Thousands of Amigo Loan customers one step closer to compensation


Thousands of Amigo Loan customers are one step closer to getting their money back.

Amigo Was Accused Of Offering Affordable Loans That Customers Couldn’t Repay – But They’re Moving Now compensation They are due.


Amigo customers are one step closer to getting their money backcredit: getty

court hearing happened on May 23 Amigo determined to pay back its customers in order to approve the new business plan.

Speaking on the outcome of the hearing, Amigo Chief Executive Officer Gary Jenison said: “We are pleased that the court has decided to give creditors the opportunity to maximize their redress payments from Amigo.

“The Court’s decision is good news for creditors, customers and employees, and it moves us one step closer to drawing a line under the mistakes of the past while simultaneously paying compensation.”

we asked loan of Expert Sarah Williams, who runs the consumer advice blog loan camelHowever, what does this mean next?

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She said: “Now that the court has approved the Amigo plan, the next step for Amigo is to announce when the scheme is due and put up a page where the customer, both the borrower and the guarantor can file a claim.”

if one Borrower When that time comes their claim will be won, they will be given back in any proportion interest They had paid which could be up to 41%.

But most of the claims will be about affordability which Sarah explained.

She said: “An Amigo loan is only affordable to the borrower if, at the time the loan is granted, the borrower was expected to be able to make all necessary payments, yet be able to pay his other debts, bills and living expenses, Without me I have to borrow more.

“Many people will be desperate to protect their guarantors, so they can get a payday loan to pay off the amigo, increase their credit cards, or get behind the bills.

“So even if the Amigo loan was repaid on time, it would still not have been affordable.”

amigo warned last year that it could collapse Under the weight of customer refund requests.

Loan Founded in 2005, the company offers loans of up to £10,000 over 12 to 60 months at an interest rate of 49.9% to borrowers who typically shy away from traditional lenders.

It will also supply loans to people with bad credit history, unless a friend or family member agrees to make the repayment, if they cannot.

But in March 2020, The firm’s founder claimed that customers were given “irresponsible” loans.

This is the reason why the compensation battle has started for thousands of customers after this latest update.

But even if the plan is approved, customers will still have to wait for Amigo to put up a claim page.

Once it goes live, they may only have six months to act accordingly Debt camel.

You can still make a claim even if you have paid off the loan if you have struggled to make payments at that time.

Even if you are still paying your loans, you can still complain if you are having difficulty in paying the money pack.

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To make a complaint to Amigo, you should contact us as soon as possible.

send a short email to with complaint as subject.

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