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...]
Schemes of Arrangement
These have been proposed, and rejected, by several bad credit lenders.
So far only the Money Shop has had one approved - and that was only because they were heading for liquidation anyway, with no aim to carry on lending. This one will eventually payout c.4% to customers.
In 2021 Amigo and Provident have proposed Schemes.
See What is a Scheme of Arrangement and why do lenders want one? for an overview of what a Scheme is. 
NSF’s scheme for Everyday Loans, George Banco & Trust Two – now completed
If you had an Everyday Loan or Evlo loan (their rebrand) that started after 31 March 2021, you can make an affordability complaint about this. This isn't through the Scheme discussed on this page, so you may get a larger refund. Use my "large loan template ". If your complaint is rejected, send it to the Financial Ombudsman (FOS) straight away, as that article explains. FOS will be able to … [Read more...]
Making a claim to the Morses Scheme [old article]
UPDATE - Morses Club went into administration on 17 November 2023. This scheme has now been terminated. See Morses Club goes under – in administration – Scheme fails for details and what customers should do. Morses sent out a batch of decisions on 6 July 2023. Many people have found these confusing - see the comments below this article. At one point the email says in a grey box: "Morses … [Read more...]
Provident Scheme is paying 4.2557p in the £
Quick overview Provident's Scheme of Arrangement is now in the final stages. The Scheme was proposed because Provident could not afford to carry on paying full refunds to customers winning affordability complaints. The Financial Ombudsman was upholding 75% of complaints against Provident. The FCA, Provident's regulator, said it did not approve of the Scheme. But as Provident has stopped … [Read more...]
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...]
ICL / Money Shop Scheme ends
A first payment of 4.31p in the £ was paid in May/June 2021. A second, much smaller payment of 0.65p in the £ is being paid on 14 or 18 January 2022. If you do not receive this second payment, see below for what to do. Background to the Scheme This "Scheme of Arrangement" covers borrowers from the ICL brand names, Money Shop, Payday UK and Payday Express, who were given … [Read more...]
Amigo proposes a second Scheme – but is it fairer?
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...]
“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...]
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...]
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...]