We want to keep you in the loop with what's happening with Amigo’s Scheme of Arrangement so here is an update from us.
On the 26th May the High Court approved our New Business Scheme and we’re working hard to meet the conditions of the ‘Preferred Solution’. To recap, these are:
- on or before the 26th February 2023 - we must start lending
- on or before the 26th May 2023 - we must raise new money for the business by issuing at least 19 new shares for each existing share.
If we complete these conditions, an additional £15 million (potentially even more) will be made available to pay to creditors.
If you want some more useful information on the conditions of our New Business Scheme then please have a look at our explanatory statement.
What does this mean for me?
We are encouraging customers to submit their claims now. This can be done through our claims portal, you only have until 26th November 2022 to do this. It is estimated that the first redress payments will be issued from September 2023.
How do I know if I can make a claim in the Scheme?
You may be eligible to claim 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 you were not able to afford to make payments under the guarantee; or
- If you gave any other claim in relation to an Amigo Loan.
When submitting your claim it is important that you provide any evidence that you shouldn't have been approved for the loan by us, you can do this by submitting a bank statement or medical statements etc. If you are providing bank statements we recommend bank statements from 3 months before you were approved for the loan. You are not required to provide documentation, however we believe that there is an increased likelihood that your claim will be successful if you can provide sufficient evidence that supports the claim.
After submitting your claim you are able to amend it for up to 3 weeks on our portal, if you need to change it after that then please get in touch with us and we will be able to do that for you.
If you have already raised an affordability complaint to us and received full redress then you will be unable to raise a claim about this issue again, however you would be able to raise any other claim if you have one.
Hopefully this has answered any outstanding questions you may have had. To recap the claims submission deadline is 26th November 2022,so get your claims submitted before then.
For further updates head over to our dedicated Scheme Facebook page here!