Amigo Loans Scheme of Arrangement

Scheme Progress Update – 16 July 2024

On 29th May 2024 the Scheme Supervisor declared an Initial Scheme Payment of 12.5 pence per £. You can find the Scheme Supervisor’s Notice here.

• - As an example, if your Total Cash Claim Value was quoted as £1000, you can expect to receive an Initial Scheme Payment of £125. 

To date, over £69.1 million has been issued to Creditors, representing 93% of the total Initial Scheme Payment pot.

In accordance with section 5.6 of the Scheme, the Scheme Supervisors have determined that it is in the interests of the efficient operation of the Scheme, to extend the time limit for issuing the Initial Scheme Payments for Ascertained Scheme Claims (i.e. where a final Scheme Outcome had been issued) to 60 days from the 29th May, i.e. 26th July. The Scheme Supervisors' certificate can be found here.

We are very sorry for the delays experienced by some Claimants who are yet to receive their Scheme Outcome or their Scheme Payment, and are working hard to put this right. A summary of the status of remaining claims is shown below:

Balance Adjustments

Balance adjustments are being progressed for eligible Scheme Creditors with an upheld Scheme Claim. These adjustments are visible on a customer’s online account.

Full Refunds

Eligible Full Refunds should be paid within 10 working days of the Outcome being accepted, or 37 days after receipt of the Outcome Letter, whichever is earlier. We anticipate all eligible refunds being issued by the end of July, other than in cases where the Outcome has not been accepted by the claimant or the claim is subject to re-review or adjudication.

To date, over £81.3 million has been refunded to Creditors.

Scheme Payments

Initial Scheme Payments of 12.5p for each pound due are being processed.  The Scheme Supervisor has extended the time limit for paying Ascertained Scheme Claims to 26th July.  We remain confident, at this stage, that Total Scheme Payments will not be less than 17 pence for each pound due. We expect to make an Additional Scheme Payment once we have completed the wind-up of Amigo Loans Ltd.  If the Total Scheme Payment is 17 pence for each pound, the Additional Scheme Payments will be 4.5 pence for each pound due.

Payment Details

Payments to Scheme Creditors with an upheld Scheme Claim are in progress. 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.  If you do not provide us with bank details, once the Scheme has concluded, payments will no longer be available to claim.

If you are experiencing difficulty logging into the portal, and we hold the correct mobile number for you, then you may need to close your internet browser and clear your cache. If you have tried this and you’re still experiencing difficulties, then please contact our Scheme Support Team. You can find how best to reach us on our  ‘contact us’ page. 

If you have raised your claim through a Claims Management Company you may wish to contact them to ensure the appropriate payment details are recorded.

Additional Information

It should be noted that:

• - Our agents will be unable to provide a payment date in advance of payments being made;
• - Your Scheme Outcome 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 here.

We will provide additional updates and information in due course.