UPDATE
March 2025 – final scheme payment announced
Amigo has announced the last percentage payment will be 6.01%. Together with the first percentage payment, this takes the total up to 18.51%.
The amount you will receive will be a bit less than half the previous percentage payment you received. (If you have received 2 payments, the one from Amigo Loans was an “in full” refund for payments you made to Amigo after May 2022, and the one from ALL Scheme was the first percentage payment.)
These payments will be made in the next 3 weeks in batches. They will be paid in order of the date of the Amigo Decision email you were sent.
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Most of these are people with loans taken out longer ago, so their contact details may be out of date too.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 the bank account details on your Portal Account.
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 overview:
- 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 were sold to Intrum before 2022 It 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 have been paid the first percentage payment (and any full refund) and are now waiting for the second one
Nothing will happen until the end of the 2024.
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
- 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 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…
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.
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 Amigo Loans will be liquidated. the Scheme continues in “Fallback Mode”
- Without the £15m from creditors, there will now be less money available for cash refunds.
-
When the Scheme was proposed in early 2021, Amigo said it expected people would get paid 41p in the £. So if the refund on your Amigo loans was calculated at £1000, that suggested you would get £410.
That never looked likely to me. Amigo always refused to say how it calculated the number and, crucially, how many complaints it expected to receive.
So I wasn’t surprised when the November Scheme Supervisor’s Report said that 210,000 claims had been received and that this was a lot more than Amigo had expected. With more claims and the same amount of money to divide, the estimate of refunds had halved to 20p in the £.
That November report also contained a new estimate of what may be paid in the Fallback option – 17p in the £. This is the best indication we have of what may now be paid out.
- 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.
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.
Both borrowers and guarantors could make a claim to the Scheme.
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.
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
Should you appeal a decision?
The deadline for appeals has now passed
Sale of loans to Lantern
Many remaining loans have now been sold to Lantern.
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.
If you or your guarantor has a problem paying Lantern, talk to a good debt adviser – your local Citizens Advice or if you prefer phone National Debtline on 0808 808 4000.
Terry says
Hi Sara, I just received this email from Amigo and thought I would share it. Fyi I do not have any current loans with them.
Hello,
We are updating you regarding your claim in Amigo’s Scheme of Arrangement.
We confirm that your claim is still being reviewed. Unfortunately, we have not yet been able to issue your outcome. Please accept our apologies for the delay in sending your outcome.
Amigo originally anticipated that the majority of customers would receive their claim outcome by the end of October 2023. Whilst around 40% of customers have had their outcome, we’re sorry that you haven’t received your outcome yet. The complexity of claims means that some are taking longer than anticipated to finalise and issue. We believe that most claimants will receive confirmation of their outcome by the end of 2023, and are working to issue outcomes quickly as possible.
Leanne says
I have received the same email this morning. I have no outstanding loads and all was paid back in full. Doesn’t sound hopeful that they have not yet been able to issue an outcome.
ed says
Yes I had the same email this morning
Laurie Haire says
I received the same email a few minutes ago; I don’t have any outstanding loans. Not feeling hopefully tbh.
Donna says
Me too. Just received the same email. I also have no outstanding loan. Feel like my claim won’t be upheld. The wait is ridiculous
Laurie says
You would think those of us with cleared loans would have been the least complex as there’s no arrears or outstanding balances. I would have expected those dealt with first then more complex ones dealt with afterwards – ie. Those with arrears/payment plans/guarantors making payments.
Jim says
I got this email the other day. I paused repayments in January and it has shown default on my credit file every month. I still had £2400 outstanding. However, I have now just checked my credit file and the whole loan, including all defaults, has been wiped from my file. My credit scored has jumped away up. I’m delighted, and if I get a few quid back, then happy days.
Cilivian guarantor says
Hi jim, when did you take your loan out?
Jim Smith says
Took 5k out in 2018 and got a 5k top up in 2019.
Sara (Debt Camel) says
I would hope you get some money refunded at 17% and some of your later payments may be refunded in full.
Jim Smith says
I tried to work out how much I paid in total, think it was around £12000 up until January this year when I got the payments paused. If I get cash back, it’ll be a bonus. Just glad it’s not hanging over me anymore, that was a tough 6 years.
Cilivian guarantor says
not sure if I’m allowed to ask you this question but what did you cite was the problem with the loan in the scheme arrangement or in the complaint? Before you got this update about the amigo loan being removed from your file, did you get a credit soft search from them?
Lisa says
I know it’s not a good thing to guess what’s going to happen with a claim but… I had a 10K Amigo loan in 2018. No top ups. I made a complaint in the scheme and entered ESO as I’d paid over 14K at that point.
I had 5 missed payments in ESO and ended up borrowing money from my mum to repay the full balance… which was still just shy of 10K. The figures of interest they charged are shocking.
I think as that falls within the timeframe stated to receive a full refund of that 10K (as it should be held in a separate account).
The loan is now no longer on my Transunion credit file (or Credit Karma). Other things from 2018 are. I haven’t checked the others CRA’s yet.
But reading Amigos update on their scheme website I’m going to take the removal of the loan as a good sign and hope that my claim is upheld (I provided bank statements and credit reports back from that time). It clearly states people may see changes to their credit file before receiving an outcome to their claim because working out the refund is taking a long time… that’s how I read it anyway?
🤞 this whole process is nearly over.
Lisa says
Equifax and Experian are still showing my Amigo loan but it’s definitely gone from Transunion… 🤷♀️🤷♀️ Maybe the other 2 are just really slow to update… I really hope I’m not jumping to the wrong conclusion about having my loan upheld – I guess I’ll have to keep waiting 😬
Cilivian guarantor says
Im a guarantor and have had amigo search me the loan is still outstanding and the owner is paying the absolute bare minimum while living a lavish lifestyle. Never again. But I hope this is nearly over cause I can’t stand this fudging business
Armour says
Mines gone from Transunion too, just checked today. I had two top ups that are showing as closed but the latest one has vanished. Haven’t check other ones
Molly law says
Received today for Amigo:
Hello,
We are updating you regarding your claim in Amigo’s Scheme of Arrangement.
We confirm that your claim is still being reviewed. Unfortunately, we have not yet been able to issue your outcome. Please accept our apologies for the delay in sending your outcome.
Amigo originally anticipated that the majority of customers would receive their claim outcome by the end of October 2023. Whilst around 40% of customers have had their outcome, we’re sorry that you haven’t received your outcome yet. The complexity of claims means that some are taking longer than anticipated to finalise and issue. We believe that most claimants will receive confirmation of their outcome by the end of 2023, and are working to issue outcomes quickly as possible.
The most up to date information will be shared on our Scheme website and FAQs, which can be found here https://www.amigoscheme.co.uk/. We will continue to keep this updated whilst outcomes are issued, and also to confirm details around the payments that will be issued in 2024.
Once again, thank you for your ongoing patience.
ALL Scheme Ltd
Becca says
How are they going to respond to all complaints by December ( what’s this the 4th extended date) when they closed the claims in November 2022 and are still only 38% of the way through…. That says to me they will take over another year to work them all especially as they state they’ve worked the less complex cases first!! It’s a disgrace of a scheme and continues to just highlight the shambles of an operation they were running!!
Mariann says
Me too. My Experian file cleared and Transunion too.
E says
My exoerien and TransUnion have cleared but not Equifax. Has your Equifax updated? Don’t want to get hopeful in case this is just a blip
Kirsty says
I’ve just had the same email too.
Curious George says
@sarah
Notice the end of the email? ALL Scheme LTD.
So this means a separate company has been registered to deal with this.
This is the reason why they are still able to trade and do other deals
Sara (Debt Camel) says
yes, that is the way the Scheme was set up
DJ says
Amigo have disappeared off my credit file also, hoping this means good news is on the way and this nightmare can be over!
Ash says
Received today for Amigo:
Hello,
We are updating you regarding your claim in Amigo’s Scheme of Arrangement.
We confirm that your claim is still being reviewed. Unfortunately, we have not yet been able to issue your outcome. Please accept our apologies for the delay in sending your outcome.
Amigo originally anticipated that the majority of customers would receive their claim outcome by the end of October 2023. Whilst around 40% of customers have had their outcome, we’re sorry that you haven’t received your outcome yet. The complexity of claims means that some are taking longer than anticipated to finalise and issue. We believe that most claimants will receive confirmation of their outcome by the end of 2023, and are working to issue outcomes quickly as possible.
But amigo loans was removed from my credit file (with no trace) 3 days ago? What would this mean, still no update on my portal and loan still outstanding at £6000 in arrears I am in eso.
Marie says
I have the same. Update that amigo will be removed from credit file. But received the email today same as everyone, no outcome on the portal.
Hoping this will be over soon.
Greg says
I’ve had the same email from amigo, quick
Question. As I’m currently on ESO. I’m technically over £1200 behind in payments. Because of the ESO, if they decline my claim and I appeal. Am I expected to carry on making payments again, therefore paying the arrears above, and normal monthly payments. Until the claim has been reviewed. Or will it remain under ESP until the review has been completed. I got my hopes up when I seen email from amigo but I
Think everyone still waiting have received the same email. Thanks
Sara (Debt Camel) says
I would be surprised if Amigo expect you to pay while you are going through an appeal process.
Greg says
However to add. I have just checked credit karma and I can also confirm my Amigo loan has disappeared of my credit file… any reason why this has happened if I am still awaiting a decision ?
Jimmy Q says
Mine has disappeared from credit karma and Experian also, do you think this is a good sign or just a mistake?
Thanks
Toby says
It says on their website that they are updating credit files before sending letters and that customers may find that their credit file is updated before they have had their outcome letter. My credit file has removed Amigo as well and I haven’t had an outcome so I would assume it’s good news and my claim has been accepted.
Sara (Debt Camel) says
I would say this is probably good news. But nothing is certain until you get the de ion on your claim.
Tina says
Sara
I know a lot of people are saying that the Amigo has gone off their credit files
But have they realised that Amigo would have sold the debt if money is still owed
And they will need to make arrangements with new company
In this cost of living crisis people when they are arranging with the new company need to put their needs first
and if they can only afford a certain amount especially if on low income
Because this loan has been sold on they can actually pay them minimum amount
Which can be around £10 a month
As long as you are paying minimum amount you will go on what is classed as slow payers list
Which does not go on as arrears on credit file
Although some loans may be in thousands as long as direct debit set up for £10 a month the new company cannot refuse as you have offered
This can also be done if you owe banks arrears for ex overdrafts or credit cards
People should not be scared of companies that are demanding money
Pay minimum amount
If household bills are problem
And person on benefits
You can pay through benefits its called
Direct payment
For arrears £3.50 a week comes and say you are using £20 week gas then that is paid monthly to energy company
So you would pay
£94.00 a month
Energy companies are now not allowed to put prices up of direct payments from dwp
Don’t know if this information will help people but hope it does
Sara (Debt Camel) says
The main problem with guarantor loans is that the borrower is worried the creditor will just go after the guarantor if they can’t pay a lot each month.
Sean says
But does thier guidance not say that if you see a change in early November then assume this has been upheld or partially upheld. Due to a batch credit reference update by looks of it.
Nothing about being sold on.
Tina says
If you owe Amigo
They will sell debt on
Not the interest as they can’t sell loan on including intrest as they cannot charge you intrest for years or months as you don’t owe them money
When you have no loan with them
Same for credit files Amigo can’t be named on your credit file when they have sold the loan
You may in future get a letter from a company that Amigo has sold your loan to
They will then be named on credit file
Sara (Debt Camel) says
“They will sell debt on
Not the interest as they can’t sell loan on including intrest as they cannot charge you intrest for years or months as you don’t owe them money
When you have no loan with them”
This is simply wrong.
Tina says
In answer to your answer at 4am
Why are you contradicting yourself you stated here amigo can’t charge interest on loan like I stated when loan is sold but below you are now stating its simply wrong
Amigo can’t charge you interest on loan when they sell a loan they will have a early settlement figure for loan buyer
That will take away interest
Just like any loan that is paid off early only these loans will have been sold to a debt company
But the interest on loan is not included
So debt company is not allowed to charge interest as they not only don’t have to pay for whole sum
They get loan for quarter of value
Ex
Loan £5000 loan buyer may only pay around £2500-£3000 but customer pays whole £5000
Interest £5000 disregarded if sold to another company
Sara (Debt Camel) says
This bears no relation to what will happen. A loan is not sold at an early settlement price – it is sold for whatever the lender can get. And what the loan is sold for has nothing to do with what the borrower owes, that remains the same.
Normally a debt collector doesn’t add interest because the loan being sold is defaulted. That is not the case with most of these loans.
Sean Brown says
OK but I’ll agree to disagree.
This just come across as scaremongering people with poor information.
For now I’ll go with the guidance on the website
Tina says
Which part do you disagree
Amigo will sell your loan if monies owed
But not the intrest on loan
So whatever you owe amigo you need to reduce intrest to nil when sold
Amigo taking there name of credit files because loans have been sold
Amigo cannot be still on your credit file if they do not own your loan
This is reason amigo is taking their name of the credit files of customers
Maybe they haven’t notified people yet but they will have sold loan
Sorry if you don’t like what I have written but I thought that people should know truth
Sara (Debt Camel) says
Amigo will sell your loan if monies owed But not the intrest on loan
This isnt the truth – it is simply wrong.
Kim says
That’s not correct? So please stop advising that is the case. Amigo will sell the loan at whatever balance is owed at the time of sale. So, whatever interest has accumulated up until the point of sale, the loan will be sold included the interest originally owed. The debt collectors don’t add further interest.
Richard says
Hi Sara, I’ve been reading some of the other replies people have been posting and noticed some have said that amigo has been removed from their credit report. I was interested reading these because in august my credit file improved by nearly 100 points but a month later it went back down 100 points. At the time I didn’t bother looking into it properly but my amigo arrears are still showing. Would this change in figures be down to amigo carrying out a credit check. I’m currently in an eso with them and have been since may.
Sara (Debt Camel) says
a credit check will not make that much difference
Cilivian guarantor says
I messaged amigo and got this reply regarding this credit report
“In regards to the credit reporting, that is true, in some cases. If we uphold ,or partially uphold a claim, we remove any credit reporting for those agreements as we have acknowledged that the loan should not have been paid out. As a guarantor, your credit file is entirely unaffected by this as we never reported to your credit file in the first place.
Lastly, regarding your claim outcome. We’re in the process of sending these via email and have issued over 82,000 outcomes so far. We expect almost all of the rest will be issued by 31st December 2023 so please expect to hear from us soon.”
Jean says
I received this email last week :-/
Thank you for getting in touch.
We are working hard to issue all Scheme Outcome Letters, and still expect that most customers will receive their outcome letter by the end of October. However, some customers may not receive their letter until December 2023, if their account is more complex.
Please be assured that we expect all customers will have received their outcome by the end of 2023 and 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.
Jim says
Hi Sara,
It says Amigo are unlikely to pay any redress on loans where a guarantor made a payment. Is that right?
If I had 4 loans with Amigo that were all deemed unaffordable, and my guarantor made a payment on each at the time I had the loans.
Are we saying that even though the 4 loans were unaffordable and even though I made all other payments, no redress payments will be likely for me because my guarantor made a payment?
If so, that’s really harsh and Amigo are copping out.
Sara (Debt Camel) says
no. Well I don’t think that is what they are saying. They are (I think) saying they will only refund you for payments you made. So if you paid more than you borrowed you should still get some refund
Jim says
Amazing. Thanks for clarifying.
Kim Matthews says
Hello everyone
Just to say that I was a guarantor and I too received that standard email on Thursday.
I have received my outcome today (all upheld).
Just wanted to let you all know that it’s moving.
Samantha Ramage says
I finally got my response and is upheld. Could you help please with what this means and what I should receive ?
Claim Outcome: Upheld
Total Cash Claim Value = £12886.68
Guarantor Total Payments £11,208.25
8% Compensation £1,678.43
Total Cash Claim Value £12,886.68
Sara (Debt Camel) says
Oh a guarantor claim decision!
You were the guarantor? And you paid £12,886 in total? How long ago was the loan settled?
The percentage payout is expected to be about 17% which means you will get about £2190 refund.
Samantha Ramage says
Yes I am the guarantor. It was settled July 2020
What does the 8% compensation mean is that paid out also?
Sara (Debt Camel) says
8% is called “statutory interest” that is added to claims like this or PPI.
Your total redress is then the amount you paid plus the statutory interest. But in the Amigo schemethere is a limited amount of money so you will only get a percentage of that total, it’s currethought that will be about 17%
Unless you think that you paid more than £12,886, this looks like a “full refund” – the most you can get.
Liam says
Divide your cash claim value by .17 and that’s the total you are due
Sara (Debt Camel) says
Multiply, not divide!
Samantha Ramage says
That is the amount I paid so that’s great thank you!
Still can’t believe out of paying all of that will only get £2000 back but better than nothing of course. I’m just glad to finally have an answer too.
Amber says
Hi all
I haven’t heard from Amigo. I do have a current loan that I stopped paying back in July 2022. I have logged on to the portal lots of times and the outcome is still pending. However, I have just checked my credit report on both transunion and credit karma and there is no entry for my loan to amigo. Is this a good sign? Or is there sometimes not even an entry for amigo on your credit report anyway?
Sara (Debt Camel) says
Earlier in the year Amigo kept messing up (removing then re-adding) some Equifax credit reporting.
But now Amigo has said it will be updating some credit records in early November before people are informed of decisions… so I think you should see this is a good sign but not yet certain!
PS Credit Karma reports on TransUnion date so there is no point in looking at both those reports. If you want a second one to look at, try MSE Credit Club (it’s free) which reports on Experian data
Amber says
Thank you Sara. I’ve just checked on this one and it is not on that credit report either!
Sara (Debt Camel) says
yes I didn’t think it would be. I was making a general comment that there is no point in you ever checking two credit reports which have the same data.
Sean mcconkey says
Good morning
This whole process has been a nightmare lol, just regarding people saying that amigo has been removed from there credit score companies, the amigo is still showing on clearscore but not showing in my total money?
This maybe be nothing but preying this means something good lol
Emma says
In ESO. Loan gone from TransUnion (shown as closed/settled), not showing on Experian but it was updated today with October missed payments for Clearscore/Equifax. Anyone else? Don’t know what to think.
Emma says
Gone from all three now on check my file! Despite Clearscore updating with missed payment this morning!
Shauna says
I emailed amigo regarding the change on my credit file but not with Equifax as its holding me back from being eligible for a mortgage. Im now confused with the response i have received and what I read online..
Thanks for getting in touch.
I’m unable to see that we’ve sent you a final response with your claim outcome yet, if this is the case then we won’t have notified the credit references agencies to remove any impact to your credit file. If your claim is upheld we will contact them but you would be able to provide your mortgage provider with the formal response letter to confirm the change due on your credit file.
If you have any confirmation from us previously to confirm your claim has been upheld and that your credit file will be amended, then you can contact Equifax directly to ask them to update this if they have received the notification from us to remove any negative impact from your credit file.
Sara (Debt Camel) says
Not helpful, is it.
Most people are saying that Equifax hasn’t been updated at the moment. I suggest you wait a few more weeks and all may be a lot clearer
Shauna says
I have just got an update its been taken off my Equifax also. So officially Amigo has been completely removed off my credit file.
Finally good news!!
Richard Swain says
Amigo removed from my TransUnion and Experian files on Thursday / Friday and removed from Equifax today!
I’m in ESO, no response yet from Amigo though.
Hope that helps.
Susan says
Was this through ClearScore. That’s the only one I’m waiting to update. I’m in ESO as well with no response yet.
Richard Swain says
ClearScore is still showing it, but Equifax directly has removed it – and my score jumped up.
I don’t know who provides ClearScore their data, but if it’s Equifax I’m assuming it’ll update soon.
Gemma says
Same here. I’ve checked all credit ref agencies, totally money, Experian etc. all are showing Amigo has been removed and my score has shot up over 250 points … yet it’s still showing on clear score 🤣
Des says
Just received an email… opening in anticipation and it was just another delay!
Hello,
We are updating you regarding your claim in Amigo’s Scheme of Arrangement.
We confirm that your claim is still being reviewed. Unfortunately, we have not yet been able to issue your outcome. Please accept our apologies for the delay in sending your outcome.
Amigo originally anticipated that the majority of customers would receive their claim outcome by the end of October 2023. Whilst around 40% of customers have had their outcome, we’re sorry that you haven’t received your outcome yet. The complexity of claims means that some are taking longer than anticipated to finalise and issue. We believe that most claimants will receive confirmation of their outcome by the end of 2023, and are working to issue outcomes quickly as possible.
The most up to date information will be shared on our Scheme website and FAQs, which can be found here https://www.amigoscheme.co.uk/. We will continue to keep this updated whilst outcomes are issued, and also to confirm details around the payments that will be issued in 2024.
Once again, thank you for your ongoing patience.
Georgi says
I’ve just got that email from Amigo.
Almost 2 years now since I make complaint.
We are updating you regarding your claim in Amigo’s Scheme of Arrangement.
We confirm that your claim is still being reviewed. Unfortunately, we have not yet been able to issue your outcome. Please accept our apologies for the delay in sending your outcome.
Amigo originally anticipated that the majority of customers would receive their claim outcome by the end of October 2023. Whilst around 40% of customers have had their outcome, we’re sorry that you haven’t received your outcome yet. The complexity of claims means that some are taking longer than anticipated to finalise and issue. We believe that most claimants will receive confirmation of their outcome by the end of 2023, and are working to issue outcomes quickly as possible.
Rebecca says
I got the same email
DM says
Hi Sara, apologies as would be on a multiple thread. Am waiting on Decision for Amigo (in ESO for £9k on 5th top up since 2011), took your advice on an earlier comment and signed up to the MSE Credit club. With regards to Amigo it is showing as nothing in the current section, nothing in arrrears (not getting my hopes up). But a closed account from 2016 (which I topped up in 2018 so would make sense on this when it was settled with the top up). Is this a good sign, as have not yet had an outcome? Also found a bamboo loan still showing in default which I settled after complaint and have an email saying they would take any negative markers off back in 2020. Additionaly have a vodaphone default going back 3yrs which has some background to (which I will put on another thread). I have emailed bamboo and asked them to confirm that negative marks will be taken off. Will obviously have to wait for my Amigo response (not going to chase as won’t get a decision any quicker) but on the Vodaphone query should this be marked as settled or does it stay as default with a balance of £0 until the six years lapses?
Sara (Debt Camel) says
Is this a good sign, as have not yet had an outcome?
Probably, but nothing is definite until you get the response to your claim
found a bamboo loan still showing in default which I settled after complaint and have an email saying they would take any negative markers off back in 2020.
Send Bamboo a complaint.
the Vodaphone query should this be marked as settled or does it stay as default with a balance of £0 until the six years lapses?
That depends on what has happened.
Sarah says
Hey Sara
Just wondering I placed my complaint in 2020 and it was rejected, could it be that being one of the more “complex” claims I may be eligible for full refund? I’ve £269 left to pay and will be finished at the end of December?
Thanks
Some customers may be entitled to a full refund of certain payments they made to the loan provided that they have repaid at least the amount they borrowed. These customers are due a full refund of payments from:
– 1st December 2021, if they made a complaint on or before that date;
– The date they made a complaint, if after 1st December 2021 and before 26th May 2022 (the Scheme Effective Date); or
– 26th May 2022 (the Scheme Effective Date) in all other cases.
If a customer does not meet these requirements, then they will receive any cash redress due at the pence in the pound figure. Details will be in the customer’s Final Response Letter, including whether they are due a full refund of any of their payments.
Sara (Debt Camel) says
Your case isn’t complex – Amigo hasn’t issued any decisions on current loans.
But yes, if the claim is upheld you should get some of the recents payments repaid in full.
When did you take the loan out? Have you got your bank statements for the 3 months before that date in case your claim is rejected nd you have To appeal?
Marie says
Does this mean any payments made before December 2021 will be refunded if you made a complaint before then?
Sara (Debt Camel) says
Not in full, no. See the article above which has a couple of examples.
Ash says
We recognise that this is an important outcome for Scheme claimants and we have already issued the update to the Credit Bureaux, which should appear on customers credit records in early November 2023.
As a result of this and the time that it takes to calculate your redress, you may notice a change in your credit file before receiving your claim outcome letter. In this situation, it is probable that your complaint has been either fully or partially upheld, and your letter will be sent shortly. Credit records will be removed if the loans are deemed to be irresponsibly lent and there have been any negative markers on the historic credit file or if the loan is still active.
In the case of adjudicated claims, credit records will have already been updated for any loans upheld as being irresponsibly lent and will be further updated once the Scheme Adjudicator’s final decision is communicated if any additional loans are deemed irresponsibly lent. This process will continue into the start of 2024
Sean says
My score has gone up 511 points since last week.
Maybe I can remortgage now and not be on svr at 9.7 percent
Claire says
Hi Sara, I have an existing loan with amigo I borrowed £10,000 in total over an 6 month period the initial loan was in January 2018 and topped up March and June of the same year. I lodged my claim back in 2020. At the time I had basically repaid all of the £10,000 so my payments since then have basically been the interest part of the loan, once I put my claim in amigo agreed to let me pay a reduced amount as the £487 monthly payment was too much! 3 years later I am still paying £150 a month but I still have a balance of £8,000. I am still awaiting a response to my claim and received the generic letter last week like many others on here to say they are still working on cases. I was wondering if I am successful will it be likely the loan will end and my repayments can cease on the remaining balance and will my outcome if successful be based on the amount I have been paying the last few years on interest even though I’ve paid thousands back since registering my claim? Thanks so much
Sara (Debt Camel) says
With two top ups so quickly, I would hope your claim is upheld. And it’s sounds as though the balance may be cleared, but it’s not safe to assume this until you get the decision.
Chanelle says
Like many – Amigo has completely been wiped from everything but ClearScore – however I’ve just had a notification on ClearScore to say upcoming changes – Amigo Loans removed! Light at the end of the tunnel
Jo says
Same of all my credit reports including ClearScore . I’m currently in an eso had 7 loans and paid them a fortune in interest even if I don’t get them up held they can whistle for the remaining 8665 quid as far as I’m concerned I’m glad I went into the eso . Here’s hoping I hear soon with a final response xx
Beca says
I’ve just received a ClearScore update and it’s that amigo is being removed from my credit score, I’ve checked credit karma and it’s gone from there too…. Is this the means to an end ?!! Don’t want to get my hopes up as been in eso for 2 years!
Sara (Debt Camel) says
It’s probably good news. But this isn’t definite.
Ronnie Abrahams says
Hi, I’m in eso and still airing for a review but I checked my credit karma and amigo has gone and I’ve just checked my ClearScore and on my upcoming tab it says amigo loan removed so I can only take this as good news maybe (Hopefully). At this point all I wanted was the loan to be removed from my file I don’t care about the refund, I can now move on with my life. :)
Mariann says
All my credit files are cleared now. My score is in the sky. I am so happy I can’t explain! No outcome and in ESO.
Mark says
I’ve been in ESO since September last year and this whole process has been horrendous. I’ve basically been stressed out and frantically checking for a decision numerous times every day for over a year.
This morning I woke to an email from Clearscore saying my Amigo loan will be removed from my credit report. I’m praying this is good news.
Sara (Debt Camel) says
It probably is. But nothing is definite until you get the decision on your claim.
Sean mcconkey says
Morning all
I have had an email from clearscore saying amigo has been removed so thats both my credit score companies saying its been removed but still no final response, hopefully this will be over soon for many people
James h says
Hi everyone
just had notification that my amigo will be removed from my clear score does that mean my claim will be upheld?? I have paid more than the original loan but still about 3k left.
Thank you
Sara (Debt Camel) says
It’s probably good news. But nothing is definite until you get the decision on your claim.
Lee Graham says
I received an Equifax alert in the early hours this morning, advising of a change to my credit file – on checking, the ‘change’ was deletion of an active credit agreement – Amigo.
Not sure if I should be counting my chickens, but is this cause for optimism? £6,750.00 borrowed, £9,600.00 (approx) repaid and in ESO for the last year or so.
Sara (Debt Camel) says
It’s probably good news but don’t count your chickens.
Lindsey says
Hi Sara, could amigo removed themselves from credit file because they have sold remaining loans to debt collection agencies?
Sara (Debt Camel) says
Well they could do anything… but I don’t think that is what is happening here.
D Pye-Mann says
I’m not in ESO, I still have an outstanding loan (my third top up in as many years). Didn’t quite pay enough to get in ESO. Current loan has been removed from Clearscore, TotallyMoney and CreditKarma in the last day. I realise this might not be permanent as I haven’t yet had a final response letter, but just posting for information.
Lee Graham says
Thanks Sara. Just to check (sorry if I’m being daft), if this is upheld, what is the 8% statutory interest a % of? Is it the capital sum?
As a specific example of my case:
Amount borrowed (3rd top up in 6 months) – £6,750.00, taken out June 2019
Amount repaid – £8,804.07 (not just as much as I thought) – 33 x £266.79
Entered ESO – June 2022
I notice they also applied interest totaling £889.00 to the balance for 4 months after I entered ESO!
Just trying to work out what I’m looking at if successful @ 17p/ pound?
Sara (Debt Camel) says
8% is 8% per annum on the refund but it stops in February 2022. You will get very little.
If you claim is upheld, interest added after the ESO started is just removed.
You cant really work out what you may get as you have no idea if the previous claims will be upheld. Also Amigo may applu a deduction for unpaid interest if the previous loans are not upheld. I haven’t seen one of these yet but it’s possible.
Catherine chilton says
They’ve written on the scheme website that they won’t be adding any unpaid interest on anybody’s claim.
We have taken the decision not to reinstate interest where a claim includes a loan that was lent responsibly followed by other irresponsible loans. We believe that this decision is in the interest of claimants at an individual and collective level.
Sara (Debt Camel) says
oh excellent! I had missed that
Neil Rimmer says
Hi All
Just logged in to the portal and surprised to see all my claims upheld, total cash value of £16442.53.
sadly looks like I will only get about £2800
Would I be correct in assuming that.
Sara (Debt Camel) says
When did you last make a payment?
Neil Rimmer says
Hi Sara
I made the final payment 16th March 2020.
Sara (Debt Camel) says
Then yes, at a 17% payout that is about right
Natalie C says
Hello,
I’ve not had a decision letter from Amigo yet, however the loan has been removed from my Credit Karma and Clear Score (I believe these are both Equifax?) and I was able to get a phone contract for the first time in years this week (delighted!!!!) however, it’s still showing on my Experian, even though I get daily updates on that one. Can anyone theories as to why that might be?
Thanks so much.
Sara (Debt Camel) says
Credit Karma is TransUnion, not Equifax,
Is this Experian’s paid report?
Natalie C says
Yes, a paid Experian report.
So it’s come off my Equifax and TransUnion (Clear Score and Karma) but still showing on my Experian. I’ve also not had a final response letter yet.
Sara (Debt Camel) says
Never pay for a credit report! You can get Experian data for free from MSE’s Credit Club.
Cj says
Just received notification from clearscore amigo will be removed does this mean anything I’m still paying in full paid original amount back so now just interest.
Sara (Debt Camel) says
It is probably good news that your claim has been upheld. Nothing is definite until you get the decision though.
how hard is it to make the monthly payments?
Cj says
Payment have been hard but kept up die to not wanting dad to pay for it.when I took loan I had loads of payday loans and stuff and horrific overdraft but thankfully eith some monies from other payouts have cleared all but this and one other
Willow says
Like many others I’ve had amigo removed from my credit report which is great!
Original loan of £2,000 was paid out in July 14. Topped up to £4,250 on the Feb 15, and again to £5,000 in Oct 15. My guarantor then paid my loan off in full. In August 2019 I received a partial refund for the third loan. I struggled to provide bank statements to get help with a refund for my second one.
My guarantor received a full refund and I became responsible for the loan again as it was reopened. After deductions I was left with £3432 to pay but interest was frozen. They said I’d never pay back more than this amount. I didn’t have to pay for a couple of years as the refund was being used as payment until the balance got to what I actually owe…I think?? Last year I had to start making payments and it was battering my credit score as I was paying a reduced amount so its such a relief to have all those missed payment marks gone! My current balance is about £2292. I assume I just keep paying amigo until it gets sold elsewhere
Sara (Debt Camel) says
So this could just be Amigo removing the loan as it has given you a refund for it. Or it could mean that Amigo has reassessed your claim and more is bing refunded. You are going to have to wait for the decision to see what happened.
what are the rest of your finances like now?
Willow says
Yes it will be interesting to see the outcome. I wasn’t really expecting/counting on a refund. Very happy with my credit score being improved though.
My finances are much better now, this was my one lingering debt after already getting refunds for old payday loans thanks to your advice and completing a debt management plan a few years ago. I was looking to increase my payment to amigo but I will hold out for the decision
Laura says
I received a notification on my clear score report today to say amigo will be removed off my credit file in 4 days. I have a current loan that I am still paying off I have around 10 months left on it what does this mean if it’s dropping of my credit report it’s still saying I haven’t received a final outcome on the scheme portal.. I’m so confused
Sara (Debt Camel) says
Amigo has said that it is updating a lot of credit records in early November and that for some people this will be before they receive the decision on their claim.
So this is probably good news that your claim will be at least partially upheld. It isn’t certain until you get the decision though.
How hard is it to make the current payments?
Laura says
It’s crippling me I pay £178pm I have 4 kids and a full time carer for my sister who lives with us (she moved in 3 months ago) times are hard I’m in 10k debt with electric and gas as repaying this over the last 4 years has impacted my ability to pay my energy supplier and I just couldn’t risk not paying this because my gaurentour is my brother who I couldn’t ever let pay I promised him it wouldn’t ever come back on him… I literally have 10 payments left and it’s gone!! Just to find away to pay 10k to energy supplier ugh
Laura says
Laura, you’re a good person who is doing best by your brother and sister. Meaningless from me I know, but soon this will all be behind you and look forward to a life without finance pariahs on your back. Remember this in order to keep your chin up. Your brother will also think you’re a legend for keeping your promise. Wish you and your sister well.
Laura says
That’s lovely thankyou ❤️ the sooner this is all over the bloody better, nothing but stress at the moment, hopefully it’s over soon for you also xx
Sara (Debt Camel) says
You could decide to go for Equitable Set Off – see https://debtcamel.co.uk/stop-paying-amigo-set-off/. Because now you know you are very likely to win your claim. But you may prefer to stagger through for the next 1 or 2 payments until you get the decision.
Are you buying or renting? If renting. social; or private?
Laura says
See I wanted to do ESO ages ago however was terrified my brother would find out I’m not making repayments… and he has no idea of my financial situation and debts and would never want him knowing !!! I private rent, I did ask for prepayment meters a while ago but because of inflation my provider had none in stock and said I would be put on a waiting list that was over a year ago now
Laura says
Also can I ask if it’s been removed of my credit file with no outcome on the scheme portal will my gaurentour of now been removed? I’m asking this because I can’t find his name anywhere on my amigo online account ? I actually don’t know if it was ever there I just happened to of looked for his name as my gaurentour but can’t find it anywhere
Sara (Debt Camel) says
your credit record being cleaned is a promising sign, but nothing is certain until you get the final decision on your claim.
Gemma says
I’ve just realised that on the first loan I had, I settled it early but Amigo refused to take the payment and insisted my guarantor made the payment.
I assume they will use this as an excuse not to award redress on that loan?
On the 2nd one that I’m in ESO for only I’ve made payments and have repaid £15k against a £10k principal with £5k o/s under ESO.
I’m just happy to have it off my credit file to be honest. Any cash back is just an added bonus.
Sara (Debt Camel) says
Very likely :(
DJ says
Does anyone have any information as to how long it will take the outcome’s to be sent after they have removed from the credit files.
I sent an email asking and they have ignored me!
Sara (Debt Camel) says
They hope to have sent out almost all of them by the end of the year.
R E S says
Hi,
Amigo has been removed from my credit file on clear score today. I have a balance of £1500 left to pay. Do I need to keep paying the balance every month until I get an outcome?
Sara (Debt Camel) says
You can apply for equitable set off if you want – see https://debtcamel.co.uk/stop-paying-amigo-set-off/. But remember that although getting your credit record cleared is probably very good news, it is absolutely certain until you get the claim decision.
Jo says
I just rang amigo and said that they have been removed from my credit file but I’ve had no outcome as yet . The girl was very helpful and said anyone that has them removed from their heir credit file before a final response it’s a good sign that some or all of the claim will be upheld and we should receive outcome’s shortly fingers crossed xx
Anonymous says
I sent a complaint over via resolver pre company collapse. They came back and basically said the loan was affordable.
Now my claims been proven in the redress that it wasn’t.
My total cash claim has been upheld at 10,138.23
To say I’m fuming is an understatement.
Will I get anywhere or anymore of my money back going through the ombudsman. Or should I just accept
Sara (Debt Camel) says
The Ombudsman will not look at any cases now.
Graham says
Escalate ur claim to the adjudicator. I have the same problem as yourself.
Tara says
Hi everyone,
I see some people are getting their loans removed from their credit reports which is great news. My only outstanding loan balance is £3,500 and I have a ESO in place. Sadly, my guarantor has since passed away during this process. My case has been complex, as I was in an IVA before and have since ended my IVA to clear my remaining debt myself of £1,000 plus the Amigo loan. I can confirm my loan has been removed from my Equifax account this week, which I am over the moon about and couldn’t care less about the redress, if any is owed. But I have not received an outcome letter regarding my claim as yet, but I’m sure it will be here soon. However, I did receive an email from the scheme of arrangement team apologizing for the delay which included the following.
Amigo originally anticipated that the majority of customers would receive their claim outcome by the end of October 2023. Whilst around 40% of customers have had their outcome, we’re sorry that you haven’t received your outcome yet. The complexity of claims means that some are taking longer than anticipated to finalise and issue. We believe that most claimants will receive confirmation of their outcome by the end of 2023 and are working to issue outcomes quickly as possible. We will continue to keep this updated whilst outcomes are issued, and also to confirm details around the payments that will be issued in 2024.
Amber says
Hi
Although the amigo entries have all been deleted on my credit report. I had an alert that amigo did a soft search on 11th November..what would this have been for?
Laura says
Has anyone who carried on making payments after 21st Dec 2021 (and due a refund for those payments) had a decision yet? I feel like they’re keeping these cases till last….
Sara (Debt Camel) says
No decisions yet on any current loans.
Alan says
My Last payments were in April 22. I haven’t had a decision but the loans have come off my credit file so fingers crossed.
L says
So this makes absolutely no sense and is worrying me now.
I had five loans from 2017 – 2020 that were all found to be unaffordable in August 2020. It took a long time to get them to correct my credit score, but even though all were unaffordable, thru removed adverse affects and closed the account.
I didn’t know they should have completely removed the loan.
I put in for the four loans before the ones above and ombudsman found in my favour but amigo never paid, so I put these into the scheme.
I’ve now had a credit alert that my LAST loan, of the nine, is coming off, but the four from 2017-2019 is still on.
This just smells of trouble. It’s seems so chaotic and disorganized, I don’t want them to try and now change their mind about the original five loans they upheld.
Any reason they would only take off one loan?
Not had a decision yet.
Thanks
Sara (Debt Camel) says
One of the reasons I am telling people that getting their credit records cleared is probably good news, not definitely good news is that I have little faith that Amigos credit record updating is accurate. Too often in the past it has been weird or just plain wrong.
I suggest you wait for the decision.
Laura says
I spoken to a lady from amigo yesterday and she confirmed that having it removed from your credit report is certainly good news she said it 100% means the complaint has either been fully or partially upheld, she said that if it had been rejected then it absolutely wouldn’t be removed from your credit report, preying that she is talking facts
Sara (Debt Camel) says
That’s why I am saying it’s probably good news. But mistakes get made and if it is only partially upheld some people may still owe a balance… so nothing is certain until you get the claim decision.
L says
Yeah. It’s just got me worried. I wasn’t so clear before.
Loans 2008-2013, amigo rejected. Went to ombudsman, upheld, amigo never paid – went into scheme.
Loans 2017-2020, amigo upheld all five, cleared the balance and all accounts were settled. But it’s the last of this five that’s come off, and the other four from 2017-2020 that were upheld and settled that are still on.
I couldn’t go through the stress of them getting it wrong again.
Sara (Debt Camel) says
Where you are now, your only choice is whether to stress about this or not… there is a process going on and you can’t do anything to speed it up.
If the 4 remaining loans on your credit record have no missed payments or other problem markers, removing them will not help your credit score at all.
L says
Thanks, Sara. I just don’t want what is settled (the last five) to mistakenly be unsettled, though I’m sure that can’t happen. My only thinking this might happen was because they took only one of those five off my report. Just seemed really odd.
Hanging tight for the first four, though not holding my breath.
Karl says
Hi Sarah if your claim is upheld does the debt get sold on or is the debt sold on if it’s not as people are saying they have had there debt sold but it’s not clear as to upheld or not ? Thanks karl
Sara (Debt Camel) says
If there is a balance remaining after the claim refund has been applied then it will be sold.
BUT Amigo may offer you a chance to first clear the debt at say 50% of its value. That is me guessing.
Susan says
This may be a daft question but I’m on ESO and my balance is £9070. The loan has been removed from my credit file. I spoke to Amigo and was advised that my claim had a positive outcome but couldn’t give me any information about redress and how many loans had a positive outcome. If for example my redress was £12,000, would the £9,070 be wiped in full and the remaining amount would be a cash redress and I would get 17p in the £1? Sorry if it’s a daft one I am just losing the plot with all this.
Sara (Debt Camel) says
you just had 1 Amigo loan? How much did you borrow and how much have you repaid so far?
when did you last make a payment to this?
Susan says
No I had around 4/5 loans. My last loan was a top up to £10,000 and I had paid more than I borrowed. I can’t remember how much. The o/s balance is around £9,070 according to ClearScore. I went into ESO around June 2021 the last payment being made May 2021.
Susan says
I have just checked and I have repaid around £13,000 to the loan.
Sara (Debt Camel) says
If the last loan is upheld, you will have 3k refunded from it plus any refunds on earlier loans, and these will all be paid at about 17%
Sara (Debt Camel) says
If the last loan is upheld and you have paid more than 10k to it, the balance will be wiped.
Any additional refunds after clearing the balance will repaid at roughly 17%
Susan says
Thank you so much with your help with this. I will be glad when I can finally put all this behind me.
Karl says
Ok thanks sarah
Kim says
Unsure what is so complex about people with current loans and/or in ESO. I had 3 loans in total. Original in 2018, then 2 top ups in 2019. I entered ESO in April 2022. I had repaid a total across all 3 loans = £6,940.29. Total physically paid out to me by Amigo across all 3 loans was = £5,115.20 (after the top ups settled the previous outstanding balance). If my claims are fully upheld (which I suspect they will be – Transunion.. experian and equifax have all been updated and the loan removed) then all they need to do is work out the difference between the total money they actually gave to me, less the amount I have repaid across all 3 loans. That then tells them that I have overpaid by £1,825.09. So…. 17% of that figure = £310.27 refund. Maybe statutory interest to take into account too …. but it’s not that difficult. If they have decided on the claim itself, which I suspect they have following the reports sent to the credit reference agencies this month for many people as per their FAQ Update, why are they over complicating it when it comes to calculating the redress?
Sara (Debt Camel) says
I entered ESO in April 2022.
Had you complained before that point?
Kim says
Hi Sara, yes. My complaint was in the scheme – had the general update that everyone else did this month … apologising for the delay in my claim response and its due to the complexity of some claims blah blah. I originally complained a couple of months before Amigo were trying to get customers to to vote for their new business scheme. My complaint was with the Ombudsman but was put on hold …. then it was included within the scheme. My scheme portal just says “you have not had a final response outcome yet”. As soon as I had the opportunity to go for ESO I asked for it, and they agreed as I’d repaid more than I borrowed. I didn’t like the idea of continuing to pay Amigo, not knowing what the outcome of their scheme arrangement would be. Had a feeling it would be dragged out and didn’t want to wait so long for a refund, even though they promised to hold funds in full paid by customers after that time – I just don’t trust a word they say. Unfortunately I had to take a hit on constant late payment markers being added since then …. but finally the loan has been removed from each credit agency record which has improved my score a lot!
Andrew says
Hi,
So Amigo has been removed from both Credit Karma and Clear Score and my credit rating jumped literally 250 points as well. Does this mean that it has very likely already been found in my favour even despite no final response letter being sent? I don’t expect somebody as responsible as Sara to judge things she can’t know, so an, “it’s more likely than not” would suffice or vice versa of course.
I’d be interested to know what Sara thinks, but also would welcome other peoples’ experience of this too. Anyone have it removed and still not have the complaint upheld?
Sara (Debt Camel) says
It is probably going to be upheld.
these credit record changes have only just happened so your last question can’t be answered for several weeks.
E says
Roughly how long after people have noticed their loans being removed from their credit files have they then waited for their claim result.
My loan and any late payment notices applied by amigo have completely vanished.
If this means what I think it does given what’s written above I am buzzing.
Sara (Debt Camel) says
These loans have only been removed from credit records in the last couple of weeks. People haven’t yet had decisions after this removal. Amigo are hoping to send out most decisions by the end of the year
Clarkey says
Hi Sarah,
I took a loan out in Aug 19 for 10k, repaying a total of £23.5k (£13.5k of interest). I submitted my complaint to Amigo in June 22 and still awaiting an outcome. I repaid my load early (£1300) in Mar 22 as I wanted rid of the high repayments. The load has been removed from my credit score over the last few days which I’ve taken as a positive sign. If my claim is upheld, would I only receive the 17p/£1 or will this differ give the payments made post complaint?
Thanks!
Sara (Debt Camel) says
It doesn’t sound as though you made any payments after you complained?
Clarkey says
Sorry Sara, I’m meant March 23 I paid up the loan.
Sara (Debt Camel) says
Then, assuming you had repaid more than you borrowed by June 22, you should get all payments made after that refunded in full if your claim is upheld
Stan says
I am still a bit confused as to what money I might be getting back.
I had 4 loans that are showing as closed and settled, as each following loan was a top up of the last, culminating in a fifth loan which is my current one.
The 4 previous loans are still on my credit file, but the fifth isn’t. The fifth loan was for £7500, beginning July 2019, with a balance of just over £2000 left (total repayable = £17,786.40). As I say, this loan and it’s balance are now gone from my credit file.
The scheme payment bit I sort of understand, but is there not also mention of refund of repayments made if your claim is upheld.
For what I calculate I’ve paid beyond the £7500, that’s a refund of nearly £8000 of payments I’ve made. That can’t be right, surely? Are those also subjected to the 17p/£ return rate?
Sara (Debt Camel) says
Assuming just the last loan is upheld:
– it sounds as though you have paid about 15500. Right?
– so that means you have paid 15500-7500 = £8000 in interest. That would be the redress calculated.
Most of this will be repaid at roughly 17%. But some of the later payments may be refunded in full. Did you complain to Amigo before the Scheme? If so, when?
But you can also appeal the decision if they don’t uphold any previous loans. Now would be a good time to get your bank statements together so your are ready to do this. You want bank statements for 3 months before and three months after the date of each loan – treating each top up as a seperate loan. You can get bank statements even from closed accounts, going back at least 6 years.
Stan says
To be honest I’ll just be happy if the saga is over. I resigned to the fact I probably wouldn’t get a huge amount of money back anyway, I just want this to end. I’d rather live my life being £300/month up every month, as opposed to £900 in my hand on one occasion.
I complained through Resolva but I think it was as the scheme had not long opened so the response gained from Amigo was just “We’ll add this information to your claim”.
On each of the loans I topped up, I only made two or three payments before then topping up. If they’re only upholding my current loan, then that’s fine, like I say, if the saga is over I’m happy.
Sara (Debt Camel) says
Ok, if you didn’t complain before the scheme started, any payments you made after 26th May 2022 (the Scheme Effective Date) should be refunded in full. The rest f the redress will be paid at roughly 17%
Marie says
Hi I made a complaint to amigo October 2020 I notice it says some customer may get some payments refunded in full from a certain date , I made my last payment of £2000 in May 2021 do u know if that qualifys to be refunded in full if upheld. All my loan and interest was paid etc
Tina says
Where
Does it say some claims will be paid in full
Sara (Debt Camel) says
See the article above.
Sara (Debt Camel) says
No it doesn’t. The dates are given in the article above.
Laira says
I made a complaint I think dec 2021 I am still making repayments and have been throughout the scheme will I fall under that category to receive all repayments made back in full if upheld ? I’m confused
Sara (Debt Camel) says
Do you know when you passed the point of having paid Amigo for this loan more than you had borrowed?
Laur says
October 2021 I repaid what I had borrowed which was 4.5k since then I have been making monthly repayments at £178pm I complained I think in dec 2021, does this mean any payments I have made since I cleared my actual loan which would of been the October 2021 I will receive back in full ?
Sara (Debt Camel) says
no, any payments you made since Dec 21 should be refunded in full
Laura says
Oooh well that’s exciting because that would be over 6k I hope this is the case that would do lovely aha
Connor says
If amigo has been removed of my credit file but I still have an active loan will they carry on taking payments thanks 😊
Sara (Debt Camel) says
Yea unless you sign up to equitable set off. See https://debtcamel.co.uk/stop-paying-amigo-set-off/. NB that can no longer hurt your credit score.
ZoeT says
Just see this,. the proposed reverse takeover into the music industry has been booted:
https://www.creditstrategy.co.uk/latest-news/latest-news/amigo-loans-reverse-takeover-deal-off-cs
Really does look like the end of the road for amigo!
Gemma says
Good morning :)
I’m the same as a lot of others where amigo has been removed from my credit file, so hoping for a positive result!
I’ve paid over my original loan amount and originally complained in April 2021, I’ve worked out that since December 2021 I’ve paid around £790 to amigo. If my claim is upheld will this amount be paid in full?
Will they include this amount in my overall redress (if I get any) or will this be provided as a separate amount? Just wanting to check so I know what is appropriate to expect from the final outcome, Thanks so much
Sara (Debt Camel) says
If my claim is upheld will this amount be paid in full?
on those number, I think it should.
Will they include this amount in my overall redress (if I get any) or will this be provided as a separate amount?
I don’t know.
Christian says
Hi Sara,
Just had a quick question about credit score. My Amigo loan was just removed from my credit file, after being on there for 3 years or so after I stopped paying. My credit score was updated today and has dropped massively. I expected it to increase as I had many missed payments removed.
Are you able to provide any information on this?
Sara (Debt Camel) says
did anything else change? what problems remain on your credit record?