Scheme Progress Update – 12 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.⠀

To date, over £71.6 million has been issued to Creditors, representing 96% of the total Initial Scheme Payment pot.

More than 99% of Ascertained Scheme Claims as at 28th May, for which we hold payment details, have been settled.

There remains a small number of outstanding Initial Scheme Payments.  In accordance with section 5.6 of the Scheme, the Scheme Supervisors have determined that it is in the interests of the efficient operation of the Scheme, to extend the time limit for issuing the Initial Scheme Payments for Ascertained Scheme Claims (i.e. where a final Scheme Outcome had been issued) to 120 days, i.e. for Ascertained Claims before 29 May that is the 26th September. The Scheme Supervisors' extension certificate can be found here.

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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 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 cases remaining cases and apologise to claimants who have not received refunds in these timeframes.

To date, over £84.1 million has been refunded to Creditors.

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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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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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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.