Amigo Loans Scheme of Arrangement
Welcome to the Amigo Scheme Portal
Scheme Progress Update – 13th March 2024
We apologise for the delays in processing Scheme Claims.
We have now issued over 190,000 outcomes in the form of Final Response Letters (“FRLs”) to Scheme Creditors, representing approximately 91% of the total Scheme Claims.
We appreciate the frustrations for those who are yet to receive an FRL. Based upon current projections, we will have issued around 95% of all FRLs by 22nd March 2024, with the remainder being issued by mid-April 2024.
We can confirm that payments to Scheme Creditors with an upheld Scheme Claim (and where bank details have been updated within the Scheme Portal) have begun, starting with refunds of eligible loan payments post Scheme Effective Date where there is not a ‘live’ or ‘open’ loan balance with Amigo.
Payments are being made according to the following timetable:
It should be noted that:
- - A loan is considered ‘live’ or ‘open’ where there was a balance owing on the loan at the point that redress was calculated. Typically, the redress calculation is performed just before an FRL is issued;
- - Any changes to this timetable will be communicated to you as soon as practicable;
- - Our agents will be unable to provide a payment date in advance of payments being made;
- - Your FRL will confirm eligibility to receive different types of payment;
- - Eligible Claimants will receive an email from Amigo when payments are released;
- - It should be noted that any interest earned pending payment forms part of the monies available to claimants;
- - Further details regarding this can be found in our Frequently Asked Questions.
We remain in discussions with the Scheme Supervisors regarding the timing and level of the interim dividend payments and anticipate declaring an interim dividend in April or May 2024. We remain confident, at this stage, that total Scheme Payments will not be less than 17 pence in the £.
We will provide additional updates and information in due course.
If you have not yet done so, we encourage you to check that the bank details registered in the Scheme portal are accurate and up to date.
Answers to Frequently Asked Questions and key contact points can be found here.