UPDATE on the result of the voting voting has now closed. 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 Scheme approval process is the second court hearing which will be on 23 and 24 May. Over 160,000 people voted, which was twice as many as voted on the first Scheme in 2021. The first Scheme was voted for … [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.
UPDATE - on 15 March, the court approved the voting arrangements for this new Amigo Scheme. This does NOT mean that the Scheme has been approved as "fair" - that decision will be made in late May after customers have voted. Customers will now be able to vote on the new Scheme. See Amigo's new Scheme - which way should I vote? for my thoughts on this. On 13 December 2021, Amigo … [Read more...]
UPDATE In December Amigo has published its new second Scheme. From March you can now vote on this - see Amigo's New Scheme - which way should you vote . This new Scheme includes a Trust Account that was set up in December 2021. If you have made a complaint, all your payments from here on will be kept in this Trust Account. They will then be repaid in full (not at 42p in the £) if your … [Read more...]
UPDATE In December Amigo published details of its new second Scheme. From March 2022 you can now vote on this - see Amigo's New Scheme - which way should you vote. This contained details of a Trust Account that was set up. If you have made a complaint, your payments from now on will be kept in this Trust Account. They will then be repaid in full (not at 41p in the £) if your complaint is … [Read more...]
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...]
UPDATES This page refers to Amigo's first Scheme of Arrangement which was rejected in May after it was opposed by the FCA as unfair to customers and too generous to shareholders. See Court rejects Amigo Scheme for details. On 13 December 2021 Amigo published details of its new Scheme. See Amigo proposes a new Scheme – but is it fairer? On 15 March 2022 the court approved the voting … [Read more...]
In May 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 benefits and losses … [Read more...]
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...]
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...]
This article relates to Amigo’s first Scheme, which was rejected in May 2021. Voting has now started on Amigo's new Scheme, see Amigo - which way to vote? for what to think about and the latest news. I asked Amigo about some details of the redress people will get if they make a claim to the proposed first Scheme and Amigo upholds the claim. Amigo has had a complete change in its … [Read more...]