On our last update we apologised for taking a while to reach out to our customers.
It’s taken much longer than we anticipated to announce a new Scheme of Arrangement - but, this time around, is something we can happily say we can update you on.
New Schemes of Arrangement
Last week we announced two new Schemes of Arrangement, aiming to provide a resolution to complaints and ensure we can provide the best possible outcome for customers.
Following the first proposed Scheme of Arrangement not being approved in May, we took time to reflect on comments from the Court and feedback from our customers on how best to adapt, and most importantly, do better for our customers. We’d quickly like to say that we acknowledge all comments and feedback from our customers, big or small, and have used those at the core of our approach for the future.
Two main trends which developed were around the fairness of the Scheme, and the information provided regarding the options available to customers. The new Schemes are designed to tackle these core issues. We’ve equally crafted the information around the Schemes with ease, accessibility, and transparency for our customers in mind.
The two new Schemes have been developed closely with an Independent Customer Committee, made up of eight volunteers selected at random from past and present borrowers and guarantors, including an independent advisor.
The two proposed new Schemes are called the ‘New Business Scheme’ and the ‘Wind-down Scheme’. More information can be found at our dedicated website - https://www.amigoscheme.co.uk/
What happens now?
Amigo will now begin the legal process of getting a Scheme approved and in place as soon as possible - the Schemes need to be first voted on by the creditors (Amigo customers, past and present, and the Financial Ombudsman), and then approved by the High Court.
All customers who believe they have a valid claim will be invited to vote separately for or against each proposal.
We’ll be back in contact with you as soon as we have more information regarding the vote. But in the meantime, you can find out more info on our FAQ page on our Scheme website. We’ll do our best to keep you up to date along this journey with any updates and, most importantly, when we can begin to start progressing complaints again.
Update on outstanding complaints
We understand many customers will be reading this in hope of an update of your own specific complaint. We’d like to reassure all customers that processing complaints is very important to us and we believe the new Schemes are the fairest way for all customers with a valid claim to receive redress.
While the Scheme process is still on-going, our pause on progressing certain complaints, and paying redress, remains in place. Any complaint that is currently raised with Amigo, and paused, will be addressed as part of the planned Scheme (even if you have settled your loan).
Christmas update and support
With Christmas looming around the corner (just a week to go!) we'd like to take this opportunity to wish everyone a Merry Christmas! For many, Christmas is a time to spend time with family, enjoy some well deserved rest, and eat just a little bit too much. We do understand that many others, including some of our customers, may struggle during the festive period. We want to do all we can to help our customers enjoy their holiday period with as little worry as possible.
If you have any concerns around your Amigo loan - 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.
Christmas opening hours
Our opening hours over the holidays are as follows:
- Saturday 25th December 2021 - Closed
- Sunday 26th December 2021 - Closed
- Monday 27th December2021 - Closed
- Tuesday 28th December 2021 - Closed
- Wednesday 29th December 2021 - 9am - 6pm
- Thursday 30th December 2021 - 9am - 6pm
- Friday 31st December 2021 - Closed
- Saturday 1st January 2022 - Closed
- Sunday 2nd January 2022 - Closed
- Monday 3rd January 2022 - Closed
- Tuesday 4th January 2022 - Open as normal
During the days we’re closed over the Christmas period, you can always make any payments, update your details, or view any important information on your dedicated online account.
From the Amigo team, we hope you stay safe and once again want to wish you a happy holidays!