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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 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...]

December 21, 2020 Author: Sara Williams Tagged With: Amigo, High cost credit news/policy, Schemes of Arrangement

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...]

September 29, 2020 Author: Sara Williams Tagged With: Amigo

Amigo won’t give details about how many complaints it has in July 2020

On 20 July 2020 Amigo published its results for the year ending 31 March 2020. The financial headlines: Amigo made a loss after tax for 2019-20 of £27.2m. For the previous year this had been a profit of £88.6m; no guidance on financial performance for 2020-21 was given because it is too early to assess the impact of Covid-19; it had cash in the bank of over £135m at 30 June … [Read more...]

July 20, 2020 Author: Sara Williams Tagged With: Amigo

Amigo’s half year 2019 results – the rising cost of paying refunds

Amigo's  half-year results for April-September 2019 show a big increase in complaint costs about its guarantor loans. The majority of these complaints are affordability complaints, by the borrower or by the guarantor. Here is the management presentation on the results. What Amigo says about complaints Here my thoughts on some of the points Amigo makes about complaints in the management … [Read more...]

November 28, 2019 Author: Sara Williams Tagged With: Amigo

Amigo – Q1 2019 results show more complaints upheld

On 29 August 2019, Amigo published its financial results for the April-Jun 2019 quarter. I wanted to see how Amigo was going to refer to the very high percentage of complaints against it which have been upheld by the Financial Ombudsman - see 83% of guarantor loan cases won at Financial Ombusdman - and whether Amigo is making any changes because of this. The Amigo announcement Here are … [Read more...]

August 29, 2019 Author: Sara Williams Tagged With: Amigo

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