LOAN BOSS CASHES IN
GUARANTOR loan firm Amigo has been accused of “exploiting” hard-up families as its rich founder launches his business on the stock market.
It means James Benamor, 41 – worth £380million – can make even more from the company he started 13 years ago – while at least one couple worry about a legal charge, like a mortgage, put against their home.
Amigo Loans lends up to £10,000 to struggling people if pals or relatives act as guarantor. And they get saddled with their own high interest debt if the borrower defaults. The firm, which made £72million last year, charges 49.9 per cent annual interest.
Glynn and Kelly Parry said Amigo went to court to place a charge on their £79,000 home in Cleethorpes, Lincs after they were guarantor for a relative who defaulted on a £5,000 loan. Glynn, 62, said: “We’re panicking.” Marc Gander of Consumer Action Group said: “Amigo gets family members to carry the can.” Martyn James of complaints site Resolver, said: “These firms exploit double the people.” Amigo says it only lends if people can “comfortably” afford repayments. A spokesman said: “Mr and Mrs Parry have ignored all correspondence from Amigo Loans trying to help them resolve this”. But Glynn said: “We’ve had no calls, texts emails or letters from them.” CHIP shop owner Clive Walker provided free dinners to 100 fire crew who tackled a blaze at Bethel Church in Newport, Gwent. SUSPENDED firefighters Arthur Dean, 49, and Deann Eller, 43, are accused of making porn videos at their station in Akron, Ohio, US.