UPDATE – November 2023
- Amigo says it has now issued 45% of decisions
- Amigo has been deleting a lot of loans from all three credit reference agencies
- If your loans have been cleared, this is probably because your claim will be upheld. But this isn’t definite until you get the claim decision.
UPDATE – Amigo Update – October 2023
- Amigo has only issued 38% of decisions. It says almost all the rest should be issued by the end of December and they will all be issued by end January
- the process to remove CCJs will continue to March
- Amigo is confident the payout percentage will not be less than 17%
UPDATE – October 2023
- it is now clear that Amigo not going to pay many borrowers where the loan has been upheld as unaffordable but the guarantor made some payments. This is ethically wrong and entirely unexpected – redress from mis-sold guarantor loans has never been handled like, by Amigo before the Scheme or by the ombudsman. You can appeal but it isn’t clear that this will succeed.
- the best estimate of the percentage payout is still at 17% but this can still change.
- Amigo now says: “We expect that the initial cash payment to customers will be in early 2024. We are unable to confirm the dividend and make interim payments until almost all claims have been decisioned in full, causing the delay from November, as previously expected. The final payment will be delayed until late 2024 (around the time that the business enters liquidation).”
UPDATE – September 2023
- the first rejections for current loans are going out. If this loan has caused you problems, appeal a rejection. Winning an appeal will get your guarantor released, your balance reduced or cleared and your credit record repaired.
UPDATE – August 2023
- the first UPHOLD decisions are at long last being issued
- if only some of your loans have been upheld, look at an appeal. The first person has reported winning an appeal.
- some loans have been sold to Lantern. In most cases these are loans where neither the borrower or the guarantor made a claim.
UPDATE – March 2023
- Amigo has announced it cannot raise the money from shareholders so it will be liquidated
- this Scheme continues in “Fallback Mode” – see Amigo to close & Scheme goes into Fallback for details
- it is now expected that Amigo the first payments may be made in late 2023 and there may be a second, smaller payment in 2024.
- so far the prediction is still that 17p in the £ may be paid out – this may change.
UPDATE – December 2023
- The deadline for making claims to the Amigo Scheme was 26 November 2022. It is now too late to make a claim.
Contents
Amigo’s Scheme – the background
Amigo’s Scheme of Arrangement is now in operation after it was approved by the court on 23 May 2022.
The Scheme was proposed because Amigo couldn’t afford to carry on paying full refunds to its borrowers and guarantors who were winning affordability complaints.
Amigo had proposed a different Scheme in 2020 that was rejected in 2021. Amigo has now spent nearly a year getting its current Scheme proposed. For more details on the first Scheme, why it was rejected, how the second Scheme is different, and the voting on the second Scheme, see Articles on Amigo Schemes.
In the Scheme, Amigo makes the decision about whether your claim should be upheld. If it is rejected or only upheld for some of your loans, you can appeal this decision to the Independent Scheme Adjudicator. You cannot appeal to the Financial Ombudsman.
Which loans and customers are covered by the Scheme?
All loans made by Amigo before 2021, including those under its previous brand name FLM, are included in the Scheme. For loans that were settled more than seven years ago, Amigo may no longer have the loan details. You can still complain about these older loans but it may be necessary for you to produce evidence about them.
Both borrowers and guarantors could make a claim to the Scheme.
Amigo has started lending again with a pilot scheme under a new brand, Reward Rate. Any complaints about new loans will not be covered by the Scheme and customers will be able to make a complaint about them as normal – first to Amigo and then to the Financial Ombudsman.
The definition of “unaffordable”
A loan is only “affordable” if at the time the loan was given, it was likely that you could repay it on time and still be able to pay your other debts, bills and everyday living expenses.
If paying Amigo left you so short of money you had to borrow more or you got behind with bills then it was “unaffordable”. This often happened with Amigo loans as many borrowers were desperate to try to protect their guarantor.
Amigo should have checked that a loan would be affordable for both the borrower and the guarantor. For a guarantor, this would mean that they could make all the repayments out of their income and still be able to pay their own debts, bills and living costs. A guarantor who had a house may not have had enough spare income to repay the loan so it was unaffordable.
But Amigo’s affordability checks were very poor. That’s why they were losing 88% of cases at the Financial Ombudsman.
Amigo often offered top up loans and the checks on these weren’t any better, even though people were getting deeper into debt. Repaying the first Amigo loan may have left you in financial difficulty, so a top up loan may have appeared to be a good option, even though it made your debt situation worse.
What will you get if you win the claim?
When Amigo upholds a claim, it will tell you what the “redress” calculated is.
Redress for a borrower
For a borrower with a repaid loan, redress will be:
- a refund of the interest they paid on the loan;
- plus 8% statutory interest;
- Amigo is making a deduction if your guarantor made any payments. If your guarantor has also made a claim, they should be refunded. If they haven’t then no one is being refunded for these amounts. You can appeal this decision, which is ethically very wrong, but it is not clear it you will win.
For a borrower with a current loan, redress will be:
- a refund of any interest if they have repaid more than the amount borrowed plus 8% statutory interest, otherwise, their balance will be reduced;
- their guarantor will be released;
- if there is still a balance after the reduction, you can make a lower affordable payment arrangement to clear it.
In addition, any problems on your credit record will be removed for loans that are upheld. This will include having any CCJ removed (the legal term is set aside) and removing the default showing on the debt with Intrum if your debt was sold.
Redress for a guarantor that has made a claim
A guarantor’s redress is the full amount they have paid to a loan, not just the interest, plus 8% statutory interest. And if there is a current loan, they will be released as guarantor.
Previously it had been expected that guarantors would be refunded if a borrower won a claim that the loan was unaffordable even if the guarantor had not made a claim. It has now become clear that Amigo is refusing to make some payments to either the borrower or the guarantor in this situation.
8% statutory interest
This number is NOT 8% of the interest you should get refunded.
It is 8% per year from the time of the repayments until 28 February 2022. So if your loan was settled several years before 2022, you may get 20% or more added.
Don’t ask me why February 2022… that is what it says in the full Explanatory Statement. In many ways this doesn’t matter – if the date was later, the toal amount of refunds calculated would be larger so the percentage paid out in the end would be lower.
You will only get a % of this redress
That redress figure may look great. But you are not going to be paid that amount, just a percentage of it.
Amigo originally estimated that at 41p in the £. If your full redress is say £3,000 that would have meant you will be paid 41% of that – £1,230. But a lot more people made claims than Amigo expected – 210,000. That has reduced the amount you might get to 20p in the £.
And with the March 2023 announcement that Amigo has failed to raise the money from shareholders, there will be less cash to be refunded. The amount is now expected to be about 17p in the £.
So from a calculated redress of £3,000 you may get £510.
Exception – full refund for “continuing payments”
Some customers will get a “full refund” of certain payments they made to the loan provided that they have repaid at least the amount they borrowed and their claim is uphed. These customers are due a full refund of payments:
- from 1 December 2021, if they had complained on or before that date;
- from the date they complained, if that was between 1 December 2021 and 26 May 2022; or
- from 26 May 2022, if they did not complain before the Scheme started.
This is set out in full in 6.33 of the Explanatory Statement.
The purpose of this is so that if your claim results in a refund, payments you made after the relevant date will be refunded in full provided that you have repaid more than the amount you borrowed. For a guarantor getting a refund, the “repaid more than you borrowed” test does not apply.
Here are three borrower examples:
- a borrower who made a complaint in March 2021 (so before 1 December 2021) and who at 1 December 2021 had already paid back more than they had borrowed will get a full refund of payments they made after 1 December 2021
- a borrower who made a complaint in March 2022 (so after 1 December 2021) and who in March 2022 had already paid back more than they had borrowed will get a full refund of payments they made after that date
- a borrower who made a claim to the Scheme in September 2022 (so after the Scheme had started) who by 26 May 2022 had already paid back more than they had borrowed, will get a full refund of payments they made after 26 May 2022.
What happens after you make a claim
The deadline for making a claim has now passed
Is your complaint upheld?
The first stage in getting a refund is for Amigo to decide whether to uphold your complaint. The steps in doing this are
- Amigo will decide which loans are “unaffordable”. They will use the details of your loans and other information they have in their records, plus any evidence you have sent in.
- Amigo will then calculate the redress on the unaffordable loans.
- You will be told which loans were unaffordable and what the total redress is. If you think more loans were unaffordable, you can appeal this.
Keep an eye on your claim
When you have made a claim, you may not hear anything for months.
Amigo may send you an email when they have decided your claim saying you can log in to the portal and see the result.
But it is a good idea to check the portal every month or so even if you haven’t had an email. They may have sent you an email that you missed as it went into spam.
You can also look at the comments below this article and see if other people have heard anything.
It’s important that you know as soon as your claim has been decided as there will be a time limit for sending in an appeal.
Working out how much people will get
When Amigo have decided all the claims and appeals they can then add up the total amount of redress. They then divide that amount by the money they have to distribute – this gives the “pence in the £” amount they will pay.
This will probably be done in two stages. There will be a first, larger payment possibly in late 2023. And then a small payment in 2024 to pay out the remaining money.
Current loans – should you carry on paying?
Have you repaid more than you borrowed? Then you can ask Amigo if you can pause paying until your claim is decided. See the right of Equitable Set Off for details about this. The big advantage for many people is that they won’t ask your guarantor to pay. The only real disadvantage is that it will harm your credit record – but that may already be poor and any damage will be removed if you win your claim.
If you haven’t paid that much so Amigo won’t let you do this, then if the repayments are unaffordable you need to talk to your guarantor about your options. See the pros and cons of stopping paying Amigo for details.
Should you appeal a decision?
If your claim has been rejected or only partially upheld With some loans upheld and some rejected – you can appeal this decision.
You are the one who knows how much trouble the Amigo loan caused you.
The first Amigo decision will probably have been an automated “Computer says Yes/No” decision – they have had 200,000 complaints to decide. But in the appeal process, this will be looked at by a human.
You should also appeal if you don’t agree with the numbers given. If you think you had more loans than were listed. If you don’t know why the Total Cash Claim Value is less than the other numbers suggest.
Get more loans upheld
Getting more loans upheld will:
- increase the cash you are paid, or reduce the balance you owe
- if you get earlier loans upheld, the extra 8% added amount will also increase
- if your current loan is upheld, your guarantor will be released.
If you have bank statements or any other evidence about your finances at the time you took a loan, include that with your appeal. These will help your case.
Credit records
Getting more loans upheld will also clean any problems on them from your credit record.
If your credit report is wrong at the moment eg because Amigo did not add a default when you stopped paying, then it is important that in your appeal you say why the loan should be upheld. BUT ALSO say that if the loan is not upheld, you want a default date added to your credit record back in month/year “in accordance with the SCOR reporting rules”. Defaults drop off your credit record after 6 years – a non-defaulted debt will stay on your credit record for 6 years after the date it is settled.
HOW TO APPEAL
If you think the numbers are wrong, say why.
If you think more loans should be upheld: Get bank statement for 3 months before the loan started – these are the best evidence that a loan is unaffordable. You can get these going back at least 6 years even from closed accounts. Don’t assume you won’t be able to, ask for these immediately from your bank. If the loans are more than 6 years old and the bank account has been closed, look at what other evidence you have – payslips, P60s, tax returns, emails about missed payments or CCJs etc
Download & send a current credit report, eg TransUnions’ Statutory Report. If you have had loans deleted from your record because of winning other affordability complaints, send Amigo evidence about these.
Explain about recent problems before the loan application – only on benefits, health issues, gambling, economic abuse, recent missed payments, payments arrangements, DMP etc
And if you were topping up a previous loan, explain how that loan made your situation worse.
If all of your loans have been upheld and the numbers look right
You have no reason to appeal this decision just because you will only be paid a percentage of this. This would not get you any further money.
You should log in to the portal, accept the decision and give your bank account details.
Sale of loans to Lantern
In August and September 2023 some people have been notified that their loan has been sold to Lantern, a debt collector. The sale of loans to a debt collector is perfectly legal and you can’t challenge this.
In most cases these were loans where no one had made a claim to the scheme. If your loan has been sold and you had made a claim to the Scheme which has not been assessed, ask Amigo why.
The loans are being sold as guarantor loans – the guarantor has not been released and if the borrower doesn’t make an arrangement to pay the guarantor will probably be asked to.
We don’t yet know how “reasonable” Lantern will be in accepting low arrangements to pay. If you or your guarantor has a problem, leave a comment below here but also talk to a good debt adviser – your local Citizens Advice or if you prefer the phone National Debtline on 0808 808 4000.
Any questions or comments?
Here are Amigo’s contact details.
Or you can ask them in the comments below if you would like to know what other customers are doing.
Elly says
Good morning,
Me my mum and dad all had loans with amigo , all of us complained and checking all out credit files , all 3 of us have had our loans removed from our files but no response letters , does this maybe mean we’ve won out complaints?
Sara (Debt Camel) says
It means that is very likely. Until you get the decision it’s not certain.
Sue says
Is it correct in saying anything paid over the amount owed excluding interest from dec 2020 will be paid back in full ? I paid my amount borrowed by November 2020 and didn’t do the equitable set off I continued paying as I didn’t want my credit file damages , does that mean I’ll get all my payments since then back in full ?
Sara (Debt Camel) says
When did you make a complaint to Amigo?
Sue says
March 2021
Sara (Debt Camel) says
I’m sorry the “refund in full” only applies to payments after December 2021. All your refund will be paid at a percentage, roughly 17%
Sue says
Thanks Sarah
So even thought Iv paid over £4k in payments since December 21 over my original loan I won’t get any of my payments back in full ?
Sara (Debt Camel) says
I am sorry I misread “paid my amount borrowed by November 2020” as meaning settled the loan. But you meant at that point you had repaid the amount you owed.
In this case as you complained before Dec 21, and by Dec 21 you had paid more than you borrwed, then all the payments from Dec 21 should be refunded in full if the claim is upheld.
Sue says
That’s fantastic thank you again for all your help over the years , very much appreciated
E says
4 weeks to make 7% worth of decisions..
Going to be a busy December for them, unless lo and behold they’re moving the goalposts. Again.
The other day I received my removal of liability email, I’m guessing I can more or less relax and life my life again £300/month better off.
Username says
Not really going to be that much busier,.“Majority of claims” is 51%. They’d hit that target at the current rate.
E says
Expected to have all claims out by the end of December…
Yeah.
They’re going to be busy.
Delboy says
If they only have 46 percent done that leaves them 54 percent too do in a month, realistically that will never happen between now and end off year, Considering it has taken them over a year too get too this point.
GemC says
Hey Sara
Just a question regarding people with current loans and have been issued emails to say to stop paying, if the current loans which we have now stopped paying for are upheld and we are due a refund in full of payments made from 1st December 2021, will this be paid separate from the scheme pot? And will this be paid back to us in one lump sum or over 2 payments with other claims upheld for the 17p to the pound?
Thanks
Sara (Debt Camel) says
Amigo hasn’t said when it will be paying the “in full” part of the refunds. There is no legal reason why they have to be paid with the 17% part. Or at the same time as the 17% part.
Ed says
So I have an active £7,000 loan with £5,800 left, to which I’ve paid £13,000 I also had 2 loans before hand which I topped up one for £2500 and one for £5000
I’m confused as I decided not to take eso because I didn’t want to run the risk so I’ve continued paying (foolishly) so will I only receive a portion of that money back, money I could have not paid for the last 2 years?
Just all seems a bit heart wrenching that I could be owed a substantial amount of money some of which I decided to spend paying my loan the last few years
Sara (Debt Camel) says
When did you make a complaint? About what date did you pass the “paid 7000 to the current loan” mark?
Steve G says
I spoke to them on the phone in the summer and the person on the phone told me they hoped to get all remaining letters out by the end of the month. Someone in the background gave out a rye laugh and said ‘ end of the month’ ? The person speaking to me briefly covered the phone to reply to them.
Seems on their own figures they are getting through 10% a month .
Chris says
Hi I’ve received my outcome which was cash value of £6592 I know at the moment I would only receive 17%of this in payout and my 8% compensation is £2327 will this be paid in full or is this at 17% aswell, I took the loan out in 2013 and paid off in 2015
Sara (Debt Camel) says
The 8% is treated just the same as the interest refund. So at 17%
Chris says
I thought it would be, my total claim out come was £8920 so I should be receiving around £1500 if it stays at 17p to the £1 and in my email they have said I’ll have to at tax of my Compensation
Sara (Debt Camel) says
Could you copy in here the but which says you have to pay tax? That doesn’t sound right.
Chris says
Please note that any interest we pay you is taxable in the tax year in which we pay it to you. For example, interest paid during the period 6th April 2023 to 5th April 2024 is taxed in the 2023/2024 tax year.
If you are a basic rate taxpayer, you should have no further tax to pay on your cash refund. If you pay income tax at rates higher than the basic rate, you may have further income tax to pay.
Sara (Debt Camel) says
1) only the statutory interest is taxable. Not the refund of interest – that is your own money that you are getting back.
2) you have a Tax free savings amount of £1000 of basic rate taxpayers and £500 for higher rate tax payers in a year.
3) If Amigo does deduct interest, they should tell you how much and you may be able to make a claim to HMRC for a refund in you do not pay income tax or if the amount of statutory interest you are paid is less than your tax free savings amount (taking into account any other savings interest you have in the tax year.) Which yours is likely to be.
4) in previous administrations and scheme, I don’t recall anyone having tax deducted.
Mitch says
Hey Sara, My original claim was rejected. I made an appeal and today have received an email stating that the appeal was rejected and the original decision was to be upheld. It says that there isn’t much point going to the financial ombudsman as its unlikely they would differ from the schemes decision. Do you think I should? as I really can’t believe their decision after all the mental damage this scenario has caused.
Or do I accept defeat and go into bankruptcy as I can’t afford to continue the payments?
Thanks.
Sara (Debt Camel) says
So your appeal to the scheme adjudicator has been rejected? There is no point in trying to go to the Financial Ombudsman as they won’t consider a claim from the scheme.
Are you making payments at the moment? How large is the balance?
What is your guarantor’s financial situation?
Laura says
Can I ask did you have your accounts removed from your credit file before you had your outcome
Mitch says
I went into ESO since February 2023. I have a total of £6,612.99 to pay and in £3,911.92 of arrears due to the ESO.
I have spoken to them on the phone just now and they have agreed for me to continue my original payments of £355 a month and extend the length of the loan. I just hope I can work e ough overtime to keep up with theese payments.
As for my Guarantors financial situation, I am unsure as our relationship has deteriorated due to this.
Sara (Debt Camel) says
The only reason not to opt for a form of insolvency is to protect your guarantor.
The debt will almost certainly be sold – the debt collector that buys it may be more prepared to you repaying a lower amount each month. You should NOT get behind with priority debts and bills an order to pay Amigo.
Can I ask what other debts you have at the moment?
Lowri Jones says
I am a guarantor. 8500 has been upheld. But a loan that was taked two months earlier was not upheld, so ive rejected that.
Will my ccj be updated to owe 2k or completely removed?
Any idea how long they take to review a dispute?
Sara (Debt Camel) says
Will my ccj be updated to owe 2k or completely removed?
I don’t know. I don’t think it is possible to amend the amount on a CCJ. Only Amigo can generate these weird situations.
Any idea how long they take to review a dispute?
There will first be an internal review. Then if that is still not upheld you can ask for this to go to the scheme adjudicator.
Are you saying the loan was unaffordable for you? Or for the borrower?
Lowri says
For both. He wasnt even able to get a debit card with his credit score due to Fraud. He had a job for the first time ever for one month only!
I on the other hand was on maternity allowance with no job to return to (school closure), so i too was unable to afford it.
I’m the only one who made repayments, i provided proof that every penny went to him and my income pre mat allowance and durning mat allowance, im not too bothered about 2 k. He will never pay it, but 2 k is beter than 10k! All i ever wanted was that ccj to be removed.
I would have liked that my 2 k repayments went towards that debt but obviously theyve put my 2 repayments towards the 8500k loan, lol.
Hopefuly the ccj removal wont take months, very jelous of those have had it removed even before a decision being sent to them.
Ive read the email around three times and it sounds as though the ccj will be removed completely. Thank god.
Laura says
Hello,
Can anyone help me understand this, my email says
Claim Outcome: Partially Upheld
Total Cash Claim Value = No Redress due
One out of three loans was upheld. It was the larger one and I topped up the previous two to get to the third.
The email then goes on and it says this
Payments made after Scheme Effective Date (1) £3,403.80
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £224.68
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £44.93
Total Refund Value (1+2+3 minus 4) £3,583.55
So my question is am I getting nothing because it says no redress due, or am I getting £3583.55 because they were payments made after the date OR am I just getting 17% of 3583.55?
Any help with this is greatly appreciated.
Sara (Debt Camel) says
ah the first of these upholds where there is a current loan and payments made after the scheme started. I haven’t seen one of these yet.
I am assuming it is the last top up that has been upheld. If it isn’t please say.
So first you can appeal the original loan and the first top up. If you have either of those upheld you will get a larger refund. It’s best to send the bank statements for the three months before each loan with your appeal.
But Amigo’s mystifying email…
What date did you take the last top up loan?
How large was it – not the cash you received but the size of the loan not including the interest Amigo added on.
How much were you paying a month?
Is there a current balance, how large?
What date did you make a complaint to Amigo?
I suggest you ignore the 8% compensation and tax deducted bits at the moment. The important things is that (1) and (2) are right.
At the moment this looks odd – it would only be right if at the Scheme effective date you had repaid exactly the amount you had borrowed… which though possible seems very improbable…
So if you could answer all my questions above it would help to work out that is happening.
Laura says
So I just called them, the lady I spoke with hasn’t seen one like this either and she’s going to call me back once she’s made sense of it.
The upheld one is the final one yes, the first was for £2500, second £3000, final top was £4500 which was taken out feb 2020.
I made my claim 1/12/21 and I finished paying the loans off sept 2023, I was paying roughly £230 a month.
The email also reads this;
Payments eligible for refund in full
As well as the information explained above, we have also identified that you are entitled to a full refund of certain loan payments which is explained further below.
(A) Payments made after the Scheme Effective Date
If appropriate, customers will be entitled to a refund of all eligible payments that they have made towards the loan since the Scheme Effective Date (26th May 2022).
For borrowers, eligible payments are any payments made in excess of the original capital borrowed.
For guarantors, eligible payments include any payments made since the Scheme Effective Date.
Sara (Debt Camel) says
Definitely consider an appeal about the earlier loans. You probably took the last top up as paying the previous loan left you short.
But looking at the numbers for the third loan…
So you would have made your first payment in March 2020 – that was in lockdown (as an irrelevant aside, this must have been one of the last loans Amigo ever gave). Did you take any payment breaks? because it looks as though it took just over 3 and a half years to repay the loan. Or did you settle it early?
Did your guarantor make any payments?
Laura says
My guarantor didn’t make any payment. I did take a holiday though, at the start of Covid as I was self employed.
Amigo called me back and explained that I wouldn’t get any redress (which I don’t understand as the loan is fully paid, unless that only count if you had paid over the loan amount at the time of complaint) however they said the amount to be paid to me is in full and not subject to the 17p. Its because it’s the money I had continued to pay so is a refund not compensation.
Sara (Debt Camel) says
ok the covid holiday makes the numbers look more plausible.
So it sounds as though by the Scheme Effective Date (26 May 2022) you had not paid 4500 to the last loan because of covid payment breaks.
In this case, you crossed over the point where you started paying interest after the Scheme effective date. And so all the interest you paid will be refunded in full.
Amigo is saying that these add up to £3,403.80 , which you will get in full. You could ask Amigo when these payments will be made? because they are likely to be paid seperately from the 17% refunds.
If you can add up the total amount paid to Amigo after you took the last loan (from your bank statements?) this Amigo number will be right IF you have paid Amigo 4500 + 3403 = 7903.
If you have paid more than that, then this number is NOT right.
I have no reason to think the 8% calculation is wrong.
The tax deducted, you can probably reclaim from HMRC – see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/. This is best left until after the end of the tax year – so April next year.
Laura says
Thank you for this, I belief it is correct and understand it now. I will accept this one and dispute the other two. Thank you bff or your help.
Pam says
Similar to Laura above, quite confusing.
It says the cash value 0, no redress due then underneath it says total refund value of £2600.
Is the £2600 likely to be paid in full?
Sara (Debt Camel) says
Does your email have line something like:
Payments made after Scheme Effective Date (1) £x
Payments made before Scheme Effective Date (2) £x
OR had your guarantor made any payments?
Pam says
Yes is says:-
Payments made after scheme effective date £2440.28
Payments made before scheme effective date £0
8% compensation on payments made after scheme effective date £191.82
8% compensation withholding tax £38.36
Total value refund (1+2+3 minus 4) £2593.74
Guarantor only made 2 payments back in 2021 I think.
Sara (Debt Camel) says
So your loan (or your last loan if that was the only one upheld)
Amigo are saying that by the start of the scheme in May 22, you had not paid more to the loan than the amount you borrowed. Is that right?
Did your guarantor also make a claim to the scheme?
Laura says
This is how mine reads to, I called amigo for clarification. They said that would be paid in full and is NOT subject to the 17p thing.
Syed says
So people with current loans are now recieving their final outcomes? I am currently still waiting for mine
Sara (Debt Camel) says
Like thousands of other people. I haven’t yet seen a claim for a current loan that has been upheld. And only a couple of rejections. Most decisions have to been issued yet.
Laura says
Hey i called the scheme hotline today and the lady told me they have now started looking at live loans.. the people who have received a email asking to make no future payments are likely going to receive there response very soon, she said those people that received them emails are having there redress calculated and that’s why they have received the emails.
Arth says
Hi im hoping you can help me out a little if possible please i had 3 separate loans with amigo 5000 then 5000 then topped it up however the intrest was crippling and i had to borrow from someone else to pay off in full in 2018 i did make a claim to the scheme as soon as it launched would we be due something back at all many thanks
Sara (Debt Camel) says
With 3 loans I would hope you will get something back.
Arth says
Thankyou for your help ill update when i receive a response
Stacey says
Hello ive recieved my outcome but confused what I would be getting back only one of my loans has been accepted they have all been paid off it says
Interest refund will I bee recieving a full refund or just the 17% then it has another figure for 8% compensation will I recieve the full amount or again only a percentage then their is another figure for cash value
Sara (Debt Camel) says
Two things.
1) you can appeal the not upheld loans. Winning these will increase the amount you are paid. If you can Include your bank statements from the 3 months before each loan you appeal this is the best evidence they were unaffordable. Some appeals have been won.
2) can you copy in the details of the numbers. For example, do you have any “Payments made after Scheme Effective Date” or “Payments made before Scheme Effective Date”? When did you make a complaint? When was the upheld loan repaid?
Christine says
Hi Sara what does this mean total borrowed refund (1) £4,653.24
Current balance £5,137.46 (2)
New loan balance (2 minus 1) £485.23
They have defended first two loans and upheld the last three loans, i have not excepted the fist two that they have said that were affordable.
Sara (Debt Camel) says
ah the first – “current loan reduced but not cleared” decision I have seen.
a) Quite right to appeal the first two loans / you should consider appealing the first two loans. If you have either of them upheld your balance will probably be cleared. It is best if you can send bank statements for the three months before each loan as evidence. You can get bank statements going back 6 years even from closed accounts and may be able to go back further if you haven’t changed banks.
b) The total borrowed refund is (I think) the amount of interest you have paid on any completed loan that has been upheld PLUS the amount of interest added to any open loan.
They are saying your current loan balance is £5137 – does that sound right?
So they are reducing your current balance by the refund – does that sound right?
c) this leaves you still owing a smaller balance of £485. They should allow you to pay this off at a lower affordable rate. If you are in a debt management plan you can simply include the balance in that. Don’t stretch to far to clear this fast – no interest will be being added so its more important to put any spare money to clearing credit card debt or paying important bills.
d) because they have upheld the current loan, they should remove your guarantor from the loan – have they mentioned that? Has the loan been removed from your credit record?
Christine says
Hi Sara
Yes I stopped paying it back in summer 2021 as i believe I payed a lot more than what I should of, it has been removed from my credit record and the guarantor was removed also, they have bank statements also from when i first put my complaint in. Thing is when i put the claim in the first time they didn’t uphold the first loan and upheld the other four now they are saying the first two were affordable and I’ve stated I have an email that the stated the second one wasn’t affordable so I won’t be paying anything more towards them at all.
G says
May I ask if you had any of these removed from your credit file ?