This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo's second 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 considerably lower amounts (if any at … [Read more...]
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 first Scheme – my estimated numbers don’t look good
This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo’s second Scheme for articles on the second Scheme. When Amigo announced it was seeking a Scheme of Arrangement on 21 December 2020, I said there were very few details and asked some questions. On 25 January more information about the Scheme was given. But there weren't any of the useful numbers I … [Read more...]
Amigo seeks refuge from refunds in a Scheme (December 2020)
UPDATES In May 2021 the court rejected the Amigo Scheme accepting the arguments of the FCA that it was not the fairest that could be proposed to customers. See Court rejects Amigo Scheme of Arrangement for details. In December 2021 Amigo published the proposals for its Second Scheme. See Amigo's new Scheme for the latest news. Amigo announced on 21 December 2020 that it is seeking … [Read more...]
Board room bust-up at Amigo
March 2020 On 4 March 2020 the founder and majority shareholder of Amigo, James Benamor, resigned from the board which he had only rejoined in December and published a blog saying that the company was: committing slow motion suicide. Benamor said the board needed to choose between challenging recent FOS decisions on affordability complaints in court by Judicial Review or accept that "almost all … [Read more...]
Amigo won’t give details about complaints in July 2020
This article summarises three articles that looked at how Amigo has reported to shareholders about complaint numbers in 2019 and early 2020 Affordability complaints about guarantor loans First, as background, what are these complaints about? Although the existence of the guarantor gives Amigo additional comfort it will be paid, the loan still has to be affordable for the borrower. If a loan is … [Read more...]