Yesterday (11/5/21) Amigo reported that it had recieved a letter from the FCA stating that the FCA would object to the Scheme Of Arrangement (SOA) that Amigo had entered. This appears to be a complete U Turn by the FCA would have previously said it would not object to the Scheme. We believe that this is great news as we think that the FCA will be looking very closey at the amount of redress / refunds that Amigo pays to customers in the SOA. This may lead to Amigo paying out more money to customers with complaints.
Here are some news articles on this event:
As we hear more we will update you.
Update emailed to customers on 10/5/21:
I am writing to try and provide some sort of update about Amigo Loans and what is happening to complaints made against them. This email will not affect your existing claims and is for information only.
As things stand at the moment, it looks like the Scheme of Arrangement (SOA) Amigo have set up will be allowed to go ahead. This is good, and bad, news for anyone with a claim against Amigo Loans.
The good news is that the SOA will prevent Amigo from going into administration, so claims will eventually be paid out. The bad news is that any refund offered will be very small compared to what it would have been without the SOA.
If you have a claim against Amigo, be that still with Amigo, or now with the FOS, it will eventually be investigated. We will continue to look after your complaint and as soon as we have any news we will be back in touch, but we believe that it will be many months before we have anything meaningful to report.
We cannot advise if you should not for or against the SOA.
I have no more information than is available on Amigo’s website so if you require more information please visit: https://www.amigoscheme.co.uk .
We have updated our website and are making complaints for many other lenders, including Credit Card Companies, Car Finance Companies and Store Card Providers.
If you want to start a complaint against someone we are not already complaining to on your behalf please let me know.