How to Apply for an Amigo Loans Refund
In the UK, borrowers have a right to request loan refunds if they were mis-sold a loan. This means that many people qualify for an . If you took out a short-term, high-interest loan, and the lender didn't disclose the terms properly or didn't check your financial history thoroughly enough, you may qualify for a refund. This is a financial protection measure that requires the company to pay back any interest and fees you paid. While this is a great way to help recover financially from a predatory loan, the application process can be stressful and complicated.
DoNotPay can help you request a loan refund or deal with any other type of debt-related problem you're experiencing. This includes figuring out if you're eligible for a refund. Here's what customers should know about the loan refund request process.
What Is an Amigo Loans Refund and Am I Eligible?
If you've taken out a loan that is determined to have been mis-sold, you may be eligible for a refund. This usually happens with payday loans or other short-term, high-cost loans. With a payday loan, you borrow an amount between £100 and £1000 with a very high-interest rate.
In the UK, the Financial Conduct Authority requires lenders to check your financial history to make sure that you can afford the loan and to provide you with certain pieces of information. Taking out a short-term loan doesn't necessarily mean you qualify for a refund. You'll need to fall into one of these categories:
- The lender didn't tell you how much it would cost to pay back the loan with interest.
- The lender didn't look into your financial circumstances enough to determine whether you could afford the loan.
- The lender didn't give you the proper information about how to pay back your loan.
- The lender didn't warn you about the consequences of late payments.
- The lender didn't tell you that the loan you were taking out shouldn't be used long-term.
Amigo Loans describes a 49.9% annual interest rate as representative of its rates, and the company advertises guarantor-backed loans as a good option for those who cannot qualify on their own. The company has been subject to complaints about its lending practices. These factors mean that there's a good chance you qualify for a refund if you borrowed from Amigo.
How to Get an Amigo Loans Refund on Your Own
It's important to understand that a loan refund is for the interest and fees that you paid, not the principal amount. If you believe that you qualify, these are the steps you'll take to claim your refund.
1. Contact Amigo Loans About the Refund
First, you'll need to direct your claim to , and give them an opportunity to make it right.. You can do this through the online form here or by email to firstname.lastname@example.org. You'll need to include:
- That you believe you have mis-sold the loan and why
- A request for a refund of the interest you paid
- Your name and address
- Your account number
- The date you took out the loan
2. Escalate to Financial Ombudsman Service
If the company does not respond to your complaint within eight weeks, you can contact the Financial Ombudsman Service, which acts as a neutral middleman in disputes between individuals and companies.
|File a complaint online||You can check out here.|
|Call the helpline||0800 023 4567|
|Operating time||8 am to 5 pm on weekdays
9 am to 1 pm on Saturdays
Easily Get an Amigo Loans Refund With DoNotPay
While it's entirely possible to go through the loan refund process on your own, doing so is stressful. Writing a formal letter or email laying out your case and including all of the required details can be challenging. You aren't a financial expert, so determining what needs to be in your letter and how it should be worded can be overwhelming.
DoNotPay makes applying for a loan refund fast, easy and successful. We'll send an expertly-worked complaint letter on your behalf and follow up if your problem isn't resolved promptly.
Here's how to get started:
- Search "debt collection" on DoNotPay.
- Answer a series of questions about the debt collectors, including when you were contacted and how you were contacted, so we can determine if they have violated any debt collection laws.
- Decide which course of action you want to take based on our guidance, such as filing a debt verification request, demanding for the collectors to stop contacting you, or reporting them to a professional trade association.
Wasn’t that easy?
DoNotPay Helps With All Types of Debt Collection Issues
Whether you receive unwanted collection calls, or you need to apply for a refund on a predatory loan, DoNotPay can help. Some examples of companies DoNotPay can help you deal with include:
- Lowell Financial
- Provident Loans refund
- DWP Debt Management
- Marston Group Holdings
- Advantis debt collection
- Moorcroft Debt Recovery
For a stress-free application process, and contact DoNotPay now.