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Most of these are people with loans taken out longer ago, so their contact details may be out of date too.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.
AJ says
I enquired about my outstanding claim 2 days again and Amigo sent me the following reply:
“Thank you for your email.
Unfortunately, we do not have any updates. Please be assured that we will be in touch with you, once we have an outcome to your claim.
We aim to provide all customers an outcome to their claim by the end of August.
Please be assured that we would never expect you to make payments that you cannot afford. Please contact us on 01202 629161 to discuss the possibility of a payment arrangement, for example, a reduced payment plan.
Kind regards,
Olivia
Customer Relations Team
Amigo Loans”
It seems Amigo intends to respond to everyone by the end of August. Let’s hope they do keep to this.
Becca says
I have not had a decision but for the first time
In 2 years, they have not reported a missed payment 🥳 praying for a positive end to this disaster! Been in ESO since Aug 2021
Richard Swain says
Can I ask – which credit reference agency are you referring to, which month (July or August), and did they report anything?
Thank you!
Becca says
Mine is clear score, which comes through Equifax I believe!
They usually report every month on the 16th but August is not showing any missed payments. I’ve also seen other people saying the same thing so I assume it’s a decision that’s been taken or they have had an issue this month with the share file for reporting
Richard Swain says
Ah ok, thanks. Looking at mine it’s also showing “blank”.
Fingers crossed that’s a good sign.
Thanks for coming back to me.
Susan says
I have ClearScore and credit karma. Credit karma last updated 1 July. I am on ESO and have been since 2021 so it’s destroying my credit file. Hope it gets finalised soon.
Lea says
I received this reply yesterday, it looks like everyone is just being told different things. :-/
Thank you for getting in touch.
Whilst we initially estimated that we would be agreeing claims in the first half of 2023, due to receiving more claims than anticipated, we now expect to have sent all outcome letters via email within the next 3 months.
While we don’t have an update for you just yet, we’ve now reviewed the vast majority of claims and are confirming decisions made to customers via email. We are working hard to issue outcomes as quickly as possible.
Please note that if your claim is upheld, we anticipate making the first interim redress payments in late 2023 and the final payment will be delayed until approximately May 2024 (around the time that the business enters liquidation). For more information, please go to http://www.amigoscheme.co.uk
We appreciate your patience throughout this process and will be in touch as soon as we have an update for you.
Sharon says
I’ve just had my final response letter with a claim value
Sara (Debt Camel) says
have all your loans been upheld?
Sharon says
Hi Sara, only one of two was upheld. The one that wasnt was a very low top
Sara (Debt Camel) says
ok, have look at the calculation your received – is their a deduction for something – this may be called unpaid interest?
I assume your last loan has been repaid?
Can you copy and paste in the numbers here?
Sharon says
Interest refund = £3,900.85
Fee refund = 0
Reinstated interest = 0
8% compensation = £1,167.91
Claim value = £5,068.77
Cash claim value = £3,900.85
Total cash claim value = £5,068.76
Sara (Debt Camel) says
Interesting. It was the number for “reinstated interest” that I was interested in… I don’t know if yours is zero because AMigo has given up on this unfair deduction or because your top up was very small.
Thank you.
Sharon says
Is the 8% compensation the amount I will receive?
Sara (Debt Camel) says
No, the 8% is additional statutory interest being added to the interest you paid that is being refunded.
You should get a percentage of the last numer “total cash claim value” – it is not know what that percentage will be . At the moment the best estimate is 17% but this is likely to change. If it is 17% then yiou will get about £850.
Sharon says
Thank you for clarifying
gary taylor says
So is the intrest worked out on the whole % of intrest in one some or will itcalculated over the years you was making repayment ?
Sara (Debt Camel) says
It is usually calculated over the years after the loan would have been repaid if there had been no interest. So not easy to work out.
Karl says
Hi so just to clarify a few things for us Sarah please, has the loan been paid back in full and is Sharon getting £5068.76 or 17p per pound of this total thanks?
Sara (Debt Camel) says
she hasn’t said she has a current loan.
From those figures I would expect her to get a percentage – currently estimated at 17% but this may well change – of £5068.
Sharon says
Hi, the loan was paid in full
kenneth says
Hi sara can you please explain what i will be getting.
Interest Refund £3,387.24
Fee Refund £0.00
Reinstated Interest £0.00
8% Compensation £673.90
Claim Value £4,061.14
Cash Claim Value £3,047.25
8% Compensation £673.90
Total Cash Claim Value £3,721.15
i had 3 loans £4000
£5500
£7250
i have accept the claim already could i of got more.
Sara (Debt Camel) says
did they uphold all three of your complaints?
kenneth says
yes all my loans
is it possible you could explain what the total claim thank you
Sara (Debt Camel) says
As all your loans have been upheld, this should be a “full refund”.
Do you still owe a balance? How large? This would explain why the Cash Claim Value is less than the Claim value
kenneth says
Hi sara i paid off the loan early so i don’t owe a balance.
Sara (Debt Camel) says
did you make any payments after December 1 2021?
kenneth says
no all loans were in 2018 i paid them off end of 2019
Sara (Debt Camel) says
In that case, I don’t know why the Cash Claim Value is lower than the Claim Value
Can you read through your decision and see if this is explained? If not I think you should ask Amigo as this will make a difference to the refund you get.
M says
Hi Sara
Hope all is well. I just wanted to ask if Amigo will still be paying us the monthly payments that were made from date of complaint!? As that could also help if claims are upheld!
Sara (Debt Camel) says
yes if you have repaid more than the amount you borrowed at that point, see the “Exception – full refund for “continuing payments” section that I have added to the article above.
Chris says
Good Evening
Just a quick question as someone who currently had a loan with Amigo and an active complaint. I complained February 2021. I have made payments every month since then with my last payments coming up in October. I was previously informed they’d return any payments made to my loan since the complaint and then compensation based on whatever I have paid towards the loan. Is that right? Just looking for clarification. I borrowed £10,000 over 5 years and have paid back roughly £22500 at this point.
Sara (Debt Camel) says
yes, see the “Exception – full refund for “continuing payments” section that I have added to the article above.
Jean says
Does this apply to loans sold? We have finally paid off the last £700 this year however it was to a company they had sold the debt to? Thanks
Sara (Debt Camel) says
The repayments “in full”?
I don’t know, you will have to ask Amigo.
kenneth says
hi sara i have read through my decision and it doesn’t say why there is a difference. i have spoke to one from amigoscheme and even they can not explain why there is a difference. but i have accepted the claim
i have emailed amigos to look in to this. but if i accept the claim will they be able to give me a new claim
Sara (Debt Camel) says
I suggest you email them and say you have changed your mind about accepting this because although you are happy that all the loans have been upheld, you want an explanation about why your Cash Claim Value is lower than the Claim Value
Debby says
Hi Sara when are we meant to be paid this money. Will it be paid to the guarantor or me. I have put my bank details on scheme portal. Thank you
Sara (Debt Camel) says
Can you copy in the numbers you have been sent – 1 line each like this:
Interest Refund £
Fee Refund £
Reinstated Interest £
8% Compensation £
Claim Value £
Cash Claim Value
8% Compensation £
Total Cash Claim Value £
Debby says
I am still waiting on my claim decision. So wondering when the money get paid and who receives it.
Sara (Debt Camel) says
Money your guarantor has paid should be refunded to them.
kenneth says
Hi sara so amigo emailed me back. they said the difference is because my guarantor made one payment this is the difference in my cash claim. does this make sense.
Sara (Debt Camel) says
Well it would – except the difference looks a lot larger than 1 payment? How many payments do you think your guarantor made? They should be refunded that money – reduced by the same percentage that your payment will be.
Ask Amigo if they have written to your guarantor about this.
kenneth says
honestly i can’t remember my guarantor has moved to different country so she can’t check because she closed her account. i have accept the claim do you think i am owed more i paid back £8000 early so i am completely confused. plus my guarantor won’t be able to claim because she doesn’t live here any more.
Sara (Debt Camel) says
Your guarantor shouldn’t have to make a claim – as your loan has been decided to be unaffordable, the refund of what she paid should be sent to her.
Ask Amigo how many payments she made and what the arrangements are for paying her.
kenneth says
hi sara they have sent me a email and they have broken down every payment and everything look legit so i am more then happy i think
but thank you for your help hopefully i get more.
E says
Is the Total Cash Claim Value the number that then gets carved into by the 17p/£
So a £3500 TCCV would end up being worth, what, £595?
Sara (Debt Camel) says
yes it is.
Have all your loans been upheld? Is the Claim Value the same as the Cash Claim Value?
E says
Not yet. Was just a hypothetical question.
My loan has just under £3000 left on the balance. Hilarious that if the claim is only finally actually worth a few hundred pounds, I’ll still have to pay the loan off 😂
Sara (Debt Camel) says
Any redress calculated will first be used to reduce the balance – and that is the full redress, not 17% of the calculated number.
Did you only have one loan? If you did, how much did you borrow? And how much in total have you paid to it?
E says
Numerous top ups. 3 or 4 at least before the final top up which was a £7500 loan. I have 11 payments (£296.44 a go) remaining, so that means collectively I’ve paid…
£14525.56…
Plus whatever I paid on the previous loans.
Be interesting to see what happens with mine. They gave me all my loans without taking into account the numerous years worth of outstanding debts I had at the time.
E says
Another question.
If the claim value is more than what you (I) still owe as a balance, is the balance reduced straight away, or are any and all deductions made in November – or whenever it was they expected to be actually paying people back.
I’d hate it if I knew my claim value was going to wipe my balance, but only after I’ve still had to make payments.
Sara (Debt Camel) says
I hope they will adjust the balance to zero straight away. But we haven’t seen any of these cases yet.
Bobby says
Hi Sara Nice to see some people being freed from their nightmares.Has anybody who was a guarantor heard of their claim being upheld yet ? Fingers crossed I too am freed from my nightmare too .
Sara (Debt Camel) says
not that I have seen
gareth says
hello mate, I was a guarantor and I am still awaiting word back as well. very frustrating
Zee says
Hi,
This is what i got and i accepted:
Amigo Loan Agreement | Loan Amount || £3,000.00 |
| Interest Refund | £1,450.80
Fee Refund £0.00
| Reinstated Interest £0.00
| 8% Compensation £128.18
| ClaimValue | £1,578.98 |
As per email is 17p per pound which caluclate to be around 258 pounds.
Any thoughts?
Thanks
Sara (Debt Camel) says
so that looks like one loan which was upheld.
Zee says
HI,
Yes, thats correct. It was upheld.
The redress is very low.
But better than nothing
Col says
Hi Sara,
In the section above, Exception – full refund for “continuing payments” you say that Amigo has put in place a mechanism to protect a proportion of customer payments made after 1 December 2021 or after the date they complained (whichever is later).
I complained in October 2020. If it’s upheld do that mean I’d only get payments back in full that I made after 1 December 2021? I wouldn’t get payments back in full from the data of my complaint? (Assuming I’d already paid back more than the original loan)
Thanks again for all the help you’re providing.
Sara (Debt Camel) says
yes, that is my understanding of how this will work.
Col says
That’s frustrating but thanks again. for the reply. Really appreciate all the work you’ve done around this.
Dave says
Just so others know what to look out for when receiving their claim decisions can someone let us know if the emails are coming from a standard amigo / amigo scheme email address or from employees within amigo?
Thanks
graham moseley says
Sarah. I used a claims company to make my claim back in June 2020.The claim was passed onto the financial ombudsman and I heard nothing more on it. Amigo stopped taking any interest for my final 6 months of payments loan now payed off. I decided to claim via the amigo website 3 days before claims should close. Any thoughts on this
Sara (Debt Camel) says
I don’t know if your claims company will have automatically entered a claim for you. You can ask Amigo or wait and see.
graham.moseley@outlook.com says
Hi Sarah. When I log in it just says the usual not received a final letter nothing about a 3rd party.
Sara (Debt Camel) says
There isn’t much point in me guessing.
graham says
Why would they stop adding interest if they where not going to up hold my claim
Sara (Debt Camel) says
Because it may have hit the “interest cap” – Amigo will not add more interest than they originally quoted when you took out the loan. If this has happened, it has nothing to do with whether they intend to uphold the claim.
Lee says
Hi Sara,
Thanks firstly for bringing this to my attention via the forum – I saw this back last summer and applied for the right to equitable set-off in June 2022, which was accepted by Amigo (after an initial mix-up on their part). I was on my 3rd and current top -up loan over 12 months, having borrowed £6,750.00 in 2019 and having repaid £9,070.00 (34 payments) as at June 2022. Total Repayment would have been £16,007.40.
If my claim is upheld, I’m just trying to get a basic idea of what to expect – should I be looking at 1) full redress + some compensation, 2) just having the loan cleared off or 3) still owing Amigo money?
They say my current balance is £7,470.00, but I also noticed they added another £889.00 total interest in the 4 months after I applied for ESO.
Any information is appreciated!
Thanks,
Lee
Sara (Debt Camel) says
If you had just had this loan, then if it is upheld you have repaid more than you borrowed so you should get the balance cleared, and some cash refund which would be at whatever % Amigo ends up paying. And have your credit record cleaned.
But what actually happens depends on Amigos decision not just about this loan but about previous loans. Because if it does uphold all of them, Amigo is likely to apply deduction which will probably be labelled “reinstated interest”. Sometimes this is only a couple of hundred pounds. But I have seen some in the thousands…
If this happens to you, you should appeal to try to get the earlier loans decided to be unaffordable too.
Lastly from the figures you have given, it looks as though Amigo has added more interest than they should… but there is no point in disputing this now as all the interest will be removed if that last loan is upheld.
Lee says
Appreciated, thanks Sara. Is the cash refund (at whatever %) based on the loan amount, i.e. if it was 9%, would this be 9% of £6,750.00?
Thanks!
Sara (Debt Camel) says
No, it is based on the amount you have overpaid if interest is removed.
So you borrrowed 6,750. And you have paid so far 9,070. This means you have paid £2,320 more than you borrowd – this is the interest that will be refunded. But you will only 9% or 17% or whatever percentage is decided in the end of that amount.
(AND this will change because of the previous loans. And also there would be some 8% interest added.)
Lee says
Thank you Sara.
Janet says
I got this reply from Amigo when I contacted them regarding my claim:
Thank you for getting in touch.
Whilst we initially estimated that we would be agreeing claims in the first half of 2023, due to receiving more claims than anticipated, we now expect to have sent all outcome letters via email within the next 3 months.
While we don’t have an update for you just yet, we’ve now reviewed the vast majority of claims and are confirming decisions made to customers via email. We are working hard to issue outcomes as quickly as possible.
Please note that if your claim is upheld, we anticipate making the first interim redress payments in late 2023 and the final payment will be delayed until approximately May 2024 (around the time that the business enters liquidation). For more information, please go to http://www.amigoscheme.co.uk
We appreciate your patience throughout this process and will be in touch as soon as we have an update for you.
Kind regards,
Scheme Support Team
Amigo Loans
Inga says
hello,
Amigo Loan £8500.00, fully repaid last year.
Interest – £8952
Fee Refund £0.00
Reinstated Interest £0.00
8% Compensation £716
ClaimValue – £9668
As its 17p per £ which caluclate to be around £1643?
Is that correct if I will be accepted?
Thanks
Sara (Debt Camel) says
You only had 1 loan from them?
When did you make a complaint/claim?
When was the loan repaid?
Inga says
Had 2, secend was top up in total £8500. Repaid back last year June in full.
Claim maide in 2020.
Sara (Debt Camel) says
Have both loans been upheld?
Inga says
Still waiting for decision.
Sara (Debt Camel) says
So you have just made up those numbers?
There is no point in doing that.
You have no idea what the interest refund will be, if there will be a deduction for reinstated interest or what the 8% numbers will be – it is not a simple 8% of the interest number.
Mark says
I’m glad people are finally getting a decision from Amigo. I’m still waiting to hear back off them (I’m now obsessively logging on to check lol). I’m now not interested in any money back (the % will end up being ridiculously low anyway). I’m just hoping the balance is cleared and my credit file updated as I’ve been in ESO since September due to paying back a lot more than borrowed. I just need to know as it’s on my mind every single day and it’s stressing me out. I just want to know their decision so I can plan ahead.
Since submitting my scheme claim I’ve married my partner and taken their surname. Amigo still has my old surname registered and was wondering if I let them know now will it delay the decision further or should I wait for the decision then send them proof of name change?
Sara (Debt Camel) says
I would wait and tell them when you accept the offer (or lodge an appeal)
Mark says
Thanks Sara, I was thinking that might be best as if I submit my name change documents now it might delay my claim even further. I’m just hoping I hear something very soon, even if it’s not successful, at least I know – its the not knowing for so long that is stressing me out.
David says
Hi Sara,
Is there anything people in ESO can do about Amigo reporting missed payments to the credit reference agency? I entered ESO in June 2022 with the original guideline of responses by Q1 2023. I then phoned in March and they told me they was in the “home straight” and I would hear back by the end of April, then it was June, then it was August now it’s within the next 3 months.
My credit file looks great now other than these missed payments, it’s stopping me get any form of credit, mainly a mortgage!
Thanks.
Sara (Debt Camel) says
I think Amigo has been handling these complaints very poorly. They should have prioritised the complaints where there are current loans, so this sort of problems is resolved soonest. But they haven’t.
But I don’t think there is anything you can do to speed this up.
Emma says
Has anyone received a response yet who has been in ESO?
Sara (Debt Camel) says
I have not heard of anyone with a current loan getting a response yet. In the ESO or not.
Susan says
No I’ve not heard and they have today reported a missed payment on my credit karma. I am so fed up with it all now. I don’t even want any money. I just want the balance wiped.
Ste says
I’ve just had this email that my claim is upheld..but don’t understand what I will get back..???
Loan Amount | Loan Term | Date Loan Approved | | 14434678 | £1,100.00 | 36 | 17/02/2014 | | 18613025 | £3,500.00 | 36 | 14/07/2015 |
| Interest Refund | Fee Refund | Reinstated Interest | 8% Compensation | ClaimValue | | £3,465.31 | £100.00 | £0.00 | £1,183.89 | £4,749.20 |
| Cash Claim Value | £3,565.31 | | 8% Compensation | £1,183.89 | | Total Cash Claim Value | £4,749.20 |
Sara (Debt Camel) says
can you please repost this on separate lines like this:
Interest Refund £
Fee Refund £
Reinstated Interest £
8% Compensation £
Claim Value £
Cash Claim Value
8% Compensation £
Total Cash Claim Value £
And also say if you only had 1 loan
Col says
Glad you’re claim was upheld. When did you submit your claim?
Mine was Oct 20 and still not heard anything.
Sara (Debt Camel) says
Please don’t ask everyone this – it isn’t clear that it makes any difference when a claim was made.
Col says
Apologies, I’d read othes a while back saying Amigo were working through them in the order they’d been received so was trying to gauge were they were up to. That’s probably not the case anyway any more. :\ Can’t belive how long it’s been allowed to drag on for.
aden says
surely FCA should be able to take away their ability to report missed payments as proceedings are on hold whilst complaints are investigated
Humans will colonize Mars before these lot give you an outcome
Sara (Debt Camel) says
The FCA plays a curiously passive role in credit reporting. Technically you have missed payments and that is what is being reported. Amigo could add a default, but people were not told that that was a possibility when they signed up to Equitable Set Off and you would probably not think that is an improvement. A dispute flag could be added, but that wouldn’t stop the missed payments being added.
Gareth says
Hi
There is a loans compensation calculator on claims bible. is this worth looking at with regards to how accurate any compensation amount will be paid back?
Sara (Debt Camel) says
No. It doesn’t calculate 8% interest. It doesn’t apply a percentage reduction at the end. It can’t cope with more than 1 loan or top ups, or with a your guarantor having made any payments, or with the loan having been settled early, or the loan not having been repaid. It looks totally useless to me.
Gareth says
spot on, thank you. Sara
Cj says
So I spoke with amigo today.the man on phone was saying that claims being answered at moment are for loans that are finished. People with currant loans will be told within the next two months. As they are more complicated for the payouts etc as some people qualify for full refunds of their payments.he said why don’t I apply for ESO . But I explained that I did not want my guarantor getting grief as she has been unwell. He assured me I would only make one maybe two more payments
E says
I wish this lot would make their mind up 🙄
Gem C says
I’m in the same situation as you, did he say if your claim was upheld you will get the money back in full for the payments you are currently paying? If you have paid back more than you borrowed? I’m currently paying 256 a month and have paid back more than I have borrowed by about 3500
James says
I read this forum most days just hoping for positive news for others in the hope mine will be positive. So frustrated and exhausted with the prolonged agony.
Ashamed to say that over the years (since 2013) I have had 9 loans/top ups with them. Thousands of pounds paid to them, mostly on time but some missed payments. They preyed on the financially vulnerable and have left us waiting. Like others I have heard so many deadlines and moving goal posts. Was told today that end of year is likely for all responses.
Currently in equatable offset on current loan.
Shall post an update when I eventually get one.
Thanks all for sharing updates, gives hope to others like me and thanks for Sara for being on the ball and knowledgeable!
Laura says
So, as a thought, do we think the non-uphelds are coming later? I’ve not seen many rejections or maybe people just aren’t sharing?
Sara (Debt Camel) says
Some rejection went out before the upholds started. This doesn’t mean that they all have …
Many people may just have given up when they got a rejection for an old loan so i is hard to guess at the numbers.
Laura says
Yes, true. I’m feeling really down about all of this. It’s really cruel what they’ve done. Just going to try and forget about it now.
Gemma says
I have had 4 loans 3 topups with amigo in total i borrowed 6500 in 2014-2016 paid over £18.000
Kristina says
My loan has been paid in full and still not heard anything. All it says on the Amigo website is
that i have not yet recieved a final response letter. I am reading alot of people have had their claims upheld.
I hope i hear something soon
Anon says
Still not received an outcome letter – how much longer do I have to wait
Kim says
Hi, I know a couple of people that currently have loans running with amigo and have been paying full amount and never entered claim or scheme. One said they had a call today saying they don’t need to pay anymore. Is this because they’ve now passed debt to collectors? As other person hasn’t heard anything.
Sara (Debt Camel) says
It’s hard to guess – can you suggest they post here?
Gareth says
has any guarantor received a letter yet? I am still waiting on word. loan was paid off in full a couple of years ago
Samantha says
Will claim outcomes be updates on the website when you log in and also emailed ?
Christopher says
2 loans I had both been upheld Will i except and what total will I get both paid off 2020 thanks is not the amount you will receive.
Interest refund
£3,373.39
Fee refund
£0.00
Reinstated interest
£0.00
8% compensation
£156.00
Claim value
£3,529.40
Cash claim value
£3,373.39
Total cash claim value
£3,529.39
Sara (Debt Camel) says
The 8% compensation number looks wrong if your last loans was repaid in 2020. It should be a lot more than that – I suggest you ask them to double checks this.
Christopher says
Thanks so will I get 17% of the total cash claim value yeah thanks
Sara (Debt Camel) says
or whatever percentage they actually pay out on. But that 8% number is way too low, it should be 800 or more… so well worth disputing
Ian says
I have just spoken to Amigo Loans Scheme.
They have advised that all claims will have a response within the next 8-10 weeks. I know that a couple of people have asked how they are being sent out, she advised that it will be to whichever email address is on the account and to check the spam folder just in case.
Was offered Equitable Set Off (ESO), but despite struggling to make the payments, I haven’t missed one (recycled debt numerous times to do so), and my guarantor is retired and unable.
I have 7 months left of £395 payments. I asked whether the money I have paid in full since lodging a complaint would be refunded and she said she thought so, but was unsure. And couldn’t confirm it. I did think originally that this may have been a reason for the delays, to get more people to pay in full before settling the scheme, but looking at other comments on here it doesn’t appear to be so, and appears to have been ringfenced/factored in.
Have had 5 loans over the last 6 years, started off with a £2,000 loan and had to keep extending. Paid close to £20,000 on my current loan of originally £10,000.l, and had to take out further credit elsewhere to stay on top. Really hoping for a positive outcome, but will have to wait and see. And hopefully it is sooner rather than later.
Ronnie says
I too have just gotten off the phone after being told 8 to 10 weeks and they have been sending them out for over a week. Fingers crossed for everyone
Sam says
Hi all,
Curious if anyone has had a decision yet on a historic loan?
I have a claim in for a loan from 2011 and a top up in 2012. Amigo have requested I send a copy of my credit file from the time of opening the loan, or bank statements. I’m no longer with the same bank, so cannot get these statements. I’m trying to find out if I can access my credit file from this long ago. If I don’t send them these by 31st August, they’ll carry on without. I’m wondering how much not providing these will affect their decision.
Lauren Rose says
I’ve been asked by amigo if I want to accept or escalate. Can you advise me of what I’m looking at, don’t know what to do.
I’ve been given 2 sets of figures.
Agreement claim values
Interest refund
£1,876.28
Fee refund
£0.00
Reinstated interest
£0.00
8% compensation
£356.63
Claim value
£2,232.91
And
Summary Agreement Claim Values
This is not the amount you will receive.
Interest refund
£1,876.28
Fee refund
£0.00
Reinstated interest
£0.00
8% compensation
£356.63
Claim value
£2,232.91
Cash claim value
£1,876.28
Total cash claim value
£2,232.91
Many thanks
Sara (Debt Camel) says
Did you only have 1 loan from them? when was it repaid?
Lauren says
One loan of £4000 would have been paid back 9th April 2020
Sara (Debt Camel) says
Well the 8% figure looks a bit too low, I suggest you ask Amigo to look at it again.
Lauren says
Thank you. What sort of think would you recommend putting in it. I have to put a section about the reasons for escalation. I hate having to word things because they use it against you so easily. If I escalate and they don’t agree do I still get the original amount offered again?
Sara (Debt Camel) says
yes, they can’t change that decision. Just ask them to review the 8% statutory interest as the last debt was repaid more then 3 years ago.
Sara (Debt Camel) says
I have just looked at the detailed Scheme documents and the 8% interest added is cut off at Feb 2022 – on that basis the number calculated doesn’t look wrong.
Lauren says
Thank you for looking into that, I have already asked for a review so unable to change my decision now. So what figure am I actually looking at getting? The 8%?
Tara says
Hi All,
I have been in contact with Amigo Loans this week, with both the SOA department and the collections team.
I was told within the next 3months we should all have had a decision, with first redress end of 2023 and a delay on second redress for May 2024. On the plus side I was also able to get the interest frozen on the loan as it had started again, after leaving my IVA I have also emailed the collections department after receiving a rude voicemail and email. At which I told Amigo that I will not be entering into any payment arrangement to clear the debt until I receive notice of my claim outcome.
The collections department have since not contacted me and basically, they are trying their luck. Please don’t feel pressured, stressed and worried that Amigo will come knocking for the money, because they can’t touch you if you have a claim against them and until a final decision has been made by the SOA. Like someone said in the thread above, you’re throwing away money if you do at this stage. Stay strong yes, it’s scary but its only money at the end of the day, and if your claim is lost, you’ll deal with the debt then. Until that day comes remember your mental health and wellbeing is much more important than lining their pockets for a company that saw the vulnerability in millions of people and took advantage of that fact. I think what is happening to Amigo Loans is called ‘Karma! Best of luck and take care everyone.
Gary says
Hi. I’ve just checked my credit file an the loan has been removed from amigo. Is this good news an could it re appear.thanks?
Sara (Debt Camel) says
Amigos credit reporting seems to be all over the place at the moment. Don’t assume this means good news is imminent
Jo says
Sara I am currently in an equitable set of I’ve had multiple top ups and I was paying 396 a month they knew I had a reduce payment at the time of a 3000 loan with provident . The balance remaining is 8990 . It’s just said on my credit report that amigo will be removing my loan is this a good sign xx
Sara (Debt Camel) says
Amigos credit reporting is a mess at the moment some people have had this message then the loan has reappeared later. I suggest you shouldn’t try to anything into it
Issy says
Reading some of you finally getting responses is making me hopeful I might hear something soon!
One thing I’m unclear on. Those of you that have received responses that have been upheld, how quickly is the negative information being removed from your credit files? Do you have to wait until you receive the redress payment or does it happen quite quickly?
Sara (Debt Camel) says
no one has mentioned this yet.
Gem C says
Hi Sara
Hope you are well
I have had 2 loans one in 2018 for 4000 and then a top up in April 2020 for 6500, I’m still paying the top up at 256 a month which is crippling me! I have paid now more than I have borrowed by about 3700. I put my complaint in in March 2021. What will happen if my claim is upheld? Will I receive this money back that I have now over paid? As I’m reading all sorts of things about current loans and it’s all very confusing! Really hoping to hear something soon
Thanks
Sara (Debt Camel) says
If the second loan is upheld your balance will be cleared, your guarantor will be released, and you will be owed a cash refund.
Payments made from Dec 2021 after the point you have repaid the loans without interest should be repaid in full (this is dependent on Amigo having put the right amount aside – at the moment we have no reason to think there is a problem with that).
Just looking at the second loan, if you have overpaid paid by 3700 that is about 14 months of overpayments, so you will have reached that point after Dec 21.
If the first loan is also upheld, you will have reached that point earlier. If that point was reached after Dec 21 then all your refund should be repaid in full. If it is reached after before Dec 21, only the payments paid after Dec 21 will be paid in full and the ones before will be paid at 17% or whatever rate Amigo ends up paying in the end.
If the first loan is not upheld and there is a deduction for reinstated interest, first you should appeal this to try to get the first loan also upheld. If that fails, then your refund will be lower.
Sorry this is so complicated!
PS all this assumes that your guarantor has not made any payments.
If the monthly payments are crippling you at the moment you should look at equitable set off, see https://debtcamel.co.uk/stop-paying-amigo-set-off/ – it could still be a few months until there is a decision.
Gem C says
Hi Sara
Thanks for this
The first loan I received 4000 from them but the top up even tho it’s 6500 I only received 1193 from them, presuming that they took the other 5307 to clear my first loan, so all the money I had from them would of been paid back by Dec 21 as my payments come out on the 1st of every month As all cash received from them was 5193
Just all very confusing 🙈 no I haven’t applied for equity set off as I’m worried about my guarantor getting harassed as they are an elderly relative. And no my guarantor hasn’t made any payments
Just really hope to hear soon as others have said will be within the next 8 to 10 weeks
Thanks
Sobahn says
Hello
I had 2 loans. The first one was £1000 and then I must have topped this up or asked for another loan which was £3500.
This is what is shown on my portal.
Firstly for the £1000 loan.
Agreement claim values
Interest refund
£34.42
Fee refund
£0.00
Reinstated interest
£0.00
8% compensation
£15.32
Claim value
£49.74
Secondly for the £3500 loan.
Agreement claim values
Interest refund
£1,620.12
Fee refund
£0.00
Reinstated interest
£0.00
8% compensation
£0.00
Claim value
£1,620.12
Please can someone help make sense of the figures I have shared above.
Thank You
Sobahn says
I’m the email I received they have mentioned below..
Claim Outcome: Upheld Total Cash Claim Value = £49.74
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.
We have carefully considered the information available on Amigo’s systems, and any supporting information provided in support of your claim. Based on this information and the Scheme methodology, we have concluded that we cannot be confident that the loan agreement(s) was affordable for you at the time it was entered into. Therefore, your claim has been upheld.
MY LOAN WAS UNAFFORDABLE AND THE ONLY REASON I HAD IT PAID OFF WAS BECAUSE MY FAMILY HAD TO USE THEIR OWN MONEY TO PAY IT OFF FOR ME. THEY HARRASSED ME WITH CONSTANT EMAILS AND THREATENED ACTION AGAINST ME IF I DIDN’T PAY.
I PROVIDED ALL THIS AS EVIDENCE.
Apparently we will only be receiving 17p to every £1 according to what your Cash Claim Value is.
Sara (Debt Camel) says
When was the first loan settled? The second loan?
The 17p is just an estimate – it may change.
AG says
Good to see that some people are beginning to get some refunds – hopefully it won’t be too long until I hear back on mines!
Ken says
Hi Sara
I’m sure there are quite a few people awaiting their decisions with current loans.
I entered in to ESO in January this year after an Amigo employee said i wasn’t able too even though I had paid back £17K on a £10K loan.
Because of the debt and being unable to pay the monthly amount £395 I entered in to an IVA and this left my dad having to make the payments he wasn’t in the position to due to his Ill health and age (65) and considering he was set to retire this year he physically can’t.
How will the refund be set out if my claim is successful? Will he be paid back the amount he paid? Roughly half of the amount paid back (£7,500).
Any help would be greatly appreciated.
Ken
Sara (Debt Camel) says
has your father also made a claim?
Ken says
We tried to on his name but as it was with the same account as when I made a claim it wouldn’t allow me to add him to my claim. Surely as a guarantor he’s automatically added to my claim regardless of payment history? As it’s the same account which is being paid?
Sara (Debt Camel) says
I can’t really guess what will happen here, because I have no idea if Amigo will have put the payments your father made after January into the trust account.
Come back when you get a decision and we’ll look if it is fair. If it isn’t, you/he can appeal it.
Winnie says
Hi – Amigo rang me back in early July and asked me if I had bank statements from when I took out my loan in 2012 to verify my financial situation at that time. I rang First Direct, but the adviser said they don’t have statements from back then, although in a previous conversation with another adviser I was told that I could get statements. Did anybody else have to prove their financial situation to Amigo? I didn’t send anything to them.
Thanks
Sara (Debt Camel) says
All older loans were asked for this.
Tom says
My loans was older than this, they have not asked me for bank statements, so it’s not always true they ask for this for all old loans, maybe mine are so old it’s harder for me to get statements so they have not even asked.
Sara (Debt Camel) says
Sorry I meant to say that so far as I know they asked for this information for older loans where they did not have enough information to decide.
Winnie says
Thanks for replying. As I don’t have statements, the only evidence I can supply is letters I had from creditors/debt collectors at the time, when they had sent me default notices, letters of outstanding debts, payment plan arrangement letters. Plus I also have a letter CAB did for me in 2010 which listed all my debts and the details were still valid in 2012. Could I please ask if you think I should provide these letters/information?
I presume Amigo did a credit check at the time (although if they did do the affordability check properly, they would never have lent to me as I was in debt around £30,000-40,000 which my CAB letter verifies). Would they likely have this credit check outcome information on their files, and is something I can perhaps still obtain via a SAR?
Sara (Debt Camel) says
Yes I think you should provide those letters/info as evidence.
I don’t know what information Amigo has retained, it may not be much.
Daniel says
Hi if my claim was rejected how do i officially appeal the decision? I believe i have a strong case and after all this time its been rejected any advise would be really appreciated!
Sara (Debt Camel) says
The decision explains how
Sean says
Hi.
I have tried to log into the portal but am presented with ‘welcome back’ only. No page loads. Is their log in portal still active? Thanks
Graham says
Hi Sean I am getting the same message as you had now. Has yours come back on as yet
gary taylor says
Hey just a quick one with amigo selling loans with claims not up held what happens to that money? Is it put in the compensation pot
Sara (Debt Camel) says
Yes. All money goes into the compensation pot.
But I am not sure if it has actually sold any loans with claims not upheld so far – I haven’t yet seen a decision uphold/reject on any current loans.
We don’t know what loans have been sold so far – loans where no claim has ben made, previous uphedl complaints, defaulted or non defaulted…
Tara Prudden says
Update: Since contacting Amigo earlier this week, I went to check my old loan account and the portal. for any updates today. Where I have been unable to login to either, with a message stating ‘No Matching Account Found’ and to call them. It’s all very cloak and dagger with this company. Another stressful phone call awaits me on Tuesday, I guess. Is anyone else having issues logging in today?
Waz says
Hi Sarah
Been reading through these comments above I need a bit of help of understanding this
I had 2 loans as first one got difficult to pay within 10 months of my loan not fully paid I was allowed to get top up which I did to pay my amigo loan and other debts paid after this it got very difficult
I went through claims company amigo accepted the 2nd loans to be upheld but 1st loan rejected which claim company suggested from the specialist to appeal as I had strong case for 1st to be upheld as well by this time unfortunately Amigo made announcement of going through courts Ombudsman could not do anything due to this
I still have 8135 outstanding and hoping I will get good news I’m paying reduced amount from 395 to 135 as 3 years I fell in to depression as all other loan’s including this got extremely heavy on me
If 8135 gets upheld will I still have certain amount left deducting their percentage on upheld loan please help?
Thanks
Waz
Sara (Debt Camel) says
Did Amigo make a deduction “for unpaid interest” for the first loan when it upheld the second one?
Waz says
Hi
Yes they did at the time of claim I had outstanding £16,104.39 they deducted £7541.61 which went down to £8562.78 (complaint interest unwind cr)
Then added £3953.57 as (complaint unclaimed interest) which increased my balance to £12561.35 this figure was at the time on September 2020
Since then been paying reduced amount which has present time reduced my balance to £8315 while making payments
If upheld what amount should I be looking at from amigo (roughly)
Please help
Sara (Debt Camel) says
ok if the first loan is now upheld, then the £3953.57 for unclaimed interest should be refunded to your balance. And another amount would also be refunded for the interest paid on the first loan. And another few hundred for the payments you have made since then as well.
From those numbers I doubt your balance will be totally cleared, but it’s best to wait for the figures on this.
What is the rest of your current financial situation like – do you have any arrears on important bills? Any other debts you have defaulted on? And debts in payments arrangement or which you making normal payments to?
Waz says
Hi Sara
Yes I do have defaults as well behind on priority bills and behind on other loans still till this day due to falling behind trying to pay amigo balance but it just got worse and worse
Sara (Debt Camel) says
Your guarantor must have been released from the current debt as that was upheld? In this case this Amigo balance is just another debt, not a priority.
As you have arrears on priority bill, I suggest you need to make payment arrangements with those urgently and reduce payments to Amigo and othe loans to token amounts. Talk to your local Citizens Advice or phone National Debtline on 0808 808 4000
Gee says
Hi I took out a loan for £3000 however I cleared it working 2 months and only paid interest of £77, I am
Still
Awaiting a Response however what will I get?
Sara (Debt Camel) says
If the claim is upheld you will be assessed as having a claim value of 77 of which you will be paid a percentage, possibly 17%. Might be enough for a pizza
Gee says
Lol 😂, well I suppose something is better than nothing!
N Goodwin says
Just posting to share solidarity with everyone waiting on a decision. I’ve had 3 loans with Amigo (OG + 2 top ups). Outstanding balance of £3700. Don’t care about redress. Just want my credit report wiped clean as this is the only black mark and the missed payments span nearly 2 years. Thank you to the person who noticed that they seem to have stopped reporting missed payments from this month. I’ve just checked my own CR and right enough, it usually updates on the 16th of each month but no missed payment reported for August. Like others I emailed a few days ago for an update and was told a decision would come now within 3 months, after being told in July that it would be by end of August. Very much hope I can update soon. So ready for this nightmare to be over and move on with my life.
Joe says
Interest Refund £115.89
Fee Refund £0
Reinstated Interest £0
8% Compensation £0
Claim Value £125.89
That’s the first loan of 1250 paid of the 15/5/18 with this second loan..
3000 to pay the top one off
Interest Refund £3456.07
Fee Refund £0
Reinstated Interest £0
8% Compensation £191.66
Claim Value £3,647.73 paid 2021
Cash Claim Values £2,426.26
8% Compensation £191.66
Total Cash Claim Value £2,617.92
2 loans and I don’t understand any of it someone please help. TIA
Sara (Debt Camel) says
did you make a claim that was settled in 2021? was just the second loan upheld?
Joe says
I tried to make a claim from a third party but it got rejected then I went through the scheme. I managed to pay it off in 2021 in one go because it just wasn’t going down.
Sara (Debt Camel) says
I am guessing that the claim value for the first loan is £10 more than the interest refund because of some charge also being refunded. Hardly seems worth querying this.
The numbers for the second loan. Can you cooy and paste in what you were sent about this. Those numbers you have Given look as though they make sense BUT don’t seem to have been reflected in in the cash claim values and total cash claim values which both look more than £1000 short… so this is worth disputing
Joe says
The summary agreement claim values are
Interest refund £3611.96
Fee refund £0.00
Reinstated Interest £0.00
8% compensation £191.66
Claim value £3,803.62
Cash claim value £2,426.26
Total claim cash value £2,617.92
Thanks
Sara (Debt Camel) says
Has your guarantor made payments to these loans?
Joe says
I don’t think they did
Sara (Debt Camel) says
in that case you should go back and ask why the total claim cash value is lower than the claim value.
Tara says
Update: contacted Amigo SOA this morning to update my details. Managed to regain access to my account and portal. I have applied for ESO at the same time. I was told by the lovely lady on the phone that we should receive all outcomes between NOW and 8/10 weeks, but it is more looking like between now and 8weeks, so Nov she told me. Hopefully it will be good news just before Christmas.
E says
Just logged into ClearScore and noticed my Amigo account is being removed from my file, but I’ve still not had a claim response. Very confusing.
Rob says
Amigo are a mess with reporting right now. Mine has been removed from ClearScore each month and then around the middle of the month my ClearScore will update to show I’ve paid a payment to my loan. Not sure if it is a fault with them or ClearScore.
Sara (Debt Camel) says
ClearScore report what Amigo sends Equifax. This problem is not being repeated for other lenders. it’s Amigo)s fault
E says
What does it mean if the account is being removed from my file though?
Sara (Debt Camel) says
I don’t think it means anything at the moment except a glitch in Amigo’s reporting. It isn’t good news, too many people have had this message and the Amigo loan just reappears a bit later
AJ says
What does equitable set off (“ESO”) mean in terms affecting my credit history? Will it affect my guarantor if enter into an ESO – really don’t want upset my guarantor who had to step in several times to help me keep up to date with my monthly payment because she didn’t want me to miss a payment and for her credit history to be affected.
Sara (Debt Camel) says
See https://debtcamel.co.uk/stop-paying-amigo-set-off/ for details.
Briefly ESO shows as missed payments on your credit record which are removed if your claim is won.
Amigo should not ask your guarantor to pay and the Amigo loan does not show on a guarantor’s credit record so the ESO will not feet that.
Hannah says
Hi I have emailed and got a response today I haven’t received my response letter I’m still waiting to see if claim will be up held.
Thank you for getting in touch.
We’re in the process of sending customers their claim outcome letters via email. Whilst we initially estimated that we would have sent them all in the first half of 2023, due to receiving more claims than anticipated, we expect to have sent them all within the next 3 months.
While we don’t have an update for you just yet, please keep an eye on your emails as we continue to work hard to issue outcomes as quickly as possible.
Please note that if your claim is upheld, we anticipate making the first interim redress payments in late 2023 (from November) and the final payment will be delayed until approximately May 2024 (around the time that the business enters liquidation). For more information, please go to http://www.amigoscheme.co.uk
We appreciate your patience throughout this process and will be in touch as soon as we have an update for you.
Kind regards,