YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR AMIGO LOAN
Amigo is one of the modern lenders seeking to help those with a poor credit score, so that they can receive financial help without resorting to a payday loan.
Before agreeing a loan, the Amigo team will call and speak to both the applicant and the guarantor.
The guarantor must know the applicant personally, and be confident in their ability to pay back the loan. Up to £5,000 can be borrowed, and the borrower can pay the loan off early, or pay extra amounts, without incurring any penalty.
What is Amigo Loan PPI?
Many loan providers sold Payment Protection Insurance (PPI) to their customers over the last 20 years or so. The policy was meant to act as a safety net to protect borrowers from falling into arrears if they ever stopped working because of sickness, an accident or if they became unemployed, the policy would cover their loan repayments.
PPI can be and is a useful product if sold and used in the right way. However lenders found that selling PPI with a loan rather than a credit card for example, was much easier, because of the size and length of a loan.
PPI was mis-sold by banks and lenders on a huge scale over the last few decades, with over 60 million policies being sold from 1990 onwards.
Many millions of people were sold PPI without knowing they had done so. The result is many people are entitled to compensation – provided they can prove that the PPI was mis-sold to them.
PPI and its mis-selling has become the largest financial scandal in the history of the UK finance sector.
Grounds on Which Loan PPI May Have Been Mis-sold by Amigo
There are several ways in which Amigo PPI was mis-sold. Lots of people took out PPI cover with their loans believing that it boosted their likelihood of being accepted, or that the policy was a necessity. However, there are many other ways it may have been mis-sold:
- Were you aware that Amigo had added the PPI insurance to your loan?
- If you had no idea you had it, you may have been mis-sold.
- At the time Amigo sold you loan PPI, were you unemployed, retired or a student?
- If so, you may never have been able to claim on the policy, so it could have been mis-sold.
- If the policy costs weren’t listed separately by Amigo to the loan advance, you may have been mis-sold.
- Amigo was required to list the costs separately.
- Was any information provided by Amigo about alternative policies?
- If not, then you may have been mis-sold, because there may have been cheaper and alternative cover elsewhere.
- Were you informed by Amigo about any exclusions?
- For example, if you had any pre-existing medical conditions, the cover may have been voided, therefore you could be classed as being mis-sold.
- Loan PPI is an optional product so not compulsory, did Amigo make this clear?
- If Amigo told you it was required in order to secure the loan, or you felt pressured in any way to taking out loan PPI, you might have been mis-sold.
- Were any checks done by Amigo to determine if you had any existing PPI policies?
- If not, you may already have been fully covered, so were mis-sold if they failed to check.
- Did Amigo check if your employer provides full sick pay?
- If no checks were done and you are entitled to full sick pay, your loan payments would have been covered rendering the loan PPI unnecessary.
- When discussing your Amigo loan application, did you feel pressurised into buying PPI?
- When taking out PPI Amigo should have made sure you were happy with the deal, instead of having it forced on you. If any pressure was placed on you to take out a policy you didn’t require, you may have been mis-sold loan PPI.
What do I need to Start a PPI Claim With Amigo Loans?
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember when or why you agreed to it? Were you informed that it would be added?
If you can’t remember please don’t worry as this can be done during the PPI check with Amigo.
How to start your PPI Claim with Amigo Loans?
Plevin Ruling – Making a High Commission PPI Claim with Amigo?
If you have raised a previous PPI complaint with Amigo which was not upheld, and you wish to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy. Learn more about PPI High Commission PPI claims.
Other Loan Providers Facing PPI Claims
The following is a list of loan providers who are known to have sold PPI. Please note this is not an exhaustive list.