It has now been over a year since the Coronavirus has affected the way we all live our lives. It has been a particularly challenging time for a lot of us with our finances. Many of you will know how Amigo were able to provide customers with various forbearance options which helped support them and their loan repayments.
The FCA set out emergency Covid-19 regulations which began in April 2020 and granted companies power to ‘pause’ payments for up to 6 months for customers affected by Covid-19. This special payment deferral option meant arrears would not accumulate for the missed payments as well as customers’ credit files being unharmed. It was so important to us that we were able to help our customers when they needed us.
This special Covid-19 forbearance ends on 1st April 2021, meaning as of this date we will no longer be able to offer this particular option to customers. We understand many of you are still being financially impacted by Covid-19, and want to let you know that we are still here to help you.
Customers who have existing Covid-19 forbearance
If you already have a Covid-19 payment holiday in place with your Amigo loan, then this will still be in effect. You may have the opportunity to extend this, depending on how many months you have had ‘paused’ so far. The FCA Covid-19 forbearance guidelines have stated that all existing payment holidays must end on the 31st July. 2021, as long as it doesn't go over the six month period. This means that if you are in the first or second month, you will be able to extend to three months. And if you are in the fourth or fifth month, you will be able to extend this up to the sixth month.
We want to make all our customers aware that we will still be doing everything we can to support those who are still struggling financially, or are worried about the long term effects of the Coronavirus. Our support options have always been available for customers who find themselves in a situation that has impacted their ability to make their repayments. Although we will not be able to offer further payment deferrals, we will do our best to understand your situation and come to an arrangement for managing your repayments.
Please head to our Support hub, where you’ll find more information on our dedicated page on Financial worries. You’ll also find our other support options if you are experiencing a difficult time right now.
We hope everyone is starting to see a light at the end of the tunnel as restrictions are set to ease in the UK and we can feel a sense of normality once again.
From all of us at Amigo