You can make a claim in the Scheme if;
- You were a borrower and the loan(s) were not affordable for you
- You were a guarantor who made payments towards a loan, or are still liable for a loan, that was not affordable
- Or if you have any other claim in relation to an Amigo loan
All claims need to be submitted by the deadline of 26th November 2022. If you miss this deadline, you will not be able to submit a claim in the Scheme (even where you didn't think you had a claim before the deadline had passed). Importantly, if you miss the deadline, you also won't be able to benefit from any future balance reduction in respect of a claim that you could have submitted in the Scheme.
For those customers with an outstanding loan balance, any compensation in the form of a balance adjustment will be made once the assessment of your claim is complete. Once all claims have been assessed under the terms of the Scheme, an initial cash payment will be made to eligible customers with valid claims. Amigo estimates this will be in late 2023.