Amigo has recently provided their half-year results for the period between April and September 2019 which show a large increase complaints and a cost increase as a result of mis-sold guarantor loans and affordability complaints.
Amigo makes a statement about complaints
We have reviewed our complaints process in detail and examined the root cause of complaints received.
We are concerned to see such comments as whilst they are reviewing the process for future applications, Amigo don’t appear to be processing claims within the 8 weeks required under their FCA Regulations.
The fact that less than 10% of payments come from guarantors is evidence that our affordability assessments are working.
This is alarming as it doesn’t prove that consumers can afford the loans, but instead they are doing all they can to avoid having their guarantor pay for them.
After-all, this is friends and family we’re talking about here!