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Articles about Amigo

These articles are about Amigo itself, the company and its finances.

In March 2023 it announced that it could not raise the money it needed from shareholders so it will be would down and liquidated.

Amigo's Scheme continues in the Fallback option, but there will be less money for refunds.

For articles about guarantor loan complaints, including the templates for how to complain if you are a borrower or if you are a guarantor, see Guarantor loans complaints.

Amigo Scheme – final payment of 6.01% will be paid in April 2025

  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 … [Read more...]

March 28, 2025 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Amigo’s new Scheme – approved by the Court

UPDATE the Scheme is now live After the court approved the Amigo scheme in May 2022, the Scheme is now live. The deadline for making claims has now passed. See Amigo’s Scheme – waiting for claims to be decided for details. UPDATE on the result of the voting Amigo announced on 13 May that c. 89% of people voting had voted in favour of the new Business Scheme. the next stage in the … [Read more...]

May 23, 2022 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Amigo proposes a second Scheme – but is it fairer?

Amigo blue man looks worried

UPDATE - in May 2022, the court approved the new Amigo Scheme. See Amigo's Scheme for details On 13 December 2021, Amigo proposed its new Scheme of Arrangement. The Practice Statement Letter (PSL) is a 21-page overview of the new Scheme. The numbers in the PSL have now changed Amigo says: We hope a successful new Scheme will also allow a changed Amigo, under a new management team, … [Read more...]

December 13, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

“Should I stop paying Amigo?” – the pros & cons

This article is in 2 parts: your situation if Amigo says you have to continue your loan repayments but you either don't want to as they should owe you money or you can't afford to. the option of Equitable Set Off that Amigo introduced on September 2021 for some people - should you opt for it? Update - some people were told they could stop paying when the 2nd Scheme was underway - this … [Read more...]

December 13, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Amigo – no second Scheme before April at the earliest

On 29 November 2021, Amigo published its results for the six months ended 30 September 2021. Amigo's first Scheme of Arrangement was rejected by the Court in May. Since then, Amigo has been trying to come up with a new Scheme that is fairer to the customers given unaffordable loans. Amigo says: "the proposed contribution to the new Scheme will be significantly increased from that of the … [Read more...]

November 29, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Amigo’s Scheme 1st scheme – the timetable that ended in rejection

UPDATE In May 2022, the new Amigo Scheme was approved by the court and went live. See  Amigo’s Scheme  for details about this. This page on the old Scheme is now no longer relevant. Please leave any comments and questions on that new page. The approval process for the first Scheme (this ended in rejection) On 30 March, the First Court Hearing gave the go-ahead for Amigo to organise the … [Read more...]

August 26, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Court rejects Amigo Scheme of Arrangement

On 19 May 2021 the Sanction Hearing was held for Amigo's proposed Scheme of Arrangement. On 24 May, judgment was given and the Scheme was rejected. The Amigo Board says : The Board is reviewing all options including an Appeal. A further update will be given in due course. This article looks at the Scheme, the judgment and what may happen next. The proposed Scheme The Scheme was proposed by … [Read more...]

May 25, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Will Amigo’s Scheme reject too many claims?

This article relates to Amigo's first Scheme, which was rejected in May 2021. In December, Amigo published details of its proposed new Scheme. See Amigo's new Scheme for the latest news. Surprise, surprise, the new Scheme also gives no details about how many claims may be upheld. In 24 March 2021, Amigo announced some feedback from the Financial Conduct Authority (FCA) on its proposed … [Read more...]

March 31, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Amigo should end unpaid interest deductions and remove CCJs

This article relates to Amigo’s first Scheme, which was rejected in May 2021. Amigo's second scheme was approved in May 2022. See Amigo's Scheme for details. The good news is that Amigo has agreed to remove CCJs in the second scheme. The bad news is that it has retained the unfair "deductions for unpaid interest" which it is calling "reinstated interest". I asked Amigo about some details … [Read more...]

March 27, 2021 Author: Sara Williams Tagged With: Amigo

Amigo’s 1st Scheme – key points to think about

This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo's second Scheme for the latest news. On 25 January 2021 Amigo announced that it is proceeding with the next stage of its proposed Scheme of Arrangement and published the formal Practice Statement Letter (PSL) that describes the Scheme for the customers affected. This article looks at seven points … [Read more...]

February 2, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

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