UPDATES
Mid August 2024
And the deadlines have slipped yet again. There are just under 4,000 people still waiting for a decision, or a revised decision after winning an appeal, or a recalculation.
There are also now (21 August), about 8,000 people where Amigo has wrong or missing bank details:
- this includes £1.7m of redress to be paid “in full”, and
- £2.4m of Initial Scheme Payments.
Most of these are people with loans taken out longer ago, so their contact details may be out of date too. And some people are worried the emails or texts they are getting about updating their bank details are a scam.
If you haven’t already been paid, check and double check the bank account details on your Portal Account. If you can’t login to the portal, call Amigo on 01202 629798 and Amigo will reset your portal login.
If these amounts are not paid by the time the second payment is made later in the year, you can’t get paid afterwards as all the money will have been distributed.
24 June 2024 – my summary of the situation:
- People who have not yet had a first decision email (FRL) If you haven’t had a recent communications from Amigo apologising for the delay you should contact Amigo urgently.
- People who have escalated a decision No-one has yet had a revised decision after winning an appeal.
- People whose defaulted loans have been sold to Intrum before 2022 It still isn’t clear whether cash refunds will be paid by Intrum or Amigo.
- People who are waiting for a “full refund” to be paid Some dates seem to have not been paid. Some people are still waiting for recalculations of the 8% interest and any recent payments.
- People who are waiting for the first percentage payment to be paid Some dates seem to have not been paid here as well. Some recalculations seem to be being done – I don’t know why unless Amigo messed up the numbers the first time!
- People who do not understand what they are going to get
If you don’t understand your decision email (FRL) post a screenshot of it in the Facebook group. - People who have been paid “the wrong amount”
If you have been paid “too much” or had 2 payments, it may well be that you have had a full refund and a first percentage payment.
If you think you have been paid too little, post a screenshot of your decision email in the Facebook group or phone Amigo up. A few people have been paid too little and got this speedily corrected. - People who have been paid the first percentage payment (and the full refund if relevant) and are now waiting for the second one
Enjoy the summer. See you in November.
29 May 2024 – first scheme payment will be 12.5p in the £
- Amigo says “substantially all” claims have been determined and adjudicated – 99.2%
- it knows enough to be sure it can pay 12.5p in the £ so that is what it has set the Initial Scheme Payment Percentage at.
- you will get 12.5% of the amount on your Amigo email decision labelled Total Cash Claim Value or Scheme Cash Claim
- you will be paid this first amount within the next 30 days, or within 30 days of receiving an accepted Scheme Outcome, whichever is later. So the large majority of people should get this in June 2024
- Amigo says it will prioritise payments based on correct bank details being provided and age of the Outcome Letter issued (oldest to newest).
- Amigo is still saying at least 17% for the total amount to be paid, so that means 4.5p in the £ will be paid late in the year
10 April 2024 – 94% of decisions issued
- nearly a month late, Amigo still hasn’t quite reached the target of 95% of decisions it is said it would achieve by mid March
- it now expects to have issued over 98% decisions by the end of April, with the rest coming in early May
14th March 2024 – Amigo gives a clearer payment timetable
Decisions:
- Amigo has now crawled up to 91% of decisions issued.
- they now say they expect to issue 95% of all decisions 22 March 2024, with the remainder being issued by mid-April 2024.
“In full” payments
- payments have started for the “In full” refunds;
- where a decision was issued on or before 1 February and you do not have a live loan, your payment should be made by the end of March
- where a decision was issued on or before 1 February and you do have a live loan with a balance outstanding, your payment should be made by the end of April
- where a decision was issued after 1 February, your payment should be made between mid April and end May
“Percentage” payments
- it still expects to be paying at least 17p in the pound to people expecting to get the “percentage” refunds
- it has rowed back from saying it expects the first instalment of the percentage payments to be made in April or May. It now says that it expects to “declare an interim dividend” in April or May – that is the percentage that it will pay as the first instalment, eg 10% or 12% say. And it expects payments of the first instalment to be within 30 days of making that statement about the amount.
- so they could be in June…
Appeals
- where there has been an appeal, the time will be confirmed in your decision letter.
27 February 2024 – another delay to decisions & payments
- Amigo has still only got up to 88% of decisions issued
- it now hopes to have issued over 95% of decisions by mid-March 2024, with the rest being issued in early April
- Amigo expects to start paying the “in full” refund amounts at the end of February, but these will be done in batches so not everyone will get theirs then
- the payment of the first installment of the “percentage payments” has been put back to April or May with the final installment about 6 months later.
A reminder of who may get some “in full” refunds:
You have to have repaid at least the amount you borrowed.
From that point, you may get a full refund, not at 17%, depending on the date of your complaint/claim:
- you will get a full refund of payments made after 1 December 2021, if you had complained before that date;
- you will get a refund from the date you complained if that was between 1 December 2021 and 26 May 2022;
- you will get a full refund of payments after 26 May 2022, if your first complaint was in the Scheme.
1) only the statutory 8% interest added is taxable. Not the interest paid that is being refunded – that is your own money that you are getting back.
2) the statutory 8% interest added is taxable as savings. BUT everyone has a Tax free savings amount of £1000 for basic rate taxpayers and £500 for higher rate tax payers in a year.
4) in previous administrations & schemes, I don’t recall anyone having tax deducted from the 8% part which is paid out as a percentage, expected to be 17%. If this happens, Amigo will have to inform you of the amount of tax deducted and you may be able to claim some of that back from HMRC.
Previous months updates
January 2024
- on 25 January Amigo admitted it has only sent out 75%
- of decisions. This is only 2% more than on 9 January.
- it says “We anticipated that all responses would be issued by the end of January 2024, however, the remaining work and complexities in assessing and calculating certain claims, especially for some claimants with outstanding loan balances, has taken longer than initially anticipated. Although responses are still being issued, and will continue to be, our intention is to issue all responses by mid-March 2024.”
December 2023
- the Amigo scheme page now says they have issued 71% of decisions
- Amigo has told some people with current loans to stop paying
- decisions for current loans are being sent out but not many so far
- if you have made recent payments, some may be refunded in full. In the decision you are sent, these are being called “set off refunds”. The “total cash claim value” on the decision is the amount that will be paid at a reduced percentage, expected to be about 17%.
- Amigo has 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.
October 2023
- Amigo has 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%
- 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).”
September 2023
- the first rejections for current loans are going out. If this loan has caused you problems, appeal a rejection.
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.
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, sm
aller payment in 2024.
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. You will only get paid a percentage of this, not the full amount (unless some of your payments are very recent).
Redress for a borrower who has a claim upheld
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 who has a claim upheld
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 reducing the payments to the borrower and refusing to pay the guarantor where the guarantor has not claimed.
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.
BUT 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 upheld. 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
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 Facebook group – see the bottom of this article.
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 the first quarter of 2024. And then a small payment in 2024 to pay out the remaining money.
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 made all the payments but Amigo seems to think your guarantor made some, challenge this.
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 post queries and comments on the Amigo Loans Creditor Group in Facebook: https://www.facebook.com/groups/4590874374272947
That allows you to post a screenshot of your decision if you don’t understand it.
You can post anonymously in that group. If you are setting up a Facebook account to do this, add a profile picture – it means your posts and comments are more likely to be approved quickly.
Do not send me a message instead – I won’t reply.
Mark says
I can’t believe they’ve been allowed to do this to us for so long. I’m in ESO as I’ve paid back a lot more than I borrowed but every month they mark a default on my credit file which is making all the hard work I’ve done over the past 3 years to better my score pointless. I know all defaults will be removed if my claim is upheld but why do we have to be penalised and kept waiting so long.
This whole process has affected my mental health and I just keep stressing and worrying about this whole situation day in day out, and I fear they will end up just rejecting my claim after all this time as well.
I know there’s nothing I can do and there’s plenty of others in the same boat I just need to rant about how absolutely disgusting it is that they’ve just been allowed to do whatever they want.
Sinead says
Hi im currently waiting on final response from amigo i had 8 loans with them from 2015-2019 total amount borrowed £38,000 total amount repayable £68,104.05. So i was in a spiral of debt and had to keep borrowing off them to pay off the previous amigo loan, each loan getting larger and larger. Last loan was for £10000 in 2019 im still owing over £9000 even tho i pay every month just confused if mine are upheld what outcome should i exspect what happens to my current loan the interest ive paid on that etc
Sara (Debt Camel) says
I can’t guess how many of your loans will be upheld. If some of the earlier ones aren’t upheld, you may think that doesn’t sound important but you will need to look carefully at the decision Amigo sends you as it may make a “deduction for reinstated interest” for some not upheld loans and in some cases before the Scheme this has amounted to thousands of pounds – so if this happens to you you may want to appeal those rejections.
If the last loan is upheld then interest is removed from the remaining balance – at this point it may be “all interest” so your balance would be cleared (provoded there aren’t very large amounts of reinstated interest from the previous loans).
Sinead says
Ok thank you i will definitely be looking into the response carefully, so what is reinstated interest? Its all very confusing
Sara (Debt Camel) says
This post from a couple of years ago describes what they are https://debtcamel.co.uk/amigo-unpaid-interest-remove-ccjs/
David says
Paid mine back in full they sent me email saying mine had been upheld and in that email they say that they owe me £10.512.37 working that out means I will only get about £1700 how can they get away with that it’s disgusting when we all struggling to pay them back they didn’t care at all now it’s time for them to pay up they do this it’s not fair at all
Abbey says
Can someone please help?
Reading these comments I am really worried about the fact my guarantor did not put in a claim and only myself has. I am still awaiting my response but looking at the comments from people stating their guarantor made payments so then the complaint is not upheld since they didn’t put in a complaint also?
My guarantor did make some payments to the loan but I have paid much more then the guarantor but does this not matter?
My guarantor is my elderly nan who is in her late 80s and is not capable of emails, portals or anything as complicated as this – where do I stand? Is it likely my complaint will not go in my favour :(
Sara (Debt Camel) says
Amigo is saying it will not refund a borrower for payments a guarantor has made. Which is totally unreasonable as your situation shows. How much this affect your case will depend on the amounts involved in the case.
Jordan says
Does this mean just the payments the gurarantor made or the whole claim as a whole?
Sara (Debt Camel) says
I don’t think I have seen a case yet where the guaranty made a few payments if that is what you are asking about.
Jordan says
Sorry what I mean is even if one payment is made by the guarantor will this show the loan was affordable as a whole and not upheld.
Sara (Debt Camel) says
No. A guarantor loan has to be affordable for the borrower an£ for the the guarantor. These are separate tests – the borrowed has to be likely to be able to ffird all the payments ABD the guarantor has to be likely to be able to fore all the payments.
Amigo can’t argue that between the the 2 o& you yo7 could manage the repayments.
Louise says
Dear Louise
We have shortly be resending your formal response to xxxxxxx
We still expect that the initial payment will be paid before the end of 2023. We are unable to confirm the dividend and make interim payments until all claims have been decisioned in full. We now expect the final payment to be paid in late 2024.
Kind regards
Adam
Scheme Support Team
Amigo Loans
James says
Still waiting on my response/outcome, the whole situation/scenario has been a big joke
Charlie says
Spoke with Amigo yesterday, the vast majority of cases will be dealt with by the end of October with only a few complex cases running into November / December. So they say.
In any case. What amigo has done these past 3 years and certainly beyond has been nothing short of a disgrace, the tactics they have employed to survive and screw people over has been appalling. How the FCA has stood by and let this happen and even facilitated in this charade is equally disgusting and they need called out too and investigated, certainly not independent as there actions speak for themselves. Shame on them all.
Kirsty says
It’s one of those cases where the FCA did want to penalise Amigo however in doing so would have left nothing for claimants.
The FCA should definitely consider extreme restriction if not supporting an abolition of guarantor loans full stop x
Becca H says
What is considered a complex case?
Surely the open loans would be the easiest, yet here we are all waiting for a decision!!
I really do not understand the logic behind this scheme and every delay just gets more bizarre
Shauna says
If the claim is upheld, are Amigo correcting and updating credit files right away or will this not happen until the redress payments are made?
Sara (Debt Camel) says
It is not happening right away.
Charlie says
Hi Sara,
When I spoke to amigo yesterday they informed that credit files will be updated immediately once a response has been provided to said people, provided it was upheld and their are negative makers… This will be be reflected on people’s credit files within 30 days.
Sara (Debt Camel) says
that would be great… we will wait and see if it happens.
Lowri says
The reply i received was they make an application to the court to remove any ccj/missed payment. And its then a waiting game for the court to process it.
Sara (Debt Camel) says
The court is only relevant to set aside a CCJ. It is not relevant for correcting other problems on credit records.
Jade says
How can they determine whether a loan was affordable, they don’t have aqurate insight into people incoming and outgoings?
Sara (Debt Camel) says
Are you waiting a decision or has your claim been rejected?
Jade says
I’m waiting for a decision still
Andre says
l applied to Amigo loan for interest reduction, but l never received any answer about my complaint.
Please let me know, what to do. Thanks you
Sara (Debt Camel) says
When did you do this?
Matt says
Morning Sara, sorry to be a pain. but trying to get my head around this as got my response this morning.
All claims have been upheld but the numbers dont add up.
The interest refund ( £4,330.96 ) is shown below plus interest but the cash claim value is only £469. it says on the letter that cash claim value is minus any payments that I have not made.
I paid all payments myself and either guarantor made any nor did they put a claim in for that reason.
Interest refund £4,330.96
8% compensation £216.82
Claim value £4,547.78
Cash claim value £469.28
Total cash claim value £686.10
Sara (Debt Camel) says
I assume the last loan has already be repaid.
I don’t know what can be happening here – I suggest you phone Amigo up and ask why the cash claim value is lower as you made all the payments.
Andy says
Matt how long ago did you put the claim in?
Martin says
Hey, anyone any idea how far along the process they are to at least completing all letters?
I had 5 loans with them all paid off going back many years but haven’t heard anything back on any.
Sara (Debt Camel) says
no one has any idea.
Tom says
I have still not heard anything
AmigoAmigoYeeHa says
This is from an email I received 22nd September when I questioned the delay:
“We’re in the process of sending customers their claim outcome letters via email. Whilst we initially estimated that we would have sent them all in the first half of 2023, due to receiving more claims than anticipated, we expect to have sent most letters by the end of October 2023.”
So you have another week + 2days for postal.
Louise says
My loans were 2013&2014 and were originally investigated in 2020 and amigo rejected my claims stating they were affordable according to information they had but they couldn’t provide bank statement wage slips credit reports etc they had nothing to show they were affordable.
I then claimed again when the scheme opened and both have been upheld if you see further up the thread so don’t be disheartened if you’ve been rejected previously there’s still a chance.
They rang and text me also as the final response email kept bouncing back to them so they rang for upto date email etc and replied to texts I’ve sent since saying interim payments will be made until all claims have been processed with the aim for the interim payments to be made by the end of this year.
Rikki says
I am really unsure what my email actually means. I have email saying partially upheld and no redress due. Can anyone help with what I need to do with this. I have 2 loan amounts saying defended and the 3 that say upheld. I have tried to make sense of it all but I keep going round in circles.
Any help would be greatly appreciated.
Sara (Debt Camel) says
For each loan there should be some numbers – total interest etc. can you copy and paste those here.
Are there any non zero numbers which say “reinstated interest”?
Do you still owe a balance?
Has your guarantor made any payments?
Rikki says
Hey Sara
I paid off all the loans a few years ago so no outstanding balance. Cannot remember what my guarantor paid but it was maybe 1 or 2 at most if any at all.
Agreement claim values
Interest refund £331.08
Fee refund £0.00
Reinstated interest £0.00
8% compensation £0.00
Claim value £331.08
Agreement claim values
Interest refund £795.51
Fee refund £0.00
Reinstated interest £0.00
8% compensation £0.00
Claim value £795.51
Agreement claim values
Interest refund £3,542.87
Fee refund £0.00
Reinstated interest £0.00
8% compensation £0.00
Claim value £3,542.87
Sara (Debt Camel) says
ok, can you also paste the numbers for the the two rejected (“defended”) loans?
Rikki says
It didn’t have any numbers just the loan amounts borrowed. It asks me to accept or escalate on these similar to the ones with money values on them.
Agreement Number ???????
Date of payout 08/05/2017
Amount borrowed £1,000.00
Other party Guarantor Name
Your party type Borrower
Outcome Defend
Agreement Number ???????
Date of payout 02/08/2017
Amount borrowed £2,000.00
Other party Guarantor Name
Your party type Borrower
Outcome Defend
Sara (Debt Camel) says
right so reinstated interest is not the problem.
I suggest you ask Amigo why the total cash value is set to zero and if they say it’s because tyour guarantor paid a lot, ask them for the details as you don’t think that is correct.
Graham says
Hi Sarah. I had a loan rejected back in August 2020 it was sent to the fos. I received a ref no from the fos for proof. Amigo have just told me that they have no indication of knowing it had gone to the fos even though I have proof. I have escalated my claim now even though its now been excepted. Should it not have been excepted back in 2020 by Amigo
Sara (Debt Camel) says
Morally of course they should have upheld your claim in 2020.
But that doesn’t change the legal position which is that you have the same rights under the scheme as anyone who had not made an earlier complaint.
(There is an exception here if you were still making payments to the loan in December 2021… were you?)
Graham says
Hi Sarah. Yes I continued paying my loan off it finished in march 2022.Trouble is they are now telling me that I am not entitled to have my payments refunded in full as I hadnt complained into the scheme until close to the date to complain. Looks like they have stiched me up by not informing me and giving me the opportunity to enter the scheme immediately it started.
Should I push this further with them
Sara (Debt Camel) says
Yes. You have evidence of the previous complaint and that it want to FOS.
Laura says
Hi Sara, I know it’s a guessing game for all of us but I’m feeling quite down about this now with this new rule they’ve put in about not paying those whose guarantors have paid as mine did, so I can only pressure the outcome.
Is there a financial reason they would be trying to pay out less? I know the directors, top dogs, etc are still getting paid loads until it winds down, and is anything being held back for them, or is there one pot of money for the payout and it wouldn’t matter if they accepted everyone because it’s coming from there so no “leftover” money would go to them.
This is a bit of a long question, I just can’t understand what they’re gaining from not paying out to people like this?
Thanks
Sara (Debt Camel) says
Oh they are not gaining anything at all at the moment because they are going into liquidation.
But when they designed the scheme with this nasty wrinkle in it, which no one was aware of, they had a big reason to try to pay out on as few claims as possible – doing that means it makes the payout % look bigger so people would be more likely to vote for it and the FCA and the court would thing that borrowers aren’t getting such a bad deal.
I knew from the “41p in the £” number that there were some sneaky assumptions in there but as Amigo refused to publish how it arrived at this it was impossible to prove. My guess was a combination of three things:
1) they were assuming not many people would claim. I have been proved right on that one as twice as many have made a claim as Amigo expected.
2) they were going to deduct a lot from payments to cover “reinstated interest” – this is where they add back interest if you have a top up loan upheld but not the original loan. The Ombudsman says you shouldn’t do that, but Amigo is planning to. We haven’t seen these sort of claims get decisions yet, so I don’t know how bad this will be.
3) they will be rejecting more claims than the Ombudsman would. We won’t know until nearly the end what perecentage they are upholding.
So to those three, I can now add a 4th – there are a lot of claims for loans that Amigo has agreed are unaffordable but where Amigo has chosen not to pay out as the guarantor made some payments and has not made a claim. Amigo never used to do this before the Scheme. The Ombudsman never used to make this sort of decision.
Laura says
Thanks so much Sara for such a detailed reply. It is so depressing for people to go through all of this and then be hit again.
I thought full disclosure had to be applied in court. It’s insane the amount of, what I would call, illegality these horrible people are getting away with. Karma always bites people in the bum, so they will get their dues.
Sara (Debt Camel) says
The full scheme legal document was available to the court, but not to anyone outside, such as me, before the final court date. And it did not include an explanation of how Amigo had arrived at the 41 in the £
Laura says
Nuts innit! Getting away with not having to show full scheme arrangement, yet getting everyone to vote. Illegal or not, it feels like fraud? Terrible. Thanks, Sara.
Sara (Debt Camel) says
Not illegal. Just a very poor way to design something that has to be voted on by ordinary people.
Lee says
It’s 17p now though isn’t it? Ridiculous. Laughable. Pathetic.
Sara (Debt Camel) says
that is the most recent estimate – it could still change.
Pauline says
Hi Sara, i had 4 loann and my guarantor made some payments to them, thus proving it was unaffordable to me. My guarantor didnt claim as i paid i back in full, having borrowed from a relative. When i lodged my original claim, a while before they decided to take the scheme option, i made it clear i had paid my guarantor back and he confirmed this when Amigo contacted him. Sadly my claim was then halted as they went for this scheme. Reading other comments and as i havent heard anything, i expect some may be rejected. Do you think as a guarantor has paid, its blatantly obvious its unaffordable, i would have grounds for an appeal. Sorry for the long question. Also just to add, of course their major shareholders or supporters will benefit From the start of this whole process, there was no way customers would have a positive outcome or recieve 41p . Amigo proves that large organisations can cheat people out of a lot of money and get away with it. These schemes should be stopped.
Sara (Debt Camel) says
So there are two separate issues here.
1) will your claim be upheld? The fact your guarantor made some payments doesn’t in itself prove the loan was unaffordable as the loan may have been OK when it was given but later you may have lost your job or something… in that case the loan would not be decided to be unaffordable. I suggest you want and see what the decision is. And appeal if you disagree.
2) will you get paid less if the loan is decided to be unaffordable? At the moment it looks like yes. Here you have a good ethical case to say Amigo were well aware of your situation but they never told you or your guarantor that your guarantor should be making a claim. You can try appealing that on those grounds but I don’t know if it is likely to be accepted.
Pauline says
Thanks for ypur reply Sara
Lee says
Hi. I still haven’t received any correspondence regarding the decision on my appeal. Does this mean it’s more likely that it will be rejected?
Sara (Debt Camel) says
This process hasn’t been going long enough for any patterns to have emerged.
Frank says
Hi sara
With the way the scheme was portrayed to the courts. Would the FCA have grounds to intervene in this debacle of offsetting guarantors payments against the loan aplicant.
Sara (Debt Camel) says
I don’t know.
Syed says
Hi
Any news on when everyone will have a decision by, I’m still waiting for a final response too, I’m still making payments on my loan.
Syed
L says
About the year 2050.
Karl says
Any payments from after the deadline that are refunded will it be the .17p in the pound please Sarah or is it the full payment amount?
Sara (Debt Camel) says
The deadline depends on when you complained… see the article above for the dates.
Also you will only get a full refund from the point where you have repaid the amount you borrowed.
Graham says
Hi. Sarah. Is that comment of yours correct. You get full refund payments once you have paid back an ammount equal to the ammount you borrowed.
I thought it was payments you made after the 1/12/21.
Sara (Debt Camel) says
So far as I know, it is both…
Cash refunds are paid at 17% (or whatever that number turns out to be) EXCEPT FOR payments made after the deadline date AND at that point you have already repaid the amount borrowed.
Harry says
Hi all – finally received my successful claim outcome today. For those wondering if not hearing straight away meant a likely rejection.
Sara (Debt Camel) says
Was this for a current loan?
Harry says
Hi Sara – No was for a closed one from back in 2012, closed 2015. Submitted my claim in December 2021.
Rebecca says
Hi I just received this from Amigo after querying lack of outcome response from them, a bit wishy washy but thought I’d give an update
Thank you for getting in touch.
We are in the process of sending Claim Outcome Letters via email so please expect to hear from us soon. Based on our current estimates, most customers will have received theirs by the end of this month and then any remaining ones, which are likely to be more complex, will be sent before the end of the year. Once you’ve received your letter, please be sure to read it carefully and in full.
For customers who are due a refund, we will begin processing payments before the end of this year onwards. We will start with an ‘interim’ payment and then the final payments are expected to be in late 2024. This is when we expect Amigo to enter liquidation so we will look to confirm values of final payments closer to this time.
Samantha says
Is it true that if a guarantor paid off the loan then your claim wil be rejected ? I made payments myself and then when I eventually couldn’t my guarantor paid the loan off. This was in July 2020
Sara (Debt Camel) says
At the moment it seems that your claim that the loan is unaffordable will be upheld but they will set the payout to zero. This is very unfair.
Morag says
Firstly, I’d like to thank you for your patience whilst we have reviewed your claim. I can see that we have fully upheld your claim. This means that we agree with you that your Amigo loan shouldn’t have been paid out.
Although your claim has been upheld, we have calculated that your Total Cash Claim Value totals £0.00. This is because it doesn’t appear you have repaid the principle amounts that you borrowed on your loan. It looks like your guarantor has made a large repayment towards your loans and we are unable to consider these repayments when calculating your redress.
Lolly says
Hi Sara, I am guarantor for a loan and yet to receive an update on the loan , the person I help take the loan out for missed payments and I received a CCJ , I did make a few payments on their behalf. What are my chances of getting the CCJ removed ( I think I have a year left of this on my credit file). I submitted a claim for them to remove the CCJ and Revert this to a personal via obudmans and through the Amigo claims portal.
Sara (Debt Camel) says
if your claim is upheld, the CCJ should be removed.
Samantha says
When was this confirmed that it will be zero? How can they get away with this
Sara (Debt Camel) says
That is what I have been told is happening. The problem is the way the scheme documentation is worded. Absolutely no one except Amigo ever expected this to happen so no one checked that wording.
Colin says
I have just had an email from amigo stating they are still looking to “start processing payments before end of year” and final payments “mid to late” 2024 so have now dropped “from November” from there reply’s I can’t see any payments beginning this year
SophieC says
Well, myself and my guarantor haven’t even had decision from them yet and we have done our claim through Allegiant so I don’t know how they are going to start paying out.
Charlotte says
Hi, I am wondering if anyone is still waiting for a final response? I keep checking and haven’t had anything yet, is there a deadline for this?
Thank you
Sara (Debt Camel) says
Lots of people are still waiting. We haven’t started to see any decisions where there is an open loan yet!
Lauar says
I spoke to them today and was told most will hear back by end of October, but complex cases will now take until the end of the year. I just want to know now as I’m sure I’m going to have to appeal, even though my guarantor confirmed in writing they’d been paid back years ago.
Kate says
I was a guarantor and applied with in time. O paid the whole loan off for my friend, she unfortunately died. I check every day on their portal but still haven’t had a response
Jackie says
First I would like to say a massive Thank you to you Sarah for your time effort and patience in supporting people who like me who are involved with a claim to Amigo. Trying to get information from them is seemingly impossible. Do you know if any other guarantors like myself have received an outcome yet? Or is it likely that we are the cases that are considered complex and likely to have to wait alot longer. Once again I really appreciate your help and support.
Sara (Debt Camel) says
IS this a current loan?
We have only seen a very few guarantor decisions and none, I think, for a current loan yet.
Liam says
Is there not anything we can do about this? As we are all aware this is a very unfair process. I still am waiting on my decision. I still have 5k to pay. I’ve paid about 15k to amigo over the years and my guarantor has paid about 2k. I’m expecting the worst and for them to say because my guarantor paid X amount my redress in nothing. It’s not right
Sara (Debt Camel) says
It certainly isn’t right.
But in your case it sounds as though you may have paid yourself more than you borrowed? in which case tyou should get some amount back… but as always I am guessing here.
Cat says
I’m a guarantor – still waiting to hear anything
Liam says
Yes I have paid back nearly 10k over what I have borrowed in interest etc. Best case is that they just wipe the 5.5k I owe them and be done with all this
Sean says
Hi Sara
My guarantor paid a handful of payments, I mean hardly any. I paid him back straight away. When making a claim I made this clear, and he didn’t need to make a claim because of this. I had 4 loads i totalled these to add up to around 17k, I have an outstanding balance of 1.3k.
I already feel cheated that we went through the whole scheme process, to be back to square one and getting a ridiculous 17p in the £1.
From what I’ve read, would this potentially mean my redress is zero, because of a few payments made? I know I’m going to get peanuts, I’d be happy getting the outstanding paid off and clean credit file.
Is this likely or am I going to fall victim to a really nasty loophole amigo have found, they really are crap.
Sara (Debt Camel) says
Thus isn’t a nasty loophole Amigo have found – they designed it into the Scheme and didn’t tell anyone about it.
But if your guarantor only made a few payments, I think they will just be used to reduce what you get, not give you nothing. But I have’t seen any of these cases yet, so I am guessing and as this is Amigo, I can’t be sure of anything.
Sean says
Surely this needs to be looked In to, is there no way Amigo can be held accountable for this? I have paid all these back, nothing is owed to my guarantor..I paid them all and told amigo this.
Surely they can’t deduct my payment, when my guarantor isn’t owed anything.
Sara (Debt Camel) says
You can appeal. I am not sure what can be done.
Jackie says
Hi everyone, yes I made nearly all the payments which were in excess of the amount borrowed. I am not sure exactly how much but I know that there is still an amount owing for the interest that was added. I complained to Amigo at least twice before the scheme started and made it very clear that I could not continue to make payments due a significant change in my personal circumstances. At that time which was about the end of 2020 they replied that although they were sorry about the difficulties I was having I could not be removed from the account as guarantor and would be expected to continue to pay. Since then I have not made any payments nor has the borrower. Neither of us have been asked to make any arrangements to pay either. I have emailed and phoned Amigo but just get the standard reply to wait for the outcome letter in the next 3 months. I can’t access the actual account just get the reply on the portal that no decision has been made yet
Ruth says
https://www.ft.com/content/fc3c0302-0cfc-4f1e-97e3-fe29962eb1e4
Speachless
DM says
Hi Sara, just wanted to double check. Still awaiting a decision (no surprise). With regards to loans where guarantors have made payments are they deducting the whole claim value or are they just deducting the amount plus intrest that would be due to the guarantor. My current loan (number 5 £8k outstanding) is in ESO and guarantor made a partial payment of around £60 which was taken automatically as I couldn’t get to the bank on time. Guarantor did not put in a claim.
Sara (Debt Camel) says
I haven’t seen an example where the guarantor has only made low payments.
But I think you should be fine and just have about £60 less of a refund.
L says
This cannot be allowed??! Shouldn’t all money go to the scheme? What does this mean?
https://www.ft.com/content/fc3c0302-0cfc-4f1e-97e3-fe29962eb1e4
Sara (Debt Camel) says
I don’t think this will reduce money going into the Scheme – I think it will all come from shareholders of other new investors.
L says
Bit too confusing for my head, but the article says Amigo are trying to buy/invest in this? Thought the whole point they couldn’t pay a 73 mil penalty was because they had nothing. I know you’ve answered this in various ways, so please ignore me if it’s the same question, but can anyone get involved in this? Would the FCA now sit up and say, hang on, something’s dodgy here?
Mariann says
I am still waiting with a current loan. I already paid back what I borrowed via Stepchange DMP. My guarantor never paid. I cancelled my DMP this month as only Amigo left in there. Since they reporting missed payments every month for 4 years now even though I paid my agreed amount every month I feel that it’s a bit pointless to pay them now and this money could help me cover the increased energy bills instead.
Sara, do you think I should apply for an ESO now or shall I just leave it and wait till end of the month to see if they give an outcome? This month’s payment is not due till the 30th.
(Thank you for everyone for the updates)
Sara (Debt Camel) says
I am not sure why you would start paying them now? Or bother with ESO if Amigo aren’t asking your guarantor to pay at the moment?
Have you looked ay affordability claims against other debts in your DMP? See https://debtcamel.co.uk/tag/refunds/
Mariann says
I was not sure if they will chase the guarantor now or not. I decided to just wait for the outcome. I did claimed against 2 different loans which was borrowed around the same time as I borrowed Amigo and both was uphelded and closed so I am hoping Amigo will upheld my claim. It would be life changer..
Andy says
Hi Sarah,
I am a guarantor on a loan. The loan lender hasn’t paid for nearly 3 years. The loan was given out without even checking if she could afford it. (I to wish i hadn’t signed up to be guarantor) we both put a claim in back in 2021. I’ve got it down to a minimum payment of £70 a month. What do you think are the chances of getting the claim approved. And any advice 🤔
Sara (Debt Camel) says
I can’t guess what the chance is.
No advice, there is nothing you can do except wait.
Liam says
Why is it that amigo are allowed to screw us all over. This has gone through the courts and yet they are still allowed to do what they want. I don’t get it. They continue to bend us all over and screw us over and over again. Surely there is a loop hole for us hard up customers that we can find like they have. I think we should all meet up and go to London and complain and say we want our bloody money rather than letting anig company get away with it yet again
L says
I agree something needs to be done. The guy I spoke to yesterday was lovely but it did sound like this extension for complaint letters to be sent out by end of Dec now had something behind it. I only hope they don’t use the pot of money set aside for payouts to invest in this new thing. I also don’t see legally how they buy or invest in anything when they’ve said they’re affectively bankrupt. The article is a bit confusing for me, but it definitely says they’re aiming to buy and using it to keep the shareholders receiving something.
I also find it strange no news corp has got into this, given its glaring “Netflix quality” of corruption and dodgy dealings.
I wonder if the guy who owns the companies amigo want to buy knows how vulgar and bullying to disabled people amigo were?
I feel like amigo should publicly release their full accounts because I don’t think any of us or the court have been told the truth.
Their gain is our lack of knowledge in this. They knew who they were dealing with.
Also feel sorry for Sara, who done everything to help us, but amigo keep putting up smoke and mirrors.
Liam says
Surely there is enough of us to do something about all this. Raise a complaint to the government. Get media awareness of what is going on. I’m not very clued up to this whole process but surely what they are doing isn’t right and shouldn’t be allowed
Sara (Debt Camel) says
Well if you want you can email the FCA at consumer.queries@fca.org.uk and say you think the FCA should be aware of what Amigo is doing and how unfair it is. Point out that Amigo never made it clear in any of their communications with borrowers that the guarantor also had to make a claim even if the borrower had already repaid the guarantor in full.
if you want to complaint to the FCA, there is a form here you can use: https://www.fca.org.uk/about/how-we-operate/complain-about-regulators. You are complaining not that the entire Scheme is unfair, but about the very specific point about guarantors and Amigo#s failure to warn borrowers that guarantors had to also make a complaint if they made any payments. Say that either the FCA was unaware of this – in which case they did a very poor job of supervising Amigo aor, if they were aware of it, then they should have ensured that Amigo properly communicated this to the borrowers that needed to know this. Say how much money you will have lost because of this, despite Amigo agreeing that your loan was unaffordable.
You could also complaint to your MP.
I have no idea whether any of this is likely to make a difference.
The media are, I am afraid, pretty bored by the Amigo saga and you may have some difficulty in getting anyone to take an interest in such a complicated matter.
AJ says
I am not sure if anyone else is on the same boat as I. My claim was rejected in September 2023. Amigo did not notify me of this. I do not know the exact date it was rejected and I only got know of Amigo rejecting my claim because I logged in to see the status of my claim. Anyway, following advice from Sara (thank you so much Sara) on 14/09/2023 I rejected Amigo’s decision submitted a request to escalate my case. I queried the status of this and got the following response from Amigo:
“Thanks for your email.
As explained in the escalation process, the adjudicator will review your claim in due course and deliver an outcome. We are unable to specify a timeline for this as it is an external party that manages the adjudications. We are similarly unable to provide any ongoing updates regarding it for the same reason.
Once your adjudicated outcome is ready, we will issue it to you.
Best regards,
Alex
Scheme Support Team
Amigo Loans“
So in a nutshell, I have to wait for an unknown period of time to know the outcome from the Adjudicator. What should I do if the Adjudicator also reject my claim?
Sara (Debt Camel) says
If the external adjudicator rejects it, then there is nothing more you can do. Do you have a current loan?
AJ says
Yes, I loan term will finish in August 2024 and I have about £3.5k to pay.
Sara (Debt Camel) says
I hope you have supplied copies of your bank statements for the appeal
Dan says
Hi i know i probably already know the answer to this question but for some reason i missed the email with the decision of my claim. My claim was rejected and i missed the deadline to appeal is there anything i can do or has this whole process now been a massive waste of time
Sara (Debt Camel) says
Probably nothing. Did the email go into spam or something? You can try to appeal…
Samantha says
My loan is paid off , it was paid off at the time of me making the claim and I have still had no outcome response to my claim.
Is there any pattern at all to how they are giving out decision letters ?
Sara (Debt Camel) says
The decisions seem to go out in groups. But there is no way to tell if all the decisions in a particular kind of group have been sent.
Liam says
I will do exactly this. If anybody else is looking at this please please please also make a complaint. We all need to act together to atleast.let.our voices be heard about how we have been poorly treated by this terrible company
AJ says
Hello Sara, yes I provided 6 months bank statement and it covered the period before and after the loan was given.
L says
Hi Sara,
I received my upheld claim back in the beginning of September but when I contacted amigo to get a understanding of redress they was very vague do we have a date or any timeline of payments and if so what’s the estimated Percentage for the first interim payment?
Sara (Debt Camel) says
No, sorry.
Victor Stone says
Dear Financial Conduct Authority (FCA) Team,
I’m [Your Name], writing regarding Amigo Loans under the redress scheme. We’re deeply concerned about significant delays in our claims process.
Key Concerns:
Excessive Delays: Our claims have been pending far beyond the communicated timelines, causing financial strain for both us and affected customers.
Inadequate Communication: Amigo Loans’ inconsistent status updates and reasons for delays have caused frustration and confusion among claimants.
Lack of Resolution: Delays have left claimants without the redress they’re entitled to, undermining the scheme’s intended purpose.
We request the FCA’s investigation, expedited claims resolution, and assurance of Amigo Loans’ compliance with the scheme.
Your swift action can restore confidence in the scheme and uphold consumer protection principles. Please contact us at [Your Contact Information] for further details.
Thank you for your commitment to fairness.
Sincerely,
Bolek says
Looks good but I am wondering if this would make any difference? By the time FCA will investigate it and if they decide to do so, probably Amigo by that time will be liquidated. I am happy to send this template to FCA but I am wasted so much time already on Amigo….. I think FCA complaints needs to reach a certain level just to decide to do something about it and we don’t really know the total number of claims that are still outstanding. They responded to some customers with “end of October” deadline so let’s hope that will happen.
Tina says
Strange that Amigo is hoping to buy 4 businesses from craven House different fields from lending
Digital music and others
Is the money from people who are due refund and now only receiving 17p in pound being used to by these companies
I know share holders are specifically about these and some are happy as companies house have talk and amigo investors are really not sure
Apps the company allowed to buy 4 more companies when they should be paying people back I don’t know
Maybe court doesn’t know about them buying companies
My loans were upheld and should be getting refund but are we being short changed so amigo can buy these companies
https://www.morningstar.co.uk/uk/news/AN_1697548978059978700/amigo-shares-halted-amid-rescue-deal-talks-with-craven-house-capital.aspx
Christopher H says
I am one of the many who is still waiting for a response covering a total of 5 loans, two of which were top ups, two of which were FLM.
I applied around 2 months before the claim end date – I’ll update once I have a response.
Lynn says
I complained in January 2021 and I still haven’t had a response . It’s just a joke , the governent should be doing something it’s just terrible .
Des says
Still no response… it’s beyond a joke. I have the FOS uphold me claim back in April prior their first scheme proposal in the courts and still waiting for a response. It’s absolutely ridiculous. They have all the evidence, it’s been provided by the FOS, they completed their checks and I am one of the people still waiting to hear the inevitable.
Al says
How can amigo go into business with music and film its using money that should be coming to use
Sara (Debt Camel) says
it isn’t clear that Amigo is putting any money into this.
Tina says
Need to put clearer
Amigo themselves are putting the 5 million in
They are also asking shareholders if they would agree to this investing themselves as well
Voting on this
They are hoping that all shareholders who are part of amigo in
will have a substantial comeback from the investment in these companies
Sara (Debt Camel) says
Let’s wait and see the details.
Laura says
I too had all claims upheld by FOS and ten of contacts by them to amigo to get amigo to pay me. But all were ignored. It would have been close to 20k payout. They really are devious, nasty people.
Not that it’ll do anything, but I’ve decided to write to FCA. This buyout thing can’t be right when we’re getting next to nothing (if complaint upheld).
Des says
The worse part is Amigo duplicated my claim ref and that’s why the claim wasn’t dealt with before December 2020 and the FOS decision provided in March 2021 which then Amigo informs everyone that anything after December 2020 was to be included in the scheme! They have really played the system and then delayed their SLA’s which they set in the courts and was agreed! I would imagine the courts should’ve stepped in and provided some serious fines for each delayed notice customer are waiting for. It’s a complete waste of time and causing a lot of people metal health issue and or anxiety! There is no and hasn’t been any duty of care to any customers what so ever, hence why they are in the situation.
Laura says
I agree. It’s been abysmal. I think any fines given amigo would argue they have “no money,” though I find the whole thing fishy. It’s too exhausting to continue with, and that’s what they’re hoping for.
Des says
To add the insult, amigo said we would all have a decision by the beginning of July (first half of 2023)… then they said it’s delayed by 3 month which means we should’ve had decisions the beginning of October… we are still waiting! First payments due to be paid next week and a lot have still not received a response! I wonder if the courts are/should be notified of Amigos negligence to their agreed timescales.
Sara (Debt Camel) says
The courts do not monitor a scheme. There is plenty of wiggle room built into the legal documentation for delays.
Gc says
Hi Sara
I’m currently still paying amigo every month, I made my complaint in March 21 and had paid off more than I had borrowed by December 21. If my claim is upheld will I receive the payments I have made back in full from the 1st December 21 up until now? Or is it from 1st December 21 until the scheme effective date?
Thanks
Sara (Debt Camel) says
If my claim is upheld will I receive the payments I have made back in full from the 1st December 21 up until now?
that is what I hope would happen.
Gc says
Thanks Sara
Was just curious as was reading your info above on the article from amigo 6:33 for continuous payments and they are saying something about from the 1st December 21 until the scheme effective date so was just a bit confused
Thanks
Sara (Debt Camel) says
You come into the first of the examples in the article above:
“someone who made a complaint 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”
Sara (Debt Camel) says
There are provisions in all Schemes and Administrations that provide protection for payments made during the Scheme/Administration if a claim is later upheld. What is explained in 6.33 on the Explanatory Statement is the additional provisions for some payments made before the effective date of the Amigo Scheme.
Gc says
Thanks Sara
Hopefully my complaint is upheld and I can get all this money back, if it is upheld will this be paid in one payment as it says it will be coming from a separate pot outside of the scheme?
I emailed amigo last week for an update and the next day they phoned me asking if I wanted to enter ESO as I have well over paid what was borrowed, if I enter this now will this affect the payments I have made so far if my claim is upheld? As the lady I spoke to seemed that ESO really was the best option for me, but with this all being close to the end I just don’t know what to do and I am also worried for my guarantor
Thanks
Sara (Debt Camel) says
if it is upheld will this be paid in one payment as it says it will be coming from a separate pot outside of the scheme?
I don’t know. You should not assume this means these payments will be paid early (although in other schemes/administrations they have been)
Equitable set off see https://debtcamel.co.uk/stop-paying-amigo-set-off/
Kyle says
I have yet to get a final letter decision. I’ve looked at the portal and nothing has been issued yet. Is anyone else still waiting?
Ruth says
Yep still waiting. Claim submitted August 2020
Chels says
I was a guarantor on a loan that was paid off in August this year. I paid around £900 off on the loan which was initially £2000. I person who took out the loan hasn’t made a claim. How does it work for the guarantor if the claim goes in my favour?
Sara (Debt Camel) says
For a guarantor it doesn’t matter whether the borrower complained or not. Your total claim value should be the full amount you paid, not just the interest on the loan.
ED says
So this is the reply I got from complaining to the FCA
Thank you for your further email into the FCA. I understand from your query that you have further concerns regarding the Amigo Loans redress scheme and the significant delays in the claims process. I appreciate this has caused concern so I’ve provided an update below.
What is the time frame for the Scheme of Arrangement?
Creditor Meeting – The meeting of creditors was held on 12 May 2022 and creditors voted in favour of both Schemes.?
Sanction hearing – The second court hearing took place on 23 and 24 May and the court approved the Scheme.
Making claims – Now the Scheme has been approved by the Court, creditors must make a claim by the Claims Submission Deadline, which is currently expected to be around the end of November 2022. ??
Payment and treatment of claims – The first payments are expected to be made in September 2023 once all the claims have been reviewed.??
Further information can be found on the firm’s Scheme website: https://www.amigoscheme.co.uk/
In closing
Whilst I appreciate this claim has taken longer than you had expected, I hope the information provided has been of use to you and I hope you reach a positive outcome moving forward.
Sara (Debt Camel) says
did you make a formal complaint to the FCA using their complaint form https://www.fca.org.uk/about/how-we-operate/complain-about-regulators – if you did, what action or inaction by the FCA were you complaining about and what did you ask them to do?
or did you use their general contact form on https://www.fca.org.uk/contact?
or email them eg to consumer.queries@fca.org.uk?
ed says
Hi
It was consumer.queries@fca.org.uk as I have complained in the past about how Amigo have been treating customers
Steve says
I took out 4 loans in 4 consecutive months, after the stress and the bully boy tactics and a failed 8 year relationship over the stress of it all, not only was it unaffordable but it seems like there is no cash claim/compensation for the mental side of things!!! I mean how they treated their customers during loan terms FCA ( FAKE CREDIT AUTHORITY) defo been back handers!!! the high court a disgrace also, the amout of money made by shareholders even the owner who sold some of company FOR 305 MILLION!! should be held responsible, now they can’t find 15MILLION😂😂😂 IT’S SO LAUGHABLE ..I took out 10k (20k repayable with interest) , i paid 10k in total so they get their 10k BACK, I got a 9200 pound redress and they say there is 3k still owed on account no compensation whatsoever 😂😂it doesn’t make sense to why there was no punishment the shareholder walk around still millionaires with a grin on there face, while it seems there is zero compensation for mental stress/threats/depression you name it, while there is 210 thousand complaints and many will be rejected!!!! 88 PERCENT was upheld by ombusman just remember that!!! For the hardship that many customers went through it should be more than cash redress on interest only!!!! If the high court accepted this proposal i would love to see the 1st!!!
Sara (Debt Camel) says
i paid 10k in total so they get their 10k BACK, I got a 9200 pound redress and they say there is 3k still owed on account no compensation whatsoever
Is this the result of your claim? Were all your loans upheld?
Graham says
Does the escalated complaint come through on the Amigo portal or via your email address. Has anyone had an escalated complaint answered yet.
Thanks for any help
Mariann says
I sent an email on Monday asking for an ESO plus an update about my claim. I have not received any response yet but when I logged in to the portal the layout changed. It is now details some info how to accept claim etc. But still no final response. Anyone noticed the same?
Rebecca says
Hi yes I just logged in and had the same it’s definitely been updated, I’ve not had a final response either, last communication I had with them was that majority of customers would have an outcome by the end of the month and more complicated customers by the end of the year
Ann says
Hi I logged in and it’s the same but my clear credit file has sent me notification that Amigo has been removed.this was today but no email yet fingers crossed 🤞
Mariann says
I checked my clearscore and Amigo updated my status on the 17th of october that I have 2 payments in arreas and total balance of £669. It’s weird because even 2 original contractual payments would not cover that….
Mariann says
I didn’t received a reply to my email asking for an ESO yesterday but I logged in to the normal account and there was an option to exercise ESO. I already got a confirmation email back that it is now applied to my account.
Charlotte says
How will we know if our claim has been rejected? Will we receive a response regardless of it being rejected or upheld?
I’m still waiting to receive a final response.
Thanks!
Colin says
Amigo moving goal posts yet again as per new update on website- The pence in the pound value is subject to change, and cannot be confirmed until all claims have been decisioned. We expect to be able to confirm the dividend, and the exact value of any final payments in late 2024, but interim payments will start to be sent to customers at the beginning of 2024.
Laura says
No way. They’re now not saying end of year? This is insane. A law unto themselves!
Dawn says
I had a response and my claim has been upheld, the loan removed from my credit file this is the response , what is the amount I could possibly be expecting? All is paid back.
Amigo Loan Agreement | Loan Amount | Loan Term | Date Loan Approved | £3,300.00 | 36 | 08/05/2012 |
| Interest Refund | Fee Refund | Reinstated Interest | 8% Compensation | ClaimValue | | £2,282.98 | £404.65 | £0.00 | £813.08 | £3,500.72 |
| Cash Claim Value | £1,307.63 | | 8% Compensation | £813.08 | | Total Cash Claim Value | £2,120.71 |
Sara (Debt Camel) says
did your guarantor make any payments?
Dawn says
Hi Sara ,
No payments from the guarantor were made .
Sara (Debt Camel) says
In that case, I suggest you go back to Amigo and ask why the Loan Claim Value of £3,500.72 is larger than the Total Cash Claim Value of £2,120.71 ?
If the loan had already been settled and it was your only loan and the guarantor had not made any payments, I have no idea why those two numbers are not the same.
As things stand, you would be paid about 17% of 2120, so about £360. But if the 3,500 num,ber is right, you would get nearly £600.
Dawn says
Thank you for reply Sara I will get back in touch with them.
Cj says
So i emailed them yesterday this is what i got back .
Thank you for getting in touch.
We are in the process of sending Claim Outcome Letters via email so please expect to hear from us soon. Based on our current estimates, most customers will have received theirs by the end of this month and then any remaining ones, which are likely to be more complex, will be sent before the end of the year. Once you’ve received your letter, please be sure to read it carefully and in full.
For customers who are due a refund, we will begin processing payments before the end of this year onwards. We will start with an ‘interim’ payment and then the final payments are expected to be in late 2024. This is when we expect Amigo to enter liquidation so we will look to confirm values of final payments closer to this time.
If you would like any more information on the Scheme or how redress works, please go to our FAQ page on the Scheme website.
Thank you for your patience throughout this process. We will be back in touch soon with the outcome of your claim.
Kind regards
Andrew Anderson says
Well my ONE loan that I (not guarantor) paid off in full must be really complex then
David says
I had a response on the portal a couple of months ago and it upheld 3 claims and rejected 2 so i accepted it just happy that the process was moving forward. Didnt receive a letter or anything and then i got an email saying that the offers had been made in error and i would receive an update in due course. Still waiting.
Sara (Debt Camel) says
That sounds unusual. How long ago was this email saying there had been an error?
The two loans that were rejected – was either of these “topped up” by the later loans that were accepted?