How will you select the committee?
The selection process will be completely randomised from those that volunteer. To ensure we have a mixture of all customers (past and present, borrowers and guarantors), they will be separated into these groups and selected through a random generator.
Does it matter if I did not participate in the Scheme vote?
No. Your previous participation in Amigo's proposed scheme will not have any influence on whether you are selected to be a part of the Customer Committee. This includes if you voted for, against or did not vote at all.
When will I know if I have been selected?
We cannot provide exact dates or times right now, but we will be in touch with all selected customers as soon as they have been identified. We expect the selection process to take a couple of weeks.
Will I get paid for being a Committee member?
Committee membership is voluntary and you will not be paid to sit on the Committee. Reasonable expenses (for example, although it is unlikely that in person meetings will be required, travel costs to a meeting) will be reimbursed.
Will I be able to tell anyone I'm on the Customer Committee?
Yes, but what is discussed will be confidential and expressed by that individual for the purposes of the Customer Committee only. Due to this, we will ask you to sign a document confirming that you agree to the terms of confidentiality. This means you will not be able to discuss or share any confidential information outside of the Committee. If you think that this will not be possible, you should not nominate yourself.
Can I be an anonymous member of the Customer Committee?
It is very likely that all Committee members will have their names disclosed. Minutes will be taken during the meetings and will be submitted in Court Papers including the attendance of all members.
Can I register my interest more than once?
No. You can only register your interest once.
Who are you asking to be a part of the Committee?
We are writing to all customers of Amigo, including you, to invite them to be a part of the Customer Committee.
Are you going to do another Scheme?
Following the High Court's decision not to approve our proposed Scheme we are discussing with the Financial Conduct Authority, who are our regulator, what we should do next. The judge suggested that we should try to amend the Scheme and this is one option that we are considering.
What could another Scheme look like?
Whilst we cannot provide exact details at this time, a new Scheme would be likely to have different 'terms'. This could mean the outcome for the customers may be different to what we said before.
You previously said that without the proposed Scheme, you would go into insolvency. Why haven't you?
Insolvency is still a real possibility. The judge suggested that we should try to amend the Scheme and this is one option that we are considering.
Will I have to vote again?
If Amigo does another Scheme then it is likely customers will be given the opportunity to vote again.
When will I know what is going on?
Whilst we cannot provide exact details yet (due to a decision being in progress), we will endeavour to update all stakeholders as and when we have more information to give.
How long could a new Scheme take?
We are currently considering our options. There is a possibility that a new Scheme may be processed faster, meaning it would not take as long to manage this time. Due to a Scheme being a legal process that has to be passed by the Court, Amigo will abide by the duration terms set out by the Court.
How will I be kept up to date with what is going on?
We are currently working on a communication strategy that will ensure customers are provided with informative and transparent updates. From a recent customer engagement survey, it was found our customers wanted to be updated on the Scheme through email and/or SMS. Additionally, we will update our Scheme website with regular updates on the ongoing process.
Do I still have to pay back my existing Amigo loan?
It is essential that customers continue making their monthly repayments. Failure to do so could result in a detrimental impact to their credit files.
If I have an active complaint, what happens to my current loan?
There is a lot of misinformation around repaying loans if you have an active complaint. All customers must continue to repay their Amigo loan. If you're struggling with your repayments and need support, please reach out to us as we have plans in place to help. We'll need to have a conversation about your finances to see what support option is right for you and your individual needs.
If you raise a complaint due to the loan being unaffordable, until we've investigated your complaint and given a decision, the management of the account will continue as normal. We assess all complaints individually, so depending on the outcome of your complaint, historic late payment markers may not be removed from your file and arrears could still be in place. Therefore, we strongly recommend all customers maintain payment on their account until a decision is made.
Please know, to ensure equal treatment of customers with redress claims, Amigo announced on 21st December 2020 that it was stopping the ongoing payment of redress claims, and that position will continue.