Scheme Progress Update – December 2024

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Scheme Payments

On 29th May 2024, the Scheme Supervisors declared an Initial Scheme Payment of 12.5 pence per £. You can find the Scheme Supervisors’ 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 expect to make an Additional Scheme Payment once we have completed the wind-up of Amigo Loans Ltd and all claims have received their Initial Scheme Payment. The timing is uncertain but we expect this to be in the first quarter of 2025. This website will be updated to notify claimants of when payments will begin to be issued. We are unable to confirm this date in advance of this announcement.

We remain confident, at this stage, that Total Scheme Payments for eligible Scheme Creditors will not be less than 17 pence for each pound due.

- As an example, if your Total Cash Claim Value was quoted as £1000, you could receive Total Scheme Payments of £170.

- If you have received £125 as an Initial Scheme Payment, you could receive £45 as an additional payment in early 2025.

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Payment Details

Payments will be made to the bank account registered in the Scheme Portal.

There are very few claims left to decision, but many Scheme Creditors who are due payments that have not provided us with bank details.

We urge any claimants who have not received redress that is due to login to the portal and check that we hold correct bank details.

If you do not provide us with payment details, you risk losing redress that you are entitled to.

If you are unsure of the status of your claim, or whether you are due redress, you can contact us by telephone or email.

If you are experiencing difficulty logging into the Scheme 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.

If you have changed your bank account since your Initial Scheme Payment, remember to update your details in the Scheme Portal to avoid any delay in receiving any additional payments.

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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.

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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.