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Most of these are people with loans taken out longer ago, so their contact details may be out of date too.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.
Elly says
Good morning,
Me my mum and dad all had loans with amigo , all of us complained and checking all out credit files , all 3 of us have had our loans removed from our files but no response letters , does this maybe mean we’ve won out complaints?
Sara (Debt Camel) says
It means that is very likely. Until you get the decision it’s not certain.
Sue says
Is it correct in saying anything paid over the amount owed excluding interest from dec 2020 will be paid back in full ? I paid my amount borrowed by November 2020 and didn’t do the equitable set off I continued paying as I didn’t want my credit file damages , does that mean I’ll get all my payments since then back in full ?
Sara (Debt Camel) says
When did you make a complaint to Amigo?
Sue says
March 2021
Sara (Debt Camel) says
I’m sorry the “refund in full” only applies to payments after December 2021. All your refund will be paid at a percentage, roughly 17%
Sue says
Thanks Sarah
So even thought Iv paid over £4k in payments since December 21 over my original loan I won’t get any of my payments back in full ?
Sara (Debt Camel) says
I am sorry I misread “paid my amount borrowed by November 2020” as meaning settled the loan. But you meant at that point you had repaid the amount you owed.
In this case as you complained before Dec 21, and by Dec 21 you had paid more than you borrwed, then all the payments from Dec 21 should be refunded in full if the claim is upheld.
Sue says
That’s fantastic thank you again for all your help over the years , very much appreciated
E says
4 weeks to make 7% worth of decisions..
Going to be a busy December for them, unless lo and behold they’re moving the goalposts. Again.
The other day I received my removal of liability email, I’m guessing I can more or less relax and life my life again £300/month better off.
Username says
Not really going to be that much busier,.“Majority of claims” is 51%. They’d hit that target at the current rate.
E says
Expected to have all claims out by the end of December…
Yeah.
They’re going to be busy.
Delboy says
If they only have 46 percent done that leaves them 54 percent too do in a month, realistically that will never happen between now and end off year, Considering it has taken them over a year too get too this point.
GemC says
Hey Sara
Just a question regarding people with current loans and have been issued emails to say to stop paying, if the current loans which we have now stopped paying for are upheld and we are due a refund in full of payments made from 1st December 2021, will this be paid separate from the scheme pot? And will this be paid back to us in one lump sum or over 2 payments with other claims upheld for the 17p to the pound?
Thanks
Sara (Debt Camel) says
Amigo hasn’t said when it will be paying the “in full” part of the refunds. There is no legal reason why they have to be paid with the 17% part. Or at the same time as the 17% part.
Ed says
So I have an active £7,000 loan with £5,800 left, to which I’ve paid £13,000 I also had 2 loans before hand which I topped up one for £2500 and one for £5000
I’m confused as I decided not to take eso because I didn’t want to run the risk so I’ve continued paying (foolishly) so will I only receive a portion of that money back, money I could have not paid for the last 2 years?
Just all seems a bit heart wrenching that I could be owed a substantial amount of money some of which I decided to spend paying my loan the last few years
Sara (Debt Camel) says
When did you make a complaint? About what date did you pass the “paid 7000 to the current loan” mark?
Ed says
I complained December 2021 and passed the repayment marker January 2022
Sara (Debt Camel) says
Assuming your claim is upheld, you should get back in full the money you have paid since passing that “repaid the mount borrowed point” in Jan 22.
That is also the point at which you would have been eligible for ESO under Amigos rules… so although you could have stopped paying then, at least you will get the money back that you have paid.
Of course if you have also been paying interest on credit cards, you would have been better off going for ESA and using the monthly money to clear down expensive credit card debt. But at least you will be getting back the money you paid in full.
Ed says
Thank you for clarifying to me Sarah, so I should be receiving a chunk back and able to settle the score on some others now, thank you
Steve G says
I spoke to them on the phone in the summer and the person on the phone told me they hoped to get all remaining letters out by the end of the month. Someone in the background gave out a rye laugh and said ‘ end of the month’ ? The person speaking to me briefly covered the phone to reply to them.
Seems on their own figures they are getting through 10% a month .
Chris says
Hi I’ve received my outcome which was cash value of £6592 I know at the moment I would only receive 17%of this in payout and my 8% compensation is £2327 will this be paid in full or is this at 17% aswell, I took the loan out in 2013 and paid off in 2015
Sara (Debt Camel) says
The 8% is treated just the same as the interest refund. So at 17%
Chris says
I thought it would be, my total claim out come was £8920 so I should be receiving around £1500 if it stays at 17p to the £1 and in my email they have said I’ll have to at tax of my Compensation
Sara (Debt Camel) says
Could you copy in here the but which says you have to pay tax? That doesn’t sound right.
Chris says
Please note that any interest we pay you is taxable in the tax year in which we pay it to you. For example, interest paid during the period 6th April 2023 to 5th April 2024 is taxed in the 2023/2024 tax year.
If you are a basic rate taxpayer, you should have no further tax to pay on your cash refund. If you pay income tax at rates higher than the basic rate, you may have further income tax to pay.
Sara (Debt Camel) says
1) only the statutory interest is taxable. Not the refund of interest – that is your own money that you are getting back.
2) you have a Tax free savings amount of £1000 of basic rate taxpayers and £500 for higher rate tax payers in a year.
3) If Amigo does deduct interest, they should tell you how much and you may be able to make a claim to HMRC for a refund in you do not pay income tax or if the amount of statutory interest you are paid is less than your tax free savings amount (taking into account any other savings interest you have in the tax year.) Which yours is likely to be.
4) in previous administrations and scheme, I don’t recall anyone having tax deducted.
Mitch says
Hey Sara, My original claim was rejected. I made an appeal and today have received an email stating that the appeal was rejected and the original decision was to be upheld. It says that there isn’t much point going to the financial ombudsman as its unlikely they would differ from the schemes decision. Do you think I should? as I really can’t believe their decision after all the mental damage this scenario has caused.
Or do I accept defeat and go into bankruptcy as I can’t afford to continue the payments?
Thanks.
Sara (Debt Camel) says
So your appeal to the scheme adjudicator has been rejected? There is no point in trying to go to the Financial Ombudsman as they won’t consider a claim from the scheme.
Are you making payments at the moment? How large is the balance?
What is your guarantor’s financial situation?
Laura says
Can I ask did you have your accounts removed from your credit file before you had your outcome
Mitch says
I went into ESO since February 2023. I have a total of £6,612.99 to pay and in £3,911.92 of arrears due to the ESO.
I have spoken to them on the phone just now and they have agreed for me to continue my original payments of £355 a month and extend the length of the loan. I just hope I can work e ough overtime to keep up with theese payments.
As for my Guarantors financial situation, I am unsure as our relationship has deteriorated due to this.
Sara (Debt Camel) says
The only reason not to opt for a form of insolvency is to protect your guarantor.
The debt will almost certainly be sold – the debt collector that buys it may be more prepared to you repaying a lower amount each month. You should NOT get behind with priority debts and bills an order to pay Amigo.
Can I ask what other debts you have at the moment?
Lowri Jones says
I am a guarantor. 8500 has been upheld. But a loan that was taked two months earlier was not upheld, so ive rejected that.
Will my ccj be updated to owe 2k or completely removed?
Any idea how long they take to review a dispute?
Sara (Debt Camel) says
Will my ccj be updated to owe 2k or completely removed?
I don’t know. I don’t think it is possible to amend the amount on a CCJ. Only Amigo can generate these weird situations.
Any idea how long they take to review a dispute?
There will first be an internal review. Then if that is still not upheld you can ask for this to go to the scheme adjudicator.
Are you saying the loan was unaffordable for you? Or for the borrower?
Lowri says
For both. He wasnt even able to get a debit card with his credit score due to Fraud. He had a job for the first time ever for one month only!
I on the other hand was on maternity allowance with no job to return to (school closure), so i too was unable to afford it.
I’m the only one who made repayments, i provided proof that every penny went to him and my income pre mat allowance and durning mat allowance, im not too bothered about 2 k. He will never pay it, but 2 k is beter than 10k! All i ever wanted was that ccj to be removed.
I would have liked that my 2 k repayments went towards that debt but obviously theyve put my 2 repayments towards the 8500k loan, lol.
Hopefuly the ccj removal wont take months, very jelous of those have had it removed even before a decision being sent to them.
Ive read the email around three times and it sounds as though the ccj will be removed completely. Thank god.
Laura says
Hello,
Can anyone help me understand this, my email says
Claim Outcome: Partially Upheld
Total Cash Claim Value = No Redress due
One out of three loans was upheld. It was the larger one and I topped up the previous two to get to the third.
The email then goes on and it says this
Payments made after Scheme Effective Date (1) £3,403.80
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £224.68
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £44.93
Total Refund Value (1+2+3 minus 4) £3,583.55
So my question is am I getting nothing because it says no redress due, or am I getting £3583.55 because they were payments made after the date OR am I just getting 17% of 3583.55?
Any help with this is greatly appreciated.
Sara (Debt Camel) says
ah the first of these upholds where there is a current loan and payments made after the scheme started. I haven’t seen one of these yet.
I am assuming it is the last top up that has been upheld. If it isn’t please say.
So first you can appeal the original loan and the first top up. If you have either of those upheld you will get a larger refund. It’s best to send the bank statements for the three months before each loan with your appeal.
But Amigo’s mystifying email…
What date did you take the last top up loan?
How large was it – not the cash you received but the size of the loan not including the interest Amigo added on.
How much were you paying a month?
Is there a current balance, how large?
What date did you make a complaint to Amigo?
I suggest you ignore the 8% compensation and tax deducted bits at the moment. The important things is that (1) and (2) are right.
At the moment this looks odd – it would only be right if at the Scheme effective date you had repaid exactly the amount you had borrowed… which though possible seems very improbable…
So if you could answer all my questions above it would help to work out that is happening.
Laura says
So I just called them, the lady I spoke with hasn’t seen one like this either and she’s going to call me back once she’s made sense of it.
The upheld one is the final one yes, the first was for £2500, second £3000, final top was £4500 which was taken out feb 2020.
I made my claim 1/12/21 and I finished paying the loans off sept 2023, I was paying roughly £230 a month.
The email also reads this;
Payments eligible for refund in full
As well as the information explained above, we have also identified that you are entitled to a full refund of certain loan payments which is explained further below.
(A) Payments made after the Scheme Effective Date
If appropriate, customers will be entitled to a refund of all eligible payments that they have made towards the loan since the Scheme Effective Date (26th May 2022).
For borrowers, eligible payments are any payments made in excess of the original capital borrowed.
For guarantors, eligible payments include any payments made since the Scheme Effective Date.
Sara (Debt Camel) says
Definitely consider an appeal about the earlier loans. You probably took the last top up as paying the previous loan left you short.
But looking at the numbers for the third loan…
So you would have made your first payment in March 2020 – that was in lockdown (as an irrelevant aside, this must have been one of the last loans Amigo ever gave). Did you take any payment breaks? because it looks as though it took just over 3 and a half years to repay the loan. Or did you settle it early?
Did your guarantor make any payments?
Laura says
My guarantor didn’t make any payment. I did take a holiday though, at the start of Covid as I was self employed.
Amigo called me back and explained that I wouldn’t get any redress (which I don’t understand as the loan is fully paid, unless that only count if you had paid over the loan amount at the time of complaint) however they said the amount to be paid to me is in full and not subject to the 17p. Its because it’s the money I had continued to pay so is a refund not compensation.
Sara (Debt Camel) says
ok the covid holiday makes the numbers look more plausible.
So it sounds as though by the Scheme Effective Date (26 May 2022) you had not paid 4500 to the last loan because of covid payment breaks.
In this case, you crossed over the point where you started paying interest after the Scheme effective date. And so all the interest you paid will be refunded in full.
Amigo is saying that these add up to £3,403.80 , which you will get in full. You could ask Amigo when these payments will be made? because they are likely to be paid seperately from the 17% refunds.
If you can add up the total amount paid to Amigo after you took the last loan (from your bank statements?) this Amigo number will be right IF you have paid Amigo 4500 + 3403 = 7903.
If you have paid more than that, then this number is NOT right.
I have no reason to think the 8% calculation is wrong.
The tax deducted, you can probably reclaim from HMRC – see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/. This is best left until after the end of the tax year – so April next year.
Laura says
Thank you for this, I belief it is correct and understand it now. I will accept this one and dispute the other two. Thank you bff or your help.
Pam says
Similar to Laura above, quite confusing.
It says the cash value 0, no redress due then underneath it says total refund value of £2600.
Is the £2600 likely to be paid in full?
Sara (Debt Camel) says
Does your email have line something like:
Payments made after Scheme Effective Date (1) £x
Payments made before Scheme Effective Date (2) £x
OR had your guarantor made any payments?
Pam says
Yes is says:-
Payments made after scheme effective date £2440.28
Payments made before scheme effective date £0
8% compensation on payments made after scheme effective date £191.82
8% compensation withholding tax £38.36
Total value refund (1+2+3 minus 4) £2593.74
Guarantor only made 2 payments back in 2021 I think.
Sara (Debt Camel) says
So your loan (or your last loan if that was the only one upheld)
Amigo are saying that by the start of the scheme in May 22, you had not paid more to the loan than the amount you borrowed. Is that right?
Did your guarantor also make a claim to the scheme?
Laura says
This is how mine reads to, I called amigo for clarification. They said that would be paid in full and is NOT subject to the 17p thing.
Syed says
So people with current loans are now recieving their final outcomes? I am currently still waiting for mine
Sara (Debt Camel) says
Like thousands of other people. I haven’t yet seen a claim for a current loan that has been upheld. And only a couple of rejections. Most decisions have to been issued yet.
Laura says
Hey i called the scheme hotline today and the lady told me they have now started looking at live loans.. the people who have received a email asking to make no future payments are likely going to receive there response very soon, she said those people that received them emails are having there redress calculated and that’s why they have received the emails.
Arth says
Hi im hoping you can help me out a little if possible please i had 3 separate loans with amigo 5000 then 5000 then topped it up however the intrest was crippling and i had to borrow from someone else to pay off in full in 2018 i did make a claim to the scheme as soon as it launched would we be due something back at all many thanks
Sara (Debt Camel) says
With 3 loans I would hope you will get something back.
Arth says
Thankyou for your help ill update when i receive a response
Stacey says
Hello ive recieved my outcome but confused what I would be getting back only one of my loans has been accepted they have all been paid off it says
Interest refund will I bee recieving a full refund or just the 17% then it has another figure for 8% compensation will I recieve the full amount or again only a percentage then their is another figure for cash value
Sara (Debt Camel) says
Two things.
1) you can appeal the not upheld loans. Winning these will increase the amount you are paid. If you can Include your bank statements from the 3 months before each loan you appeal this is the best evidence they were unaffordable. Some appeals have been won.
2) can you copy in the details of the numbers. For example, do you have any “Payments made after Scheme Effective Date” or “Payments made before Scheme Effective Date”? When did you make a complaint? When was the upheld loan repaid?
Christine says
Hi Sara what does this mean total borrowed refund (1) £4,653.24
Current balance £5,137.46 (2)
New loan balance (2 minus 1) £485.23
They have defended first two loans and upheld the last three loans, i have not excepted the fist two that they have said that were affordable.
Sara (Debt Camel) says
ah the first – “current loan reduced but not cleared” decision I have seen.
a) Quite right to appeal the first two loans / you should consider appealing the first two loans. If you have either of them upheld your balance will probably be cleared. It is best if you can send bank statements for the three months before each loan as evidence. You can get bank statements going back 6 years even from closed accounts and may be able to go back further if you haven’t changed banks.
b) The total borrowed refund is (I think) the amount of interest you have paid on any completed loan that has been upheld PLUS the amount of interest added to any open loan.
They are saying your current loan balance is £5137 – does that sound right?
So they are reducing your current balance by the refund – does that sound right?
c) this leaves you still owing a smaller balance of £485. They should allow you to pay this off at a lower affordable rate. If you are in a debt management plan you can simply include the balance in that. Don’t stretch to far to clear this fast – no interest will be being added so its more important to put any spare money to clearing credit card debt or paying important bills.
d) because they have upheld the current loan, they should remove your guarantor from the loan – have they mentioned that? Has the loan been removed from your credit record?
Christine says
Hi Sara
Yes I stopped paying it back in summer 2021 as i believe I payed a lot more than what I should of, it has been removed from my credit record and the guarantor was removed also, they have bank statements also from when i first put my complaint in. Thing is when i put the claim in the first time they didn’t uphold the first loan and upheld the other four now they are saying the first two were affordable and I’ve stated I have an email that the stated the second one wasn’t affordable so I won’t be paying anything more towards them at all.
G says
May I ask if you had any of these removed from your credit file ?
Christine says
Yea I’ve had all removed
G says
Yeah strange after speaking to customer service they seem to think if removed will be upheld or partially upheld. I suppose yours was partially. But them
Changing their minds on one of your loans is very strange.
Lowri Jones says
Random question but How much did your credit score ho up after it was removed?
Cal says
Can you help totally confused never missed a payment asked for help one time as one month was struggling and asked if could pay half and add other half to following month and instead harassed my guarantor so repaid in full and my guarantor and I have never had any contact after a lifetime friendship. As stated never missed one payment but at a complete loss now
Summary Agreement Claim Values
This is not the amount you will receive.
Interest waived £22,581.67
Fee refund £0.00
Reinstated interest £0.00
8% compensation £4,321.84
Claim value £26,903.53
Cash claim value £19,269.96
Total cash claim value £23,591.80
Total Agreement Set Off Refunds
Refund value £3,162.00
8% compensation £299.47
8% compensation tax £59.89
You have an outstanding refund of £3,401.58
Sara (Debt Camel) says
I think you will be paid the refund of £3,401 in full and you will receive a percentage, probably 17% of the total cash claim value of 23,591 – so about £4000.
These are large numbers – I think it would be good to check this with Amigo by phoning customer services.
Cal says
Thank you for the advice
L says
Summary Agreement Claim Values
This is not the amount you will receive
Interest waived Fee refund Reinstated interest 8% compensation Claim value
£11,685.62 £0.00 £0.00 £1,610.45 £13,296.07
Cash claim value Total cash claim value
£7,242.02 £8,852.47
Total Agreement Set Off Refunds
Refund value 8% compensation 8% compensation tax
£4,443.60 £266.36 £53.27
You have an outstanding refund of
£4,656.69
Does this mean I get 17% of 8852.47 and a full refund of 4656.69. And do you get 17p to the £ on your 8% compensation?
Sara (Debt Camel) says
Does this mean I get 17% of 8852.47
yes
and a full refund of 4656.69
yes
And do you get 17p to the £ on your 8% compensation?
yes on the cash claim part. The part on the full refund is paid in full.
Gabor says
Hi Sara!
I am a guarantor and made complaint that the borrower wasn’t affordable for the loan. Loan was taken in May 2019, borrower reported bankrupty in December 2019, I received email from Amigo in January 2020 that the borrower was defaulted and I have to pay back everything, made complaint on February 2020. On Creditkarma, as of yesterday, the borrower’s creditfile still shows amigoloan. There is nothing,(and was never) on my creditfile. As a guarantor I have paid till July 2022 and I stopped to pay. I haven’t received yet any outcome letter.
If the borrower reported bankruptcy, why his creditfile still shows amigoloan on it?
If amigo processed about 45% of the claim since august, how do the process every claim in the next less than 4 weeks?
Sara (Debt Camel) says
In bankruptcy a debt should be marked as defaulted on or before the date of the bankruptcy. And should have been marked at satisfied or partially satisfied when he was discharged from bankruptcy a year later. So the Amigo loan should be on there but defaulted with a balance of zero owing.
If it is still showing a balance, well Amigo was always useless at updating credit records properly…
Has the borrower also made a claim to the scheme? If your claim is rejected, you need to appeal this and it will really help if you can supply the borrower’s bank statements. He can get them going back to 2019 even from a closed bank account but this takes time so he should ask now. Just in case they are needed.
Gabor says
The borrower’s credit file shows the amount which is still outstanding, it is around £11,000. The borrower hasn’t made complaint, he was not interested anymore after bankrupted. I have the bankstatements 5 months before the loan was taken (the bankstatement clearly shows that he was gambling until get down to minus £800, was taking loan and go down again, I think 4 smaller loan still was in progress by the time the amigo loan was taken), but only 2 weeks after the loan was taken. I sent the bankstatements to the FOS when I made a complaint in 2020.
IainHL says
I have received my outcome today. At last! My claim has been upheld, which is what I was hoping/expecting, since it was granted in the period that the FCA investigated.
I initially made a few payments, then stopped, and haven’t paid anything since 2019. So all the interest that had been added is refunded, and the new balance of the loan is the amount I borrowed less the total of the repayments I made. My guarantor has been released.
They now want me to contact Customer Support to reach an arrangement to repay the outstanding balance. I don’t intend to do that any time soon, they have kept me waiting 2½ years since I initially complained. I’ll let them sell me on to some debt purchaser as part of their winding down.
Sara (Debt Camel) says
what is your remaining balance?
IainHL says
In the region of £6,500.
Sara (Debt Camel) says
ok, well this is now just any other debt.
Amigo may make you an offer to settle – so far they have offered some people 50% off. For you, where there is no longer a guarantor, that isn’t a great offer – you may be able to get them to accept 75% off.
What is the rest of your financial situation like? If you have a lot of other debt, you can now dump this Amigo loan into a debt management plan or go for bankruptcy or a DRO. reply here if you want me to to talk through your options, or talk to National Debtline on 0808 808 4000.
IainHL says
Thanks for your comments Sara. I must admit I hadn’t thought about offering a partial settlement directly to Amigo. I may get a lump sum payment sometime in the new year. If it materialises I will see how low I can get Amigo to go!
Other finances are shaky but slowly improving. Mortgage payment more than doubling over the past 2 years really hasn’t helped. In terms of other debt there are some historic accounts on a slow burn self managed DMP that I will just let run.
Stan says
And there it is. The customary moving of the goal posts.
Hope everyone waiting for their result doesn’t mind carrying on waiting until THE END OF JANUARY 2024.
This is neverending.
Del boy Elder says
I hope you got good news but I’d like too ask if you are being made wait until then too recieve your payment, if you have agreed off course.?.
Ian says
Hi Sara,
I would like to first of all thank you for all your help over the years. You should have donation box on your website for us that would like to share our appreciation.🙂
I’ve just received my upheld claim outcome. 🥳
Total claim value = interest refund.
Current balance owed minus interest refund = moneys still owed to amigo (£52). No %8 compensation.
Accepting the offer and ending ties with amigo.
Thank you Sara. A good day to you.🙏🏾
Sara (Debt Camel) says
very pleased for you – a great end to the year.
If you would like to make any donation – please give it to your local Citizens Advice. Without their training I would never have become a debt adviser. Or make a a donation to your local food bank, where it will be much needed this winter.
Ian says
Thank you. I will definitely pay it forward to the ones you mention. 🙏🏾
Nathan says
Hello guys,
Just a quick question…..having had a read, it seems like not many customers who had managed to pay off their loan have had decisions….is that what you have experienced….?
I had 1 loan of 3000 which was then topped up to 5000 over a 4 year span…..however the loan because unaffordable and I had to get an IVA (the iva was unable to write off the amigo debt, so i still had to pay). but I still managed to pay the loan off in November of 2021.
I just wanted to ask what are the chances that I will get anything back….? and also will it just be at 17% because I managed to pay the loan back….? or will I get some paid in full….?
Thanks for your help…
Sara (Debt Camel) says
Most of the decisions so far relate to loans that have been settled. Decisions about current loans have only just started to come through.
With a top up loan, I would hope at least the second loan would be determined to be unaffordable. But i cannot guess at the probability.
You didn’t make any payments After 1 December 2021, so any refund will all be paid at about 17%, not in full.
Nathan says
Thanks Sara…
No worries, I will wait for my decision and see….
Thanks again….you have been most helpful.
Sharon says
2 settled loans and am still waiting for an outcome response
Amanda says
Hi
I today have received my outcome as upheld alrhough i did stop payments once i knew what was going on, also removed from my credit file. I dont understand their calculations so will not be accepting till i know its in my best friend nterest. There was still an active loan in place just 1 never any top ups, £5000 was advanced. Do these figures look correct?
Summary Agreement Claim Values
Interest waived £3,135.73
8% compensation £0.00
Claim value £3,135.73
Cash claim value £0.00
Total cash claim value £0.00
Your party type Borrower
Outcome Upheld
Agreement claim values
Interest waived £3,135.73
8% compensation £0.00
Claim value £3,135.73
Interest Refund £3,135.73
Loan Amount £5,000.00
Loan Term 36
Date Loan Approved 06/12/2018
Total Borrower Refund £3,135.73
Total Borrower Refund (1) £3,135.73
Current Balance (2) £5,760.18
New Loan Balance (2 minus 1) £2,624.45
Many thanks
Sara (Debt Camel) says
So you had 1 loan, no top ups, for 5000. And the current balance is 5760?
Do you think in total you have paid about £2175 to this loan?
Amanda says
Yes just the 1, so i dont understand the £5700 balance. Also should they not have applied 8%. I cant remember what ive paid i did call but they just keep saying the figures they have sent are correct. Im totally confused and dont want to accept till i know fir sure i dont want to be paying them anything if im honest.
Sara (Debt Camel) says
Can you go back through your bank statements and add up the payments? Until you know this it’s hard to dispute what Amigo are saying.
There wont be any 8% added unless your balance is cleared so they owe you money.
Amanda says
Hi
Ive just added payments up and they total £2398,
Sara (Debt Camel) says
ok, if you borrowed 5000 and have paid so far 2398, then your balance should be reduced to 5000 – 2398 = 2602
Amigo says £2624. So that is about £22 too much. Its up to you if you want to dispute this.
So you can ask them to look again at the numbers, say you have added up your payments to £2398 so you think the balance should be 2602.
jordan says
Hi Sara ive spoken to you before, i made a claim on the 14th April 2022 when i spoken about my situation, i had multiple top up loans and was paying £296 a month from 2019, overall i think i lent 7.5k and had to pay a lot more, on the 22nd May amigo took £2823 off the balance for “Forbearance interest unwind” im still paying my loan now and havent received a update on my claim, i pay £90 a week now to try get rid of the arrears on my account to try not let my guarantor have to pay, amigo has been taken off my credit file too, so what you reckon my chances are and your thoughts on my situation?
Sara (Debt Camel) says
“Forbearance interest unwind” that’s a new one on me.
With multiple top up loans it is very likely the last loan will be upheld. Then you guarantor will be removed and so will the arrears even if there is a balance left to pay.
monkeytitties says
Hi Sara
I’m a guarantor for someone who has today had their claim upheld. They were refunded about 87% of their outstanding balance and are left with about £900 to pay. Are Amigo likely to actually demand this (I know the email says they will), given they’ve admitted that the loan and top up should not have been sold in the first place? That seems rather odd that they wouldn’t simply cancel the entire outstanding debt.
I also haven’t heard anything about my own claim as guarantor, despite the email to the borrower saying my “liability” has been removed. Which I am not shocked by given they couldn’t find their arses with both their hands tied behind their backs.
Sara (Debt Camel) says
that seems rather odd that they wouldn’t simply cancel the entire outstanding debt
It is standard in affordability complaints that the borrower should have to repay the amount they borrowed, but no interest.
For the borrower, this is now just any other defaulted debt where no interest can be added. They can put it in a debt management plan , or if the rest of their finances are very difficult opt for bankruptcy or a debt relief order.
Amigo is likely to sell the balance to a debt collector. First they may make the borrower an offer to settle it. So far the offers I have sen have been have been 50% off – as there is no longer a guarantor the borrower may be able to settle for less than that. Or settle with the debt collector Amigo is likely to sell the remaining balance to – who are normally much nicer than Amigo to deal with.
You should have been removed as guarantor.
Unless you made any payments, your own claim is now largely irrelevant.
Monkeytitties says
I actually did make some payments, and I claimed before the borrower, but I imagine the excuse would be that it’s more complex. Or something, who even knows. Or maybe I’ll just hear tomorrow…
Sara (Debt Camel) says
You should then be refunded the payments you made. But will be repaid about 17% of them (unless you made some payments after you had Complained?)
Doesn’t sound complex at all. Amigo have only sent out 46% of responses. This “it’s complex” is pathetic.
Donna says
Hi. I finished my final payment in march 22. My guarantor never had to make a single payment but I struggled to pay it all off myself. I have still not received a final outcome. When do you think I’m likely to hear. Do you think because I paid my loan off myself that my claim will not be upheld?
Sara (Debt Camel) says
when did you make a complaint?
Mark says
I’ve still not had any response from them either, but it does say on there site that 46% of claims have had the final response letters,
And it also says it could go into January before they contact everyone.
So just a waiting game…
Daryl says
Hi,
Can you help with this please
Interest refund £9600
Total borrower refund £9600
Cash claim value £5460
8% compensation £578
Total Cash claim value £6038
I don’t understand what i will actually be getting 😕
Sara (Debt Camel) says
did your guarantor make any payments?
were there any lines in your decision about “set off refunds”?
Daryl says
Hi my guarantor made 2 payments and have been refunded I basically paid all my loans off in January 2022 and then I seen the scheme to claim so I did and then that was the information from my final response letter but there’s so many numbers I can’t work out what they are actually paying me ?
Sara (Debt Camel) says
So the reason the total cash claim value (6k) is a lot less than the interest refund (9.6k) is almost certainly because of the payments your guarantor made. Unless your guarantor has made a claim to the scheme, no one is going to get the refund on those payments…
If there were no lines in you decision about “set off refunds” then you will be getting a percentage of 6073. Probably about 17% which is about £1000.
AmigoAmigoYeeHa says
So I went to local MP about the delays.
Initial response was he contacted FCA who provided their guidelines and stated they couldn’t act as they are in a scheme of arrangement.
I replied back to MP stating this is not good enough as they keep moving goal posts.
Then HM Treasury replied stating, raise a complaint to Amigo, if that doesn’t work raise a complaint to FCA….
They are so clearly out of touch with reality and there is no protection or assistance for anyone that’s not of wealth or a share holder.
FCA will not get involved, as they know they have no powers now they are in this scheme – can’t fine or penalize as they have no money.
Amigo won’t do anything if you sent a complaint as basically they don’t need to and can not be forced by any governing body like FCA to respond or act in complaint – as again they know they can’t be fined.
It goes to show that the whole lending market, what happens when a company is going into admin and the credit reporting process needs a drastic overhaul. (The latter promised before COVID)
Liam says
Hi Sara.
So I haven’t heard anything. Had many loans over a 5 year period. Still 6k to pay which they won’t be getting..
My guarantor made quite a few payment as I was skint and jobless and going through court hearings for custody of my child.
I have since paid back every penny that my guarantor paid to amigo.
Surely the fact I have paid my guarantor every penny he paid towards my loans amigo have to take this into account
Sara (Debt Camel) says
I am afraid unless your guarantor has also made a claim, there will be no refund paid for the amounts your guarantor paid.
FB says
Good Morning.
I’ve finally received my confirmation of redress etc.
I have a redress at the current proposed rate of 17p to the £ and I’ve also been offered a full refund of payments made after May 21. However, I submitted a complaint in October 2020 that was rejected. I assume they’ve missed this in their total cash refund estimate?
Do I refuse the offer and send through the complaint details?
Many thanks
Sara (Debt Camel) says
A full refund of payments made after May 21? Are you sure that is the date?
FB says
Apologies. I should have written May 22. I’ve attached the letter details also.
(A)Payments made after the Scheme Effective Date
If appropriate, customers will be entitled to a refund of all eligible payments that they have made towards the loan since the Scheme Effective Date (26th May 2022).
For borrowers, eligible payments are any payments made in excess of the original capital borrowed.
For guarantors, eligible payments include any payments made since the Scheme Effective Date.
(B) Payments made before the Scheme Effective Date
If a customer registered their complaint before the Scheme Effective Date (26th May 2022), they could be entitled to a full refund of certain payments they have made. Depending upon when they registered the complaint, the refund will consist of payments that they have made towards the loan (over the original loan amount) from the earlier of either:
The date that the complaint was registered; or
December 1st 2021.
Sara (Debt Camel) says
ok , so no payments before Dec 21 will be repaid in full (which is why I queried your typo of May 21)
After Dec 21 a payment will be repaid in full IF you have complained before AND IF at that point ypu have already repaid more than you borrowed.
Do you know at what date you had repaid Amigo as much as you had borrowed?
Tam says
Hi Sara,
I am a guarantor for my son who took out a loan of £4000 on 31/10/2018 for 36 months. Unaware of his financial situation I agreed to be guarantor assuming Amigo would do the proper due diligence. Unfortunately from the get go, I had to make payments and get back what I could from my son. The initial payments were £195.16 but when he was seriously ill end 2020, beginning 2021 I spoke to Amigo and they reduced the payments to £79.50 from 01/01/2021. My son has had Amigo removed from his credit report though neither of us have had an outcome letter yet.
I claimed on 13/10/2022 and my son soon after and we went into the ESO on 13/04/2023. By my reckoning the £4000 was paid back with the payment on 01/12/2021 and further payments of £79.50 paid up until 01/04/2023. There is currently £1677.20 in arrears on the account.
Assuming the claims are upheld could you advise what I might get back please.
Many thanks.
Sara (Debt Camel) says
As a gurantor, if the loan was unaffordable you should not have had to make any payments at all.
Assuming your claim or your son’s claim is upheld – and the loan being removed from his credit report is a good sign – then you should be repaid in full any payments you made after 13/10/22. Any payments before that date you are likely to have refunded at a percentage, expected to be 17%.
For your son, the arrears will be cleared and he will probably be left owing a balance. That will no longer be a guarantor loan and if he has other debts as well, putting them all into a a DMP may work if he is back at work. If he is unable to work then a form of insolvency such as a debt relief order or bankruptcy may be better.
Tam says
Many thanks Sara. Coincidentally I have received my outcome this evening though haven’t had an email.
Summary Agreement Claim Values
Interest waived £0.00
Fee refund £0.00
Reinstated interest £0.00
8% compensation £787.87
Claim value £4,474.06
Cash claim value £4,474.06
Total cash claim value £5,261.93
Total Agreement Set Off Refunds
Refund value £874.50
8% compensation £74.08
8% compensation tax £14.81
You have an outstanding refund of £933.77
I assume the £5261.93 will be paid @ 0.17 in the pound, assuming that’s what it is and the £933.77 paid in full. This looks like the numbers I worked out so feel I should accept this outcome.
Thank you.
Sara (Debt Camel) says
Interesting, I haven’t seen the way these numbers are set out for a guarantor refund.
I assume the £5261.93 will be paid @ 0.17 in the pound, assuming that’s what it is and the £933.77 paid in full
yes that is what it looks like.
Tam says
Thank you.
I also did have an email but it had gone into my junk email so do check there everyone too 😀
LSC says
Hi Sara
I complained in august 2020 way before the Scheme of Arrangement was proposed. Back then they were bound by an 8 week deadline for settlement but this never happened. My complaint went to the FOS but by the time this was picked up, they had proposed the Scheme etc. So still waiting for a final decision. My accounts start 2011, I stopped paying July 2021 (I workout that I had paid back what I had borrowed by this point plus much more), at that time my monthly payment was £181 per month.
They have bank statements, payslips and credit file which show I was in financial hardship (single parent, working full time and struggling with mental health).
I understand the 17% redress but at what point should payments be returned in full?
Sara (Debt Camel) says
No payments before Dec 2021 are being repaid in full – so none of yours will be.
Liam says
Why does that not suprise me lol thanks amigo
Matt says
Hi Sara,
I’ve received my response letter today that states the below:
Claim Outcome: Upheld Total Cash Claim Value = £1521.36
So I’m guessing I will be paid as it is 17p to every £1 of the value above?
Additionally in the email it also says “ Payments eligible for refund in full
As well as the information explained above, we have also identified that you are entitled to a full refund of certain loan payments which is explained further below.”
With the below information
Refund Type Refund Amount
Payments made after Scheme Effective Date (1) £2,737.60
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £186.71
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £37.34
Total Refund Value (1+2+3 minus 4) £2,886
Does that also mean I should receive a full refund of £2886?
Thanks
Sara (Debt Camel) says
Claim Outcome: Upheld Total Cash Claim Value = £1521.36
So I’m guessing I will be paid as it is 17p to every £1 of the value above?
yes.
Does that also mean I should receive a full refund of £2886?
yes.
Kirsty says
Hi Sara
Finally had my decision – upheld. I have received the following breakdown – I’m confused as the borrower refund is higher than the cash value figure? My guarantor never made any payments and I cleared the loans in full myself in Jan 22.
Interest Refund £3,424.47
Total Borrower Refund £3,424.47
Cash Claim Value £2,317.55
8% Compensation £209.52
Total Cash Claim Value £2,527.07
Refund Type Refund Amount
Payments made after Scheme Effective Date (1) £0.00
Payments made before Scheme Effective Date (2) £1,106.92
8% Compensation on payments made after Scheme Effective Date (3) £0.00
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £0.00
Total Refund Value (1+2+3 minus 4) £1,106.92
Does this mean I will get a refund as well as the cash claim at 17% (or whatever it ends up being)?
Thanks
Sara (Debt Camel) says
I’m confused as the borrower refund is higher than the cash value figure?
That is because about £1106 of the Borrower refund is being paid in full – so it has been removed to give the lower number which will be paid at 17%
Does that make sense?
Kirsty says
It does – thank you so much. I was not expecting to be eligible for anything in full, so a nice surprise :)
Kirsty says
Do you think Amigo will pay the refunds due in full before they settle the dividend payments? Seems only fair they should pay those straight away as they are confirmed amounts?
Sara (Debt Camel) says
No idea. there is no legal reason why they should have to make the different sorts of payment at the same time.
Why not ask Amigo?
Marie says
If you made a complaint before the scheme was announced do you get payments you made in full or from a certain date . My complaint is from 2020
Sara (Debt Camel) says
It depend when you made the complaint AND at what point you had repaid more than you borrowed. Do you know that second date?
Marie says
So I made a complaint in 2020, they didn’t send me a final response within the 8 weeks . Once I found out the went into scheme I paid everything off with a loan just to get rid of it and that was may1st 2021 all interest was already paid plus I had 3 top up way before that too
Sara (Debt Camel) says
so you didn’t make any payments after Dec 2021 – none of the payments will be refunded in full – they will all be refunded at a percentage, probably about 17%
Tee says
Interest waived £4,114.20
8% compensation £160.64
Claim value £4,274.85
Agreement set off refunds
Refund of payments made £1,778.55
8% compensation £124.23
8% compensation tax £24.84
Claim value £1,877.94
Does this seem right
For a 3k loan
All paid in full?
T I A
Sara (Debt Camel) says
those are the numbers for one loan. Are their total numbers as well?
Tee says
Agreement 40015014
Date of payout 19/01/2018
Amount borrowed £3,000.00
Other party My m8
Your party type Borrower
Outcome Upheld
Agreement claim values
Interest waived £4,114.20
Fee refund £0.00
Reinstated interest £0.00
8% compensation £160.64
Claim value £4,274.85
Agreement set off refunds
Refund of payments made £1,778.55
8% compensation £124.23
8% compensation tax £24.84
Claim value £1,877.94
That’s everything they sent 👍
T I A
Sara (Debt Camel) says
did your guarantor make any payments?
Tee says
No none I paid it all back 👍
Sara (Debt Camel) says
I suggest you go back to Amigo and ask them to confirm what the total cash claim value is that you will be getting repaid at a pence in the pound amount.
Laura says
Hi Sara,
Please see my upheld out come below. Do you know if the £903 is a full refund? And the £3,793.17 is what I will be refunded at 17p in the pound?
Summary Agreement Claim Values
This is not the amount you will receive.
Interest waived £4,143.37
8% compensation £523.89
Claim value £4,667.27
Cash claim value £3,269.28
Total cash claim value £3,793.17
Total Agreement Set Off Refunds
Refund value £874.09
8% compensation £36.13
8% compensation tax £7.22
You have an outstanding refund of £903.00
Thanks Laura
Sara (Debt Camel) says
Do you know if the £903 is a full refund?
yes
And the £3,793.17 is what I will be refunded at 17p in the pound?
yes
Laura says
Thanks so much Sara :)
Tee says
Hi Sara
Summary Agreement Claim Values
This is not the amount you will receive.
Interest waived £4,114.20
Fee refund £0.00
Reinstated interest £0.00
8% compensation £160.64
Claim value £4,274.85
Cash claim value £2,335.65
Total cash claim value £2,496.29
Total Agreement Set Off Refunds
Refund value £1,778.55
8% compensation £124.23
8% compensation tax £24.84
You have an outstanding refund of £1,877.94…
I don’t understand could you help me please?
total cash 2.496.29
Reduction to 1.877.94
T I A
T I A
Sara (Debt Camel) says
ok that makes more sense. Ignore the 8% stuff
Interest waived £4,114 – that is the total amount of your interest paid that will be refunded. Some of it will be paid at 17%, some in full
Your later payments will be repaid IN FULL – £1,887
And the earlier payments will be refunded at some pecentage, probably about 17% – £2,496 (the total cash claim value), which so about £420.
Your
Tee says
Thank you ever so much for that Sara
Now it makes sense 👍👍👍
Hope you have a lovely Christmas n new year
Sarah says
So confused my total cash claim value is 3490.33 is that the full amount I will get or will it only be a percentage of that
Sara (Debt Camel) says
that will be paid at a percentage, probably about 17%
Frazer says
Summary Agreement Claim Values
This is not the amount you will receive.
Interest waived £15,651.62
Fee refund £0.00
Reinstated interest £0.00
8% compensation £3,708.23
Claim value £19,359.85
Cash claim value £15,651.62
Total cash claim value £19,359.85
Will I get 17p in the £ for the for £15,651.62 and the full amount of the 8% compensation? Or would I get 17p in the £ for the full amount of £19,359.85?
Many thanks for your support!
Sara (Debt Camel) says
would I get 17p in the £ for the full amount of £19,359.85?
yes. There is no separate pot to pay out the 8% compensation in full – they are paid out at the same percentage as the interest being refunded.
Sarah says
Hi Sara
I have just received my claim outcome
It has been upheld
Total borrowed £5,250.00 (no top ups)
Cash Claim Value £2,733.14
8% Compensation £122.89
Total Cash Claim Value £2,856.03
So I’m assuming I get the 17p for every £1 for the amount of £2733.14?
Payments made after Scheme Effective Date (1) £2,460.42
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £206.60
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £41.32
Total Refund Value (1+2+3 minus 4) £2,625.70
And does the above mean I also get a refund in full of £2625.70?
Thanks
Sara (Debt Camel) says
So I’m assuming I get the 17p for every £1 for the amount of £2733.14?
yes
And does the above mean I also get a refund in full of £2625.70?
yes
Ant G says
Hi all. This is just an announcement to advise you all to check the portal regularly. I have not received an e-mail from Amigo, but I checked the portal yesterday and I had an update (still no e-mail from Amigo) – I am pleased to say that all my 4 claims have been upheld, and I am due a nice refund. It should have been a lot more if it went through originally, but anything is better than nothing at this stage.
I got into the habit of checking the portal once a week, as I recall seeing someone on here post a while ago that they had received no e-mail and just happened to go into the portal to see that all their claims had been defended, but they could not appeal them as they were now outside the 30 day window.
I do wonder how many people something like this has happened to, and I also wonder what would have happened to my claims if I had not logged into the portal in the absence of an e-mail.
PAINTERBEN says
I finally received my outcome this afternoon at long last! There is hope for us all… I was fed up of checking my emails and the scheme page! From the feed today it looks like a few people have also had an update.
My claim was upheld, with two payments due – one pre complaint (@0.17p to the £1) and the other for post complaint payments (in full).
I called Amigo and was told there would be two separate payments, does anyone know what this means? Will I get my ‘in full’ payment before the 0.17% payment? Very confusing!!
Sara (Debt Camel) says
Amigo haven’t said when they will pay the “in full” amounts.
L says
I made a complaint on the 21st of Jan 2021 abd I had made payments for more than I has borrowed from the 21st of January 2021 to the 22nd of Feb 2023 I made payments of £7026 and my loan was paid in full they are saying I only made £4236 of payments but they have bamboozled me with jargon I don’t really understand . Will getting them to look into this again delay payment of my settlement further ?
Sara (Debt Camel) says
did your guarantor make any payments?
Will getting them to look into this again delay payment of my settlement further ?
No one is getting paid for months
Ben says
Summary Agreement Claim Values
This is not the amount you will receive.
Interest waived £8,160.81
8% compensation £455.56
Claim value £8,616.37
Cash claim value £4,247.79
Total cash claim value £4,703.35
Total Agreement Set Off Refunds
Refund value £3,913.02
8% compensation £228.08
8% compensation tax £45.61
You have an outstanding refund of £4,095.49
Are you able to let me know know what I’m expecting to get refunded. Is any of it in full? And what at 17%. Bit lost by it all. Thank you
Sara (Debt Camel) says
You have an outstanding refund of £4,095.49
this will be paid in full
Total cash claim value £4,703.35
this will be paid at a percentage, probably about 17%
Ben says
Thank you for clearing that up. Do we know when they will start paying either of these. I seen it said about new year, but didn’t know if that’s for the in full amount or the 17%.
Sara (Debt Camel) says
Amigo haven’t said when they will pay the “full amounts”.
They are now saying “early 2024” for the first part of the percentage pay out.
Nina Butt says
Hi there. Is there any link to the portal as I can’t connect to it
Richard says
Hi Sara, I’m still totally confused with the figures being posted. I borrowed £5000 in sept 2019 and had no top ups, I complained on 21st December 2021 and by that time had paid back roughly £5200. I carried on paying £197 per month until may this year when I entered eso. When I last looked at my outstanding balance it was roughly £4500 including the arrears. If my claim is upheld would I still have to pay this amount back?
Sara (Debt Camel) says
If your claim is upheld and you have already paid more than you borrowed, the balance outstanding will be cleared.
Sharon says
Hi all finally got my response but am confused. My claim has been upheld, total claim value £8573.32 – this is for 2 loans (1 x £5000 2016 & top up 2020 £5500)
Interest refund and total borrower refund £9160
Cash claim value £6745.30 (am confused as it says this figure is minus any payments my guarantor made – they never made any)
8% compensation
Total cash claim value £8537.32
Payments after (can’t remember what it was called) date £2415.06
8% compensation £221.83
8% compensations/h tax £44.36
Total refund value 1+2+3 minus 4 = £2592.53
Am really confused as to what is being refunded and should I accept it – is it the £2592.53 to be refunded in full and does this sound right for the amount (also any idea when they are paying out) ? I can’t understand why I have been deducted on the cash claim value as well – aaarghhhh sorry for long message
Sara (Debt Camel) says
if your guarantor never made any payments, that is irrelevant. This is a standard (and confusing) format decision they send to everyone.
The total amount of interest that is being refunded is 9160 across the two loans. Plus some 8% interest.
But some of that is being refunded “in full” because you made some payments quite recently. That is the £2592.53
And the rest of it will be paid at about 17% – that is the Total cash claim value £8537.32
The total cash claim value is lower because some of it is being paid in full – which is good.
Lauren says
Hi Sara, I have just had an email to confirm my claim is upheld.
Please can you help me understand it?
Cash Claim Value £7,537.68
8% Compensation £891.42
Total Cash Claim Value £8,429.10
But then under it it says;
Refund Type Refund Amount
Payments made after Scheme Effective Date (1) £869.56
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £95.47
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £19.09
Total Refund Value (1+2+3 minus 4) £945.94
Does that mean I’ll get the 945.94 aswell as the 17% of the total cash claim or just the 945.94?
Sara (Debt Camel) says
You should get the 945.94 paid in full plus about 17% of the total cash claim.
Lauren says
Thanks so much for everything Sara
Sharon says
Thank you for all your advice – will accept and hopefully receive soon, be glad when this is over
zoe says
I have all three loans upheld. Latest one was live and I am in ESO, my claim vlaue £6455 has been taken off my current loan and the remaining balance is £900. Can someone tell me, how will I repay this, can I ask for a payment plan or a reduced figure? Also does anyeone know how long it takes for this to show on your account once accepted? Will they contact me to make a payment? Thank you.
Sara (Debt Camel) says
Your guarantor should have been released.
Amigo will probably ask you to make a payment arrangement – as this loan was unaffordable, you can agree to repay the rest at a lower rate. This is now an interest free debt that will not show on your credit record so do not stretch to pay more than you can manage.
If you have other debts in a debt management plan, the Amigo loan can just be added into that.
Amigo may offer you a settlement amount – some people have had 50% offers. This isnt particularly generous, you may be able to settle it for less. Or wait until Amigo sells the remaining loans to a debt collector, who may take less.
Zoe says
Hi Sara,
Thank you. Yes my Mum has been released as my guarantor. A low payment arrangement sounds like the best way forward, also if I can get this reduced. I could potentially see the back of this after another 12months. If as you say I can make a very low payment plan and I will not stretch myself. Thank you for all your help.
Katie says
Hi Sarah.
I have had 1 loan and 1 top up, I finished paying for n July 2023
I have received this today please could you let me know if this is looks correct,
Is it saying I will get a full refund for the payments I made from December 21?
Summary Agreement Claim Values
This is not the amount you will receive.
Interest waived£17,692.44
Fee refund£0.00
Reinstated interest£0.00
8% compensation£3,978.99
Claim value£21,671.43
Cash claim value£13,265.64
Total cash claim value£17,244.63
Total Agreement Set Off Refunds
Refund value£4,110.60
8% compensation£316.98
8% compensation tax£63.39
You have an outstanding refund of £4,364.19
Sara (Debt Camel) says
Is it saying I will get a full refund for the payments I made from December 21
I can’t tell that, but it is saying you will get a full refund of £4,110.60, which, plus interest, less tax, comes to ££4,364.19
You will also get the remaining interest refund plus 8% of £17,244.63 – which if it is paid at 17% will be about £2900.
Katie says
Thank you Sarah, I appreciate all your help, I was unsure of what it all meant I guess I will go ahead and accept, pleased it’s all over
Gc says
Hey
When it says total amount borrowed is this the amount they put into your bank on borrowing or the total loan amount with interest? I.e 1200 into bank but paying back 7000? This is all so confusing
Sara (Debt Camel) says
“total amount borrowed” – where are you seeing this?
1200 into bank but paying back 7000?
even Amigo didnt charge that amount of interest!
Gc says
🤣 that was just an example for my question, I haven’t seen it! Just a terrible example 🤣
For a top up loan on what they class as total amount borrowed is this the amount that goes into the bank or the overall total of the loan
Sara (Debt Camel) says
I think it will be easier to talk about what your decision is when you have It! There is no line that that says total amount borrowed in decisions, which is why I asked where you have seen this. What matters for refunds is the interest, not the amount borrowed.
Sean says
Hi I had 4 top ups between 2017-18 £1500 staggered to the 10k and appears all fine with claim upheld – response finally received!
Guarantor did make some payments and I’ve paid off all outstanding debt with amigo towards end of last year- I can’t really make sense of this like most..
Am I to expect the total refund amount along with 17% total cash value here?
Thank you :-)
Interest Refund £10,882.66
Fee Refund£0.00
Reinstated Interest£0.00
Total Borrower Refund£10,882.66
Cash Claim Value £5,315.11
8% Compensation £468.30
Total Cash Claim Value £5,783.41
Refund Type Refund Amount
Payments made after Scheme Effective Date (1) £2,145.55
Payments made before Scheme Effective Date (2) £2,138.75
8% Compensation on payments made after Scheme Effective Date (3) £198.53
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £39.70
Total Refund Value (1+2+3 minus 4) £4,443.1
Sara (Debt Camel) says
Am I to expect the total refund amount along with 17% total cash value here?
Yes, £4,443.1 paid in full plus aprox 17% of Total Cash Claim Value £5,783.41
Sean says
Great thank you, I’ve gone on to the portal and see the requirement to accept or escalate all 5 loans, each with varied amounts – am I to expect different emails breaking down each loan in dues course? My breakdown seems like only for the final loan.. I don’t see any reason to escalate any tbh so would I receive the refund for each of those on top ? All much smaller obviously but don’t seem to be calculated in response?
Sara (Debt Camel) says
The earlier loans will tend to be smaller amounts to be refunded as they were settled early. And may also have been smaller loans.
But you should have been sent the breakdown for each loan. Ask Amigo for it if you aren’t sure.
Josh says
Hi Sara,
We have accepted the outcomes from Amigo. The final balance statement shows the following:
Total Borrower Refund: £20,430.85
Current Balance: £22,430.85
New Loan Balance: £2,013.53
I assume this is the balance now owe? And there is no further compensations or deductions. Is this the full and final statement?
Thanks
Sara (Debt Camel) says
Were all the previous loans upheld?
Yes, that is what you now owe. Your guarantor should have been released so this is just a normal defaulted debt where no further interest will be added.
Amigo will probably ask you to set up a a payment arrangement – don’t offer more than you can afford.
Amigo may offer you a settlement – they have been offering 50% to some people with loans who haven’t been paying. That isnt particularly generous for a normal loan with bo guarantor any more. You may be able to settle it cheaper if if Amigo sells it to a debt collector.
John says
I had my decision letter/email back in August can I assume that we won’t receive payment till everyone has got their decisions??
Sara (Debt Camel) says
Amigo says it is hoping to make the first payment in early 2024.