Scheme Progress Update – 27 September 2024

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Scheme Payments

The Scheme Supervisor declared an Initial Scheme Payment of 12.5 pence per £. You can find the Scheme Supervisor’s Notice here.

• - As an example, if your Total Cash Claim Value was quoted as £1000, you can expect to receive an Initial Scheme Payment of £125.⠀

We have now concluded payments to all claimants who were issued with their Scheme Outcome before 28th May 2024 where we have valid bank details. If: 

• - you were issued with an Outcome before 28th May 2024;
• -you did not appeal your Outcome to the Scheme Adjudicator, and
• -you believe you are due a Scheme Payment
• please get in contact with us to ensure we have your correct details for payment.

We are working to pay remaining claims issued with an Outcome after 28th May, or waiting for the outcome of a review or adjudication, as soon as possible.

We recently communicated with a number of customers where we identified an error with their Initial Scheme Payment. If you have not received an email regarding this then your Initial Scheme Payment wasn’t impacted. Please note that there is no action needed by customers.

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Payment Details

Payments to Scheme Creditors with an upheld Scheme Claim are in progress. If you have not yet done so, we encourage you to check that the bank details registered in the Scheme portal are accurate and up to date. If you do not provide us with bank details, once the Scheme has concluded, payments will no longer be available to claim.

If you are experiencing difficulty logging into the portal, and we hold the correct mobile number for you, then you may need to close your internet browser and clear your cache. If you have tried this and you’re still experiencing difficulties, then please contact our Scheme Support Team. You can find how best to reach us on our  ‘contact us’ page. 

If you have raised your claim through a Claims Management Company you may wish to contact them to ensure the appropriate payment details are recorded.

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Total Scheme Payments

We remain confident, at this stage, that Total Scheme Payments will not be less than 17 pence for each pound due. We expect to make an Additional Scheme Payment in early 2025 once we have completed the wind-up of Amigo Loans Ltd.  If the Total Scheme Payment is 17 pence for each pound, the Additional Scheme Payments will be 4.5 pence for each pound due.

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Full Refunds

Eligible Full Refunds should be paid within 10 working days of the Outcome being accepted, or 37 days after we send the Outcome Letter, whichever is earlier. We continue to work through the small number of remaining cases and apologise to claimants who have not received refunds in these timeframes.

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Balance Adjustments

Balance adjustments are being progressed for eligible Scheme Creditors with an upheld Scheme Claim. These adjustments are visible on a customer’s online account.

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Additional Information

It should be noted that:⠀

• - Our agents will be unable to provide a payment date in advance of payments being made;
• - Your Scheme Outcome will confirm eligibility to receive different types of payment;
• - Eligible Claimants will receive an email from Amigo when payments are released;
• - It should be noted that any interest earned pending payment forms part of the monies available to claimants;
• - Further details regarding this can be found in our Frequently Asked Questions here.

We will provide additional updates and information in due course.