan Refund

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Guarantor Loan Refund
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When you applied for a Guarantor loan the lender
should have checked to see if the loan is
affordable to you before allowing you to borrow
the money. Just because you had provided someone
who would guarantee the repayment of the loan,
does not give the lender the right to ignore
affordability.
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We know that Amigo lent to a lot of people who
could not afford the repayments, they did this as
they were looking to sell the company and they
wanted to make it look better that it really was,
by having more customers on its books. They
admitted this and changed the lending model in
mid-2019, but a lot of loans in previous years
were mis-sold.
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We work on a true No Win No Fee basis if when we
complain about a Guarantor Loan we win, the
refund is deducted from any outstanding loans you
still owe the lender. If you have already repaid
the loan you will get a refund of the interest
you paid plus 8 statutory interest added. We
only charge our fees on the net amount you win.
So if you are not sent any money, we do not
charge any fees. There is no risk to you at all.
Have a look at our page on fees for some examples
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The person who guaranteed your loan (the
guarantor) will not be affected by you making a
complaint. They should not be told that you are
making a complaint and nothing will change with
them as long as you keep making repayments. If
they have made payments on your behalf we often
get the money back for them and because we are
decent people, we do not charge our fees on any
money returned to your guarantor
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The Guarantor lending market is a strange one as
the loan is guaranteed by someone other than the
borrower. So if the borrower does not pay the
money back, the lender goes to the guarantor to
get the money. This has caused a lot of upset and
distress for both borrowers and guarantors.
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For more update , visit us
https//www.redbridgefinance.co.uk/guarantor-loans