Last week several readers were told they can stop paying Amigo while their complaint is outstanding, through Equitable Set Off. This is what I have been saying Amigo should do since last December when they announced their first, now rejected, Scheme of Arrangement. Amigo are trying to set up a second Scheme. But until now they have been insisting that people who have made a complaint have to … [Read more...]
Articles about Amigo
These articles are about Amigo itself, the company and its finances.
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’s Scheme rejected – now looking at a new Scheme
UPDATES Amigo’s Scheme of Arrangement was rejected by the court after it was opposed by the FCA as unfair to customers and too generous to shareholders. See Court rejects Amigo Scheme for details. Amigo is working on a second Scheme. The recent Amigo results don’t contain anything useful about what the next Scheme might look like. I can't see a new Scheme starting until late November at the … [Read more...]
“Should I stop paying Amigo?” – the pros & cons
UPDATE In Mid September Amigo told some customers who have made complaints that they can stop paying and their guarantor won't be asked to pay. See Amigo will now let people stop paying – the right of Equitable Set Off for details. Amigo is only letting customers who have paid more than they borrowed exercise this right - I think that is wrong as legally a customer can have this right even … [Read more...]
Amigo – what is happening with “Scheme 2.0”?
It is now three weeks since Amigo's proposed Scheme of Arrangement was rejected by the court. The FCA told the court the Scheme was not fair to customers, a more fair Scheme could be proposed and it didn't think Amigo would go into administration immediately. The judge concluded by saying: The FCA expects the directors to continue to explore and promote a restructuring which fairly allocates the … [Read more...]
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...]
Will Amigo’s Scheme reject too many claims?
This article relates to Amigo's first Scheme, which was rejected in May 2021. See Amigo’s Scheme rejected – now looking at a new Scheme for the latest news. In 24 March 2021, Amigo announced some feedback from the Financial Conduct Authority (FCA) on its proposed Scheme of Arrangement. Full details have now been given - the FCA's Letter of Concerns was published on 31 March 2022. This … [Read more...]
Amigo should end unpaid interest deductions and remove CCJs
This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo’s Scheme rejected – now looking at a new Scheme for the latest news. I asked Amigo about some details of the redress people will get if they make a claim to the proposed Scheme and Amigo upholds the claim. Amigo has had a complete change in its Board of Directors. It now likes to suggest that … [Read more...]
Amigo & Provident complaints soar – new Ombudsman data
On 3 March 2021, the Financial Ombudsman Service (FOS) published two sets of statistics. quarterly data for October-December 2020 summarises the types of complaints FOS has received. half-year data shows which firms had the most complaints in July-December 2020 and how often FOS upheld the customers' cases. Caroline Wayman, the FOS CEO says: "Excluding PPI, new complaints are up by … [Read more...]
Amigo’s Scheme – key points to think about
This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo’s Scheme rejected – now looking at a new 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 … [Read more...]
Amigo – many customers may do better in Administration than a Scheme!
This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo’s Scheme rejected – now looking at a new Scheme for the latest news. When Amigo announced it was proposing a Scheme of Arrangement in December, it said: Amigo continues to explore alternative options but it is likely the alternative options would result in those with Redress Claims receiving … [Read more...]