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Most of these are people with loans taken out longer ago, so their contact details may be out of date too.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.
Shayne says
Payments made after Scheme Effective Date (1) £3,952.40
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £285.53
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £57.11
Total Refund Value (1+2+3 minus 4) £4,180.82
Would anybody please be able to advise to what I would actually receive if a accepted this outcome?
I can’t see any mention of the 17% anywhere ont he email or portal.
Thanks
Sara (Debt Camel) says
Are there any other lines in your decision which refer to Total Cash Claim Value? or Scheme Cash Claim Value?
Shayne says
Amigo Loan Agreement No. Loan Amount Loan Term Date Loan Approved
38698 £1,000.00 24 30/10/2017
39686 £2,000.00 36 02/01/2018
40589 £3,250.00 60 28/02/2018
48518 £4,000.00 60 13/06/2019
52213 £5,000.00 60 11/12/2019
Interest Refund Fee Refund Reinstated Interest
£8,583.13 £0.00 £0.00
Following our investigation, your claim has been upheld. Based on our valuation, part of your Scheme claim will be used to settle in full your live outstanding loan balance* of £1,754.62 due to Amigo and means you have a Scheme Cash Claim for the balance of £3,038.88.
Please note – The Scheme Cash Claim Value will not be paid to you in full, and will be subject to a pence in the pound dividend payment.
*Outstanding loan balance at the point of your Scheme claim calculation
Refund Type Refund Amount
Payments made after Scheme Effective Date (1) £3,952.40
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £285.53
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £57.11
Total Refund Value (1+2+3 minus 4) £4,180.82
Sorry, I didn’t notice the cash claim figure above.
Thanks
Sara (Debt Camel) says
Your balance has been cleared.
ALSO
You will get £4,180 repaid IN FULL for recent payments you have made
ALSO
You will get a PERCENTAGE, currently expected to be about 17%, of the Scheme Claim Cash Value of £3,038, so roughly £516
Daniel Collins says
Hi, could someone help me understand what I will be owed by amigo loans please..?
This is what my letter said..
Claim Outcome: Upheld Total Cash Claim Value = £9661.65
Amigo Loan Agreement | Loan Amount | Loan Term | Date Loan Approved | | 39146714 | £4,000.00 | 36 | 28/11/2017 | | 45146277 | £10,000.00 | 36 | 21/12/2018 |
| Interest Refund | Fee Refund | Reinstated Interest | 8% Compensation | ClaimValue | | £9,251.41 | £0.00 | £0.00 | £610.56 | £9,861.97 |
| Cash Claim Value | £9,051.09 | | 8% Compensation | £610.56 | | Total Cash Claim Value | £9,661.65 |
Cash Claim Value = Claim Value minus any payments to the loan that you have not made.
Total Cash Claim Value = Cash Claim Value +8% interest as compensation
The Claim Value is not the amount that you will receive, or that will be paid to you in full. After assessing your claim value, any previous account deductions or payments not made by yourself, need to be deducted, as they do not form part of your claim. The Total Cash Claim Value is the amount of any redress that will be subject to a pence in the pound payment.
Does this mean if I am receiving a redress?
Thank you
Sara (Debt Camel) says
You will get a PERCENTAGE, currently expected to be about 17%, of the Total Cash Claim Value of £9,661 so roughly £1,640
Sandra Simpson says
Just received txt for agmio
I will find out my out come in middle of march now 😒
lsa says
Really just randomly? Or had you asked for an update? I’ve never had an email or text from. Them with an update?
Daniel says
Me too I haven’t heard anything since 6th September 2023
Edwina curtis says
So the last week of February is here and nobody seems to have received any money. Do you know when they are due to give their next “update” ?
Sara (Debt Camel) says
it’s random – there are no regular updates
Sandra Simpson says
Answer to your question
I have email ,phone agmio
Agmio told me would here in January, February 🤔and now March
Sandra Simpson
Chelsey Poulton says
I have just been told April may.
Marta says
Hi Sarah,
I received my outcome.
Can you please advise on the below figures what my expected refund would be:
Appendices
| Amigo Loan Agreement No. | Loan Amount | Loan Term | Date Loan Approved |
| 42658604 | £750.00 | 12 | 16/07/2018 |
| 44748480 | £2,750.00 | 48 | 01/12/2018 |
| 46359574 | £5,500.00 | 60 | 26/02/2019 |
| Interest Refund | Fee Refund | Reinstated Interest |
| £7,819.24 | £0.00 | £0.00 |
Following our investigation, your claim has been upheld. Based on our valuation, part of your Scheme claim will be used to settle in full your live outstanding loan balance* of £5,775.41 due to Amigo and means you have a Scheme Cash Claim for the balance of £2,131.93.
Many Thanks,
Marta
Sara (Debt Camel) says
when was the last date you made a payment to Amigo?
Is there another box in your decision beneath what you have pasted in which says something like Total Refund Value (1+2+3-4) ?
Marta says
No there isn’t any box beneath that would say (1+2+3-4).
Last payment was made in March 2022.
Best Regards,
Marta
Sara (Debt Camel) says
So I assume you complained in March 2022 and immediately went into Equitable set off?
Your balance has been cleared.
ALSO
You will get a PERCENTAGE, currently expected to be about 17%, of the Scheme Claim Cash Value of £2,131, so roughly £360
Shayne says
Thanks Sara
Will says
Hi wonder if you can help.
Details of my loan:
I borrowed £10000 on the 01/05/2019. Complaint was made May 2020. To date I have paid back £17521.08. I have received my outcome. They say I have an outstanding loan balance of £5527.05, so my scheme cash claim is £2009.41. I am also due back a full refund of £5822.54 as I made £3233.71 in payments before the scheme effective date, £2371.50 after the scheme effective date, £271.66 last 8% compensation and minus £54.33 tax.
My question is where they got the £2009.41 figure from? What calculation did they use to figure that out? My guarantor has made no payments. I was surprised to read that I still had an outstanding loan balance of over £5500 when I’d made £17500 worth of payments back on this £10000 loan.
Any advice is appreciated. TIA
Sara (Debt Camel) says
This is the only loan that you had? How long was the term of the loan?
Just above the part that says what the balance is that is being written off, is there a line which says something like Interest Refund?
Will says
Hi Sara
Only loan I had. 60 months loan term.
Interest refund is £13048.13, fee refund is £0 and reinstated interest is £0.
I figured out that the interest amount of £13048 plus the amount of loan I have apparently paid back (£10000 loan – 5527 balance paid = £4473) equals £17521 which is the total I have paid back since I took the loan out in May 2020. I still cannot figure out where they’ve found this number of £2009.41.
Thanks
Will
Sara (Debt Camel) says
The total amount repayable on a 10k 60 month loan is 23,715.
Yoru balance would normally be that amount less the payments you have made, which would be 6194. It could be more if there were extra fees associated with the loan. It could be less if you have made any overpayments.
Are you sure on your numbers? a 10k loan over 60 months is normally a monthly repayment of 395.25
Your amount paid is not an exact multiple of 395.25
Will says
Hi Sara
Sorry to confuse, I entered a debt management plan in May 2023 so from that point onwards I was only paying £53 a month towards the loan, not £395.25 like normal. I have not been charged any fees or made any overpayments.
Thanks
Sara (Debt Camel) says
So from your numbers you would expect that the interest paid in 7521
Amigo however works out the full interest owed on the loan as 13048. It then uses this to clear the balance of 5527 (which is larger than you would expect because it has all the future interest included) and refunds you “in full” some payments made after certain dates and the rest of the refund is the Scheme cash Claim “at a percentage”. So the 2009 figure is the difference between some of the other numbers.
Those figures nearly add up. The reason they don’t exactly is that the 8% calculations on different parts are different (why doesn’t really matter here). It doesnt look wrong to me.
Will says
Okay, thanks for all your help
Lynsey says
Hi could you please advise what my outcome from Amigo means. I was a guarantor and paid the loan back in full. Outcome from amigo says Guarantor Total payments £9194.99
85 compensation £1975.03
Total Cash Claim Value £11,170,02
Sara (Debt Camel) says
It means you will get paid a percentage, currently expected to be roughly 17%, of £11,170. So about £1,900
Andrew says
Hi Sara,
You are very helpful with your responses to others, so first of all thank you. My Question:
I was never told to stop paying my loan, I made the final payment on 17th this month. Because I was not told to stop paying do you think it will be unlikely that mine is upheld. They also did not stop automatic collection.
Their website:
In November 2023, we updated credit records for customers with either a full or partially upheld claim, which removed any reference to an upheld agreement. In December 2023, we stopped automatic collection of any future payments from customers whose Scheme outcome is likely to be fully or partially upheld and where redress will likely exceed the amount owing on their outstanding loan. We have communicated this by email to the relevant customers. It is important that customers continue making payments, unless we tell them to stop, to avoid any detrimental impact to their credit report.
I made the started the claim process before Dec 21.
Thank you in advance.
Sara (Debt Camel) says
I don’t know, but it would be sensible to get your bank statements for the 3 months before this loan started ready now, so you have them in case you need to appeal a rejection
Ali says
Hi all,
Just wanted to know if anyone has contacted Amigo via telephone or email in the last couple of days and received any updates on when payments are to be issued?
Thanks
Sara (Debt Camel) says
nothing useful. I don’t think customer services is a reliable source of information.
L says
Just to let you know, this is what I got from Amigo earlier in the year. They also told me this multiple times over the phone last year. I know you said it was a myth, but theyre saying everyone has to get an outcome before anyone being paid.
“We’ve not started issuing refunds to successful claimants yet, due to the fact some customers are still waiting for their letter. If you are due any redress, this won’t be paid until after all outcomes have been issued.”
Sara (Debt Camel) says
what Amigo Customer Service say on the phone or email is not necessarily Amigo policy. I am not saying that is wrong, just there is no clear commitment from Amigo that that is what it will do and there is no legal reason why it has to do this.
Lou says
That’s redress not the refunds that’s owed to people for recent payments
Sara (Debt Camel) says
The legal distinction between redress and refunds is not helpful here – it is not even clear in Amigo’s communictions which use the term “total borrower refund” as part of working out what the scheme claim. People routinely call what they are getting back a “refund”.
Sam says
Cant say im suprised.
You would think an update on this on the website would have been posted.
I guess this is amigo we are dealing with who do what they want.
Sam says
Nope but im constantly checking which isnt healthy just want this to end. Recieve payment and never think about amigo again. Just hope this isnt dragged out any longer.
AQ says
Hi Sara, finally I received outcome today , they have upheld 4 out of 6 which I will be escalating, can you please tell me what this interest waived figures are , as all of my loans are settled and my guarantor never made a single payment on any of these loans. Thank you
Interest waived £8,702.02 Fee refund £300.00 Reinstated interest £0.00 8% compensation £2,299.60
Claim value £9,002.02 Cash claim value £9,002.02 Total cash claim value £11,301.62
Sara (Debt Camel) says
The interest waived number should be the sum of the interest that you paid on the 4 loans that were upheld – is it?
Vicky says
Hi anyone still waiting for a final response letter I am just worried they have forgotten me
Sara (Debt Camel) says
yes probably about 10% of claims…
Louisa says
I’m still waiting too.
Not sure if mine is classed as complex or not, I have an outstanding balance but am not making payments as am using equitable set off. Had an ombudsman recommendation in 2021 that all 3 loans be upheld, Amigo offered to uphold the first 2 which I declined and never heard anything back from Amigo after that. Was then told ombudsman could do no more since they were starting this scheme and here I am still waiting lol.
Louise073 says
Hi yes I’m still waiting not getting my hopes up it’s beyond a joke now as going to be paying some when we are still waiting x
Vicky says
Thank you, just that mine isn’t complexed at all so thought that they might have forgot me
Sara (Debt Camel) says
Lots of the remaining ones arent at all complicated.
But you can phone customer services up and ask if your decision has been issued if you are worried that you may have missed it.
KonradM says
A question in relation to the interest being accrued during the suspended period below under two conditions that were added to the outstanding total:
i) The Deferred payment period of 6 months under Covid 19
ii) Agreement that no further payment would be collected under the right of Equitable Set-Off whilst my complaint was awaiting an outcome
Sara (Debt Camel) says
have you had a decision? what is your question?
Terry Hyson says
Good morning all
I have been in touch with Amigo and been given the following information
Hi Terry,
Thankyou for your email.
Our plan is to begin processing the first payments from the end of February 2024 onwards. This does not Guarantee that all customers will receive a payment in February. The redress process is done manually so this will take a few weeks to execute all redress payments for customers so please be patient during this time.
Based on our current estimations, we expect that for every £1 quoted in the value of the cash claim, customers will likely receive 17p of this. As an example, if your cash claim value was quoted as £1000, you would likely receive a final payment of £170. This pence in the pound value is still an estimate, and is subject to change. This cannot be confirmed until all claims have been decisioned in full and the business wound down.
Our timeframes are estimates and we’re unable to give exact dates but we will contact you before we make your payment.
You can also go to the Scheme website for information and updates.
Kind regards,
Anna
Scheme Support Team
Amigo Loans
Its good to see that not all customers will receive payment in February…..
Michael says
Just to give an update, not sure if it is useful or not. I spoke to Amigo today as I needed to update my contact details. During the conversation I asked about how the 17p to the £1 and full refunds will be paid. The member of staff explained the 17p to the £1 payment will probably start in March and as you all know will be split into 2 payments. As for the full refund, this will be paid in one go, probably in March, but maybe later.
Customers will be contacted prior to payments being made, to advise on dates for both.
Kevin says
Hi, i have been waiting months and finally got the outcome today, i paid loans in full with great difficulty and my guarantor inly made 2 payments, does this outcome look right i have worked it out that its just over £1000 redress i just want to check the numbers look right, by the way u have done an amazing job of keeping people clued up when amigo tries to stump us
Summary Agreement Claim Values
This is not the amount you will receive.
Interest waived £9,020.66
Fee refund £800.00
8% compensation £7,569.35
Claim value £9,820.66
Cash claim value £9,669.47
Total cash claim value £17,238.82
This is 5 loans dating back to 2013
Sara (Debt Camel) says
You will get a PERCENTAGE, currently expected to be about 17%, of the Total Cash Claim Value of £17,238 so roughly £2,930. Rather better than a thousand!
The numbers don’t look wrong or odd to me. Whether they are right I can’t say as that depends on the details of the loans.
It is possible that Amigo may deduct an amount from this a withholding tax as your 8% amount is large. This may well not happen. If it does, Amigo will have to tell you how much is being deducted then you can probably reclaim some of it, see the article above.
Sean says
The scheme page has updated. Does this mean that customers receiving the 17% redress payment are going to have to wait until April/May?
Sara (Debt Camel) says
yes – they have still only got to 88% of decisions, they are starting to make the “in faull payments this month, but the first instalment of the “percentage redress” is now delayed until April or May.
I have update the article above with my summary of this.
(Thanks to the 4 other people that have let me know about the new scheme update)
James says
The whole process has been an absolute shambles – delay on delay on delay – hopefully stretching it out longer doesnt take any further money out of the coffers that everyone is sharing…..if we ever get it
Daryl says
I can’t wait to be one of the people left in the 5% still waiting in April! I can’t believe they have just pushed it back every single month.
Are Amigo running all this themselves or is it being overseen by someone? I know I’ve seen PwC mentioned a few times.
Sara (Debt Camel) says
I would say there is no active oversight.
What could PWC do? Employing more staff to get the decisions through sooner is unlikely to be efficient as they would need to be trained.
Amigo management has shown colossal incompetence, but it isn’t clear what can be done about it.
Daryl says
No, I agree. I just thought if a reputable company like PWC were involved things would be a lot smoother, but clearly not! – I know someone at PWC so maybe I will give them a nudge lol.
What is most frustrating is the unknown when I haven’t had a response, if I knew where I stood and if I wasn’t getting anything back then I would be happy to wait until March/April! But feels like I’ll find out now in April and won’t be paid until way after that
L says
Yup, I’m with you. I doubt anyone left will be in the full redress category. Though, have no actually basis for this, just seemed to stop seeing those a long time ago. What an absolute joke this has been!
Sara (Debt Camel) says
oh I think some people still waiting will be in that category. See Ryan’s comment below.
Dawn says
So disappointed to hear this. As someone who isn’t entitled to the full refund due to paying off the loan just before the scheme & has my claim upheld since August last year only entitled to redress. It feels a massive kick in the teeth to say the least
Sam says
The refund in full this week certainly sounds promising. Fingers crossed
Sara (Debt Camel) says
starting this week – it will be paid in batches
ryan says
I also have yet to have a decision. Ive been told to stop payments, in november, and loan has been removed from credit files (all good signs obviously) Ive paid a lot more back than the original loan and applied to scheme when it was first opened.Im sick of checking the portal every day! So, even when/if i get a decision, i have to accept/escalate so regardless im expecting to be one of the last to actually receive anything
Lee says
Yet another kick in the teeth. Cheers amigo you bastards!
Edwina says
Hi,
Do you know if they will be giving out the refunds in the same order as they sent out the outcomes?
Sara (Debt Camel) says
Amigo haven’t said how they will be putting people in to batches but that sounds HIGHLY unlikely to me.
Edwina says
Thank you,
Do you know when they start giving the outcomes?
Sara (Debt Camel) says
The first upholds were in August last year
Sara Mottershead says
Is nobody getting paid now in February? Or just the people who are waiting on decisions?
Sara (Debt Camel) says
Amigo says it will start paying the people owed “in full” refunds (as they made recent payments) this month
Sara Mottershead says
Well I wouldn’t have a clue where I stand with it all my decision was made in December in what I would be getting so not sure when I will get paid then Feb or April
Chris Richardson says
Hi
I can’t believe it’s going to be April /May now for percentage refunds ! It’s dragging on and on.
Lee says
I can believe it. There is no repercussions for their actions. We just sit here and let them keep doing it
E says
2% every two weeks.
So that’s everyone with their decision in the middle of May then.
Clowns.
Gary says
Hey Sara
Sorry to be a pain do these figures look right
Summary Agreement Claim Values
Interest waived £17,567.04
Fee refund £57.00
8% compensation £794.13
Claim value £17,624.04
Cash claim value £7,391.00
Total cash claim value £8,185.13
Agreement 10100268 Date of payout 06/08/2008
Amount borrowed £3,000.00
Outcome Upheld
Agreement claim values
Interest waived £3,852.04
Fee refund £57.00
8% compensation £0.00
Claim value £3,909.04
Agreement 39049630 Date of payout 20/11/2017
Amount borrowed £10,000.00
Outcome Upheld
Agreement claim values
Interest waived £13,715.00
Fee refund £0.00
8% compensation £794.13
Claim value £14,509.13
Agreement set off refunds
Refund of payments made £5,138.25
8% compensation £351.55
8% compensation tax £70.31
Claim value £5,419.49
Thanks
Sara (Debt Camel) says
There was no balance to be cleared?
Did you guarantor make several thousand pounds of payments?
Gary says
Hey Sara
There was no remaining balnce, my guarantor made a fair few payments on my frist loan which I repaid him for which I know will be deducted.
On the secound loan only one payment made by guarantor, I made a load off payment from my partners account as my payments was quite erractic at the time and she was paid same day everyone month, would this affect the claim numbers even though we have shared finaces
Thanks
Sara (Debt Camel) says
Payments made by someone that is not the guarantor should not have affected your refund.
The Interest waived total is 17,567
You are getting paid £5,419.49 in full for recent payments and will get the Total cash claim value of £8,185.13 paid at about 17%, so about £1,390.
But 5419 + 8185 added together is about £4000 less than the interest waived total. So unless you think your gaurantors made about that much of payments, there may be something wrong with these figures.
gary says
Hey Sara
Thanks for the reply the payment theymad are nowhere near that amount, what would be the best course off action to phone them or to esculate it. Don’t want to really drag it out much longer as other people still have not recieved there out comes
Thanks
Sara (Debt Camel) says
Your disputing this will not affect anyone else’s payouts. I suggest you phone up and ask about this.
Gemma says
I’m also in the 12% club!
I settled my first loan to them after about 2 years of payments, however they refused to take the payment from my debit card and insisted my guarantor call and make it. I had to transfer the money to him for him to call and make the payment. Never made sense to me.
Assuming both my loans are upheld, which I think they will be as Amigo has been cleared from my credit file, should I take that they will try and say my guarantor settled the original loan? I’m in equitable set off on the 2nd one.
Thanks
Sara (Debt Camel) says
You can try to complain about the first loan. If you can produce your bank statements showing you sent the money to your guarantor before he paid Amigo that may help.
Mark says
Absolutely nuts that they can get away with pushing payments back just a few days before they were due to start making them. Up to 2 months back too! What is the benefit to them of doing that?
Sara (Debt Camel) says
No benefit at all.l it’s a sign of poor planning and bad decision making, nit being done deliberately to benefit them
Lee says
Daft question Sara, but will they not be making interest on all this money that has been “put aside” for the claims?
Sara (Debt Camel) says
Yes. But all the interest will be increasing the percentage that will eventually be paid out. Amigo and its shareholders are not profiting from these interminable delays
Lee says
Oh right. I still cannot fathom why they can’t be paying the 10% now as that’s a pretty safe figure and it may restore some faith in them (though I’m pretty sure they don’t care). I realise this isn’t a question Sara I’m just having a moan ha.
Syed says
Looks like I have now made it into the final 12% of people waiting for their final outcome.
Susan says
Me too , so frustrating
Louise073 says
Me too just absolutely a joke now x
L says
If we reach the 1% club, we could win 100k! (ITV – Lee Mack). Ha. I’m edging that way!
Rachel says
Another push back!
So annoying how they’re getting away this, how can nothing be done they’ve illegally sold loans and whatever else they’ve done and now they can just get away with doing what they want
Really annoying
Leanne says
The in full payment, is that the amount we’ve paid since the scheme was brought in? Sorry just catching up on all comment. I think it’s all a joke, my balance still says in arrears even thought they said it was being clear in my outcome
Sara (Debt Camel) says
yes, in your case the £844.84 figure
Abby says
Hi Sara, can you pls help clarify. Does this new update mean no more payment this feb, this is now April/may and then the second payment will be 6 -9 months later. Thanks
Sara (Debt Camel) says
yes if you are only getting a “percentage” payment, probably described in your decision as Total Cash Claim Value or Scheme Claim Cash Value.
If you made more recent payments that are being refunded in full, then that amount should be paid sooner.
Maroof says
I wouldn’t bother hoping for Apr/may payment as two others December and February have passed. When there is no given date they can delay and delay. I’m not personally going to keep looking for it now if it hits my bank account I will see it. This company was bad and guess what ? They still are.
Sara (Debt Camel) says
I don’t think anyone should make plans for what to do with the money until it actually lands in your account
Abby says
Ok, so I have just over £3000 in full refund and 17% of about £39000 in total claims. So is there a chance we’ll get the full refund over the next few days? They are seriously not being clear with what the plan is. I feel like we are being led to just accept whatever they say at any point. It’s really unfair
Sara (Debt Camel) says
It is possible, a few people have now had an email from Amigo saying payment instructions have been issued. But you cannot be sure the money will land in your account until it is actually there, even after getting the email telling you it is coming. Mistakes happen…
Sara Mottershead says
I have just had an email from amigo saying my money will be in my account within 3days
Sam says
Thats great news.
Eagerly tracking my emails
Larker says
Hi Sarah,
Out of interest when did you receive your outcome?
Thanks
Mari says
Thanks for the headsup. Now we can start hoping to receive the same info….
Rebeccca says
I’ve seen on Facebook people are starting to receive payments. It’s the full refund being paid first.
Sara (Debt Camel) says
to be clear several people have reported they have had an email from Amigo saying that payment instructions have been issued – no one has yet got any money
Rebecca says
Sorry yes I should have been more clear it is just an email stating they will receive the money within 3-5 days.
Jean says
How can they be making payments when people like me haven’t even had a response. Surely there is only so much money in the pot to dish out? Getting very frustrated.
Sara (Debt Camel) says
these are “full refunds” and Amigo has already set aside the money from them. It doesn’t matter how many other claims are upheld, these people will get their amount in full. there is no reason to delay, indeed these could have started being paid last year.
Atif says
Well still waiting for my outcome too, definitely going to be the last one, 🤣
Sean says
I have not got my response yet and should be in for a full refund with later payments.
I am glad people will be getting paid. Yes I would like mine but it should not be delayed any longer for those who have had a response. Happy for them that may have some funds in next few days. Ours will come.
Jean says
But I am also due a full refund. i made my last payment July of last year. So why haven’t I had a letter yet. I’ve emailed them multiple times
Susan says
I have a question I don’t know if you’ll be able to advise on
So I am one on the 12% club still awaiting my outcome , they removed from my credit file in November and i never received a email to say stop paying but I took the decision to stop paying in January of this year , I had one loan of £5000 my guarantor lives with me and was on minimum wage when accepted they said to me on the phone while applying I couldn’t afford repayments but the next day approved me , my question is with it being removed from my credit file , I saw this as a good sign , I would be due around £3000 in full payments back , some people with the decisions are receiving their money this week , I still don’t have a decision if I don’t get my decision until the April will I have to wait until the next batch of payments or with the % payments later in the year ? Any idea how it will work for the last few people waiting for their decisions possibly in April with full refunds due ?
Sara (Debt Camel) says
Amigo has not said anything about this.
Frank says
Hi sara
Like Susan I am in the same position. I am asking amigo scheme, what they will do in this situation. But surely if they have paid out to those with decisions already. It should be straight away. Shouldn’t it.
John Mackenzie says
If Amigo have removed trace of them on your account you can assume you have at least a partial upheld decision . I owed them £1700 and refused to pay and I only got my response 3 weeks ago . However Amigo told me in May I had all 4 upheld . Call them and push them they know the answer just not the amount
Jez says
Isn’t there some sort of legal redress possible with the FSO. Those of us who’ve had issues with any subprime credit product have always been utinated on from a great height. While those with a conventional PPI claim have always had it easy. Surely this is discrimination and a violation of our human rights?
Sara (Debt Camel) says
No. I agree you have Been badly treated by the FCA
GS says
Don’t forget to check the scheme portal, I have been waiting what seems like forever and have just checked as no E-Mail received and amazingly my outcome was there, although I have asked them to send me E-Mail confirmation as well
A says
I can’t get on their website to check – it comes up with ‘we know there is an error’
Anyone else receiving the same or am i special?
Lisa Gallagher says
I’ve had the same all day
DM says
Absolutely gutted that goal posts have been moved again but not surprised. If everyone had voted for administrators to take over in the first place this would have been sorted sooner with a better outcome for the thousands watching and waiting for updates every day for the last couple of years . It is shameful they have dropped this update two days before people were expecting payments to start, now it’s April or May which could then be June or December with a deduction for tax on the 8% also and another 6-9 months for the final payment. If they honestly still believe it will be at least 17p in the pound and are 86 percent through they could update the first payment to 13p from 10p and have enough for the final wind down. I do feel sorry for the people working there that have to lie and get people off the phone with the information they are supplied by the management.
Lee says
Couldn’t agree more. I have said more or less the same thing (regarding the percentage payouts) in an earlier post. They really are taking us for fools now.
Nik says
There is a new update dated 27/2/24 on Amigo loan scheme website…
Sarah Heydon says
I had my first loan upheld and the rest were defended, I escalated all of the loans and have today recieved a response in my favour.
Thank you Sara for all your help.
Dear Sarah,
We are writing to you following your request to escalate the outcome of your claim to our Scheme Adjudicator. Before passing your claim to the Adjudicator, we have re-reviewed our decision and would like to confirm that we have changed the outcome of your claim. After reviewing the information available, alongside your rationale for disputing the outcome, we now feel that your claim should be upheld. We are in the process of calculating any compensation due to you and will issue you with an updated Final Response as soon as possible. Please be assured that we will be back in touch in due course with further updates.
Kind regards,
Amigo Loans
Graeme says
I am unsure if I will be getting a refund at all? I know I’ll be getting redress? April may but as my loan was paid of in full in 2017, am I receiving any other refund? Any advice welcome. It’s all very confusing
Sara (Debt Camel) says
All your redress will be paid at a percentage. Only some recent payments (after December 2021) are being refunded in full.
Vicki says
Hi, can anyone answer how long it has taken for them to have a response after they have escalated a claim please?
Sara (Debt Camel) says
Some are within a few weeks. Some are longer.
Rebecca says
Hi I escalated on 30th Jan 24, I emailed them yesterday to check progress. I got a response to say if I hadn’t heard in 30 days then Amigo haven’t changed their decision and my file would be passed to the adjudicator. The lady that emailed said she checked with her manager and this was the case for my file. They said it could take until the end of May for the Adjudicator to issue a decision.
L says
Hiya Sara,
Just going over my outcome letter and I wondered could you help me on something the figures look abit wrong one says 8000 and the other is a 7000
| Amigo Loan Agreement | Loan Amount | Loan Term | Date Loan Approved | | £5,000.00 | 60 | 16/03/2016 |
| Interest Refund | Fee Refund | Reinstated Interest | 8% Compensation | ClaimValue | | £6,904.12 | £0.00 | £0.00 | £1,146.81 | £8,050.93 |
| Cash Claim Value | £6,706.50 | | 8% Compensation | £1,146.81 | | Total Cash Claim Value | £7,853.31 |
Sara (Debt Camel) says
did you guarantor perhaps make 1 or 2 payments?
Jake Cronin says
Hi Sara,
Please see my claim details below. Could you let me know how much I can expect to receive from this? Is it 17ish% of £6,100.63 + £2,052.54 in full (£3,089.65)?
Amigo Loan Agreement No. Loan Amount Loan Term Date Loan Approved
44231818 £3,500.00 36 02/11/2018
45412267 £5,000.00 36 11/01/2019
48984665 £9,000.00 36 09/07/2019
Interest Refund Fee Refund Reinstated Interest Total Borrower Refund
£7,709.24 £0.00 £0.00 £7,709.24
Cash Claim Value £5,831.93
8% Compensation £268.70
Total Cash Claim Value £6,100.63
Total Borrower Refund = The interest and fees owed to you, once the Loan Amount has been paid.
Cash Claim Value = The Total Borrower Refund less any loan payments paid directly by your guarantor.
Total Cash Claim Value = Cash Claim Value +8% interest as compensation
PLEASE NOTE: The Total Cash Claim Value will NOT be paid to you in full, and will be as a pence in the pound payment. Confirmation of this will be sent to you, later this year, once all claims have been decisioned.
Refund Type Refund Amount
Payments made after Scheme Effective Date (1) £1,877.31
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £219.03
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £43.80
Total Refund Value (1+2+3 minus 4) = £2,052.54
Sara (Debt Camel) says
Is it 17ish% of £6,100.63 + £2,052.54 in full (£3,089.65)?
Yes
Jim Barclay says
Hi Sara,
I have just received a call from Impakt Claims. They managed to get me a refund in 2020 due to unaffordable loans and they took a fee. As far as I was concerned, that was when my involvement with Impakt ended.
They have just asked me to give them access to the Amigo portal and got a code sent to my phone which they then expected me to give to them. I never gave them access.
The caller stated that they automatically entered me into the scheme, acting on my behalf, despite me having no further contact with them after i got the refund from them. I advised that I entered into the scheme myself. They then stated that should i receive my outcome, i should email it to them so they can “make sure it’s fair”. I told them i never wanted their assistance after initial contact. She said i will owe them a fee regardless, should I receive payment back from Amigo.
What do you suggest I do with this? When i explained I did not want their assistance, she became rude and stated that they would be sending me a letter which is “an L.O.A” and that i will still have to pay them.
Thanks in advance.
Sara (Debt Camel) says
I suggest you wait until you get your decision
simon says
hi still havent recived an outcome yet absolutely gisgusting my claim was put in way before the scheme i think the fca should step back in and take them back to court dragging things out but still paying peoples wages out of claim money because no longer lending so whos paying wages
Jo says
My claim was put it long before all this came about with the scheme and I’m still waiting on an outcome ( maybe we will receive a full refund pmsl some hope lol ) anyway I’m going to be in the one percent club by the looks of it ha ha it’s actually hilerious now xx
L72 says
I was the same i took it to ombudsman then they referred it back because of all this! Been told its complex case lol 😆
Lou says
I’ve lost all hope. Ombudsman recommended all my loans should be upheld in jan 2021. Amigo upheld the first 2 only. I rejected and haven’t heard anything from amigo since. Ombudsman said they would refer for a final decision but then said they couldn’t help any further due to the scheme. I first complained in June 2020 but my case wasn’t picked up in time. I might have had a full refund if they had responded sooner. As of now defaults still being registered on my credit file and no sign of a decision.
S says
Any one recieved the refunds in full yet??
Not had any email yet either.
M says
Same here….waiting for the payment is made email
Mari says
THIS WAS ON THEIR WEBSITE
When will Scheme customers receive cash redress?
We are now issuing refunds of payments in full, made either Pre or Post Scheme Effective date. These payments will be issued automatically, and customers will be updated via email when their payment is released. Payments will take 3-5 working days to clear into customers bank accounts.
In terms of pence in the pound dividend payments, we expect to make two redress payments to customers – one commencing in April or May 2024, and then a final payment approximately 6 months later, once there is certainty around the timing of Amigo’s liquidation.
LH says
Can you help me understand what and if I’m receiving anything? Thank you in advance
Appendices
Amigo Loan Agreement No. Loan Amount Loan Term Date Loan Approved
50760402 £8,000.00 36 07/10/2019
Refund Type Refund Amount
Payments made after Scheme Effective Date (1) £5,898.46
Payments made before Scheme Effective Date (2) £0.00
8% Compensation on payments made after Scheme Effective Date (3) £658.45
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £131.69
Total Refund Value (1+2+3 minus 4) £6,425.22
Claim Outcome: Upheld Total Cash Claim Value = No Redress Due
Sara (Debt Camel) says
You should receive a refund of £6,425.22 in full. Probably in the next few weeks
L says
No I spoke to amigo and they said in august 2019 I made a payment from a different card and that’s the discrepancy the card used. So fed up there’s just loops to jump through every time. Can you work out about what I will receive please x
Sara (Debt Camel) says
So Amigo are reworking this?
L says
Exactly my point Sara, thanks for all your help it’s very complicated they said as I accepted the outcome there’s not much more I can do unfortunately I only realised this when i seen they updated there website on the % payments they also said the person overseeing the scheme is the one who is making a decision on what date the payments will start and I will receive a email before any payment is made I asked what the percentage will be and she said she didn’t know only that the second payment will be significantly smaller then the first but at this point it won’t be less then 17%
Sara (Debt Camel) says
Go back and say it was correct that the loan was upheld so there is no reason for this to have to go through an appeal process but Amigo have made a calculation error and they should correct this.
Rodney says
Hi, my dad was a guarantor for an amigo loan (which I believe was definitely miss-sold) but passed away before the deadline of the Amigo scheme in November 2022. I only found out about this after the deadline had passed and was told I could request to be admitted if i sent a grant of probate (which I didn’t receive until late 2023 and so was unable to do this).
I am unsure about what to do and am getting really stressed. I have no contact with the person who took out the loan or know if they applied for the scheme; so it could end up coming out of what’s left of the estate. I have had no letters to my dad’s address.
I can see from a statement I have found that the interest accrued was credited back in August 2020 and from then on there are no payments or interest being added. Is this a standard thing they did for all loans or has it just been paused for the time being or would a complaint have been made and upheld so capital only gets repaid for this to happen?
I have read that the interest can be capped at the total agreement value. I don’t want this to snowball into a colossal debt. would this be the case for us?
Do you think it is worth trying to apply for the Amigo Scheme now in 2024? Would this now be a sole liability loan or if we could be liable to pay this? If so could we still complain to the Ombudsman at a later date if they do request payment from my dad? Or should I chase Amigo loans for details of what will happen?
Sara (Debt Camel) says
I can see from a statement I have found that the interest accrued was credited back in August 2020 and from then on there are no payments or interest being added. Is this a standard thing they did for all loans or has it just been paused for the time being or would a complaint have been made and upheld so capital only gets repaid for this to happen?
that is not standard.
The only reason I can think of is that the borrower had made a complaint and won, and at that point your dad should have been released as guarantor.
Amigo should confirm this if you talk to them.
Rob says
Hi,
Can anyone remember what the process was at the beginning of the scheme? I’m being told I didn’t tick a couple of loans so they were not added? But I raised a complaint before the scheme and all were mentioned in the reply letter.
Sara (Debt Camel) says
I’m being told I didn’t tick a couple of loans so they were not added?
Being told by who? Were you presented with a list of loans to select from?
Rob says
Hi Sara,
I complained to amigo about the delays and a manager called and told me my liability removed, guarantor removed and all four of my loans are upheld (no final response letter as of yet). I then emailed the scheme and they said I did not ‘tick these loans to be added to the scheme, so it’s too late’. I can’t remember ever doing this!
Sara (Debt Camel) says
This doesnt make sense. Call Amigo again and say what the manager told you. I don’t recall anyone else being told “they did not tick boxes”
L says
I ticked! There was a list, and because some had been upheld previously, I didn’t tick those. So only ticked the four that I needed looking at. That was my worry when they removed my last loan from my credit score (which had already been upheld and paid out in August 2020), because I worried they were looking at the wrong ones. But I screenshotted the ones I ticked, in case they tried any crap.
James says
Hi Sara, I never made a claim as I never knew any about this until scheme untill last week. When lantern was contacting me.
So I was wondering who they were and why they have taken over Amios loans collection.
I now I understand it’s too late to make a claim.
I haven’t been able to pay for the last few years as I simply couldn’t not afford it and had a bad anxiety and depression.
Basically what I am
Trying to figure out is.. is there anything I can do now. Or do I simply need to still
Pay what I owe to Amio?
And help would be appreciated.
Thank you
Sara (Debt Camel) says
What are the rest of your finances like? Do you have other debts? Behind on any bills?
Has your guarantor be3n asked to pay?
Elizabeth Bailey says
In the midst of the full refunds, does this include the arrears being wiped?
Sara (Debt Camel) says
If you have a decision saying this will be done, Amigo should update their records. Have they already removed your credit record?
Elizabeth Bailey says
Hi, yes they said that this would be done. I am not sure how to check my credit record, but when I log into Amigo it still states I am in arrears, so I assume they have not
Sara (Debt Camel) says
See https://debtcamel.co.uk/best-way-to-check-credit-score/
Elizabeth says
Thank you, they’re both marked as closed with no missed payments!
Sara (Debt Camel) says
did you have a 3rd loan with a balance showing that has been deleted?
Stephen says
Hi all, looking for some advice.
First of all, what is payment in full? Are there customers getting a full refund and not the 17%?
I made a full payment on my loan about 4 years ago, i complained in 2020 saying my loan was not affordable as I had a gambling etc etc and sent them bank statements, the complaint was rejected.
Under the scheme my new claim was upheld and am due a repayment.
I’ve seen on the latest update the term “payment in full” being used.
Couple of things I wanted to check are
-should I have accepted the redress amount as I made a claim 4 years ago that was rejected?
– if I have paid in full is it the 17% I will get?
-Are there people getting a full refund?
-if so, is there scope to now reject the claim outcome and argue the case that they had rejected my claim years ago. (I suppose this would only be beneficial if there are circumstances where people are being paid a higher amount).
This was the claim outcome… so on that basis i would get roughly £500 redress?
Claim Outcome: Upheld Total Cash Claim Value = £3141.00
PLEASE NOTE: The Total Cash Claim Value will NOT be paid to you in full. You will only receive a small proportion of the Total Cash Claim Value through the Scheme, as a pence in the pound payment.
Sara (Debt Camel) says
Only some payments after December 2021 are being refunded in full. All of yours will be at 17%
Stephen says
Thanks Sarah, quite infuriating that the original claim was rejected initially before the scheme. And then upheld under the scheme. You can only think that the original decision was incorrect and potentially should have had a-lot more before the scheme started. Probably not a battle i’d likely win if I were to try and argue the case that they had given an unfair outcome on the first claim?
Thanks again Sarah, keep fighting the good fight :)
Sam says
Anyone recieved any funds yet?
Dean says
So, apparently they’ve started paying out. Has anyone received anything, and does anyone know how they are deciding in what order to pay? Considering it was 2 weeks for them to ad another 2% of actioned claims, I’ve a feeling they could drag this out until the end of time.
Also, in the original calculations, I believe interest payments were added. Are they liable to pay additional interest between the time the claim was awarded and the time they actually transfer the cash?
Sara (Debt Camel) says
A couple of people on a Facebook group say they have.
The order is probably random.
No I think the 8% interest has stopped.
Dean says
Thank you for this
Dean says
Last thing, and than you for being so helpful:
Cash Claim Value £4,456.14
8% Compensation £564.23
Total Cash Claim Value £5,020.37
Refund Type Refund Amount
Payments made after Scheme Effective Date (1) £1,778.58
Payments made before Scheme Effective Date (2) £987.72
8% Compensation on payments made after Scheme Effective Date (3) £157.53
8% Compensation withholding tax (on payments made after Scheme Effective Date) (4) £31.50
Total Refund Value (1+2+3 minus 4) £2,892.33
Am I correct to assume I am due £2892.33 in a payment soon, and then at least 17p per pound of £5020.37 in the future? I think I have my head around it, but just double checking I’ve understood this correctly.
Many thanks again
Sara (Debt Camel) says
“Am I correct to assume I am due £2892.33 in a payment soon, and then at least 17p per pound of £5020.37 in the future? ”
yes – well in theory the 17% could be less. but Amigo is saying it is confident about this