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- Amigo specialised in subprime guarantor loans - where a borrower's friend or family promises to honour the loan if payments are not made.
www.bbc.co.uk/news/business-65052000
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What is Amigo's scheme of arrangement?
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Jun 24, 2024 · Amigo’s Scheme of Arrangement is now in operation after it was approved by the court on 23 May 2022. The Scheme was proposed because Amigo couldn’t afford to carry on paying full refunds to its borrowers and guarantors who were winning affordability complaints. Amigo had proposed a different Scheme in 2020 that was rejected in 2021.
Mar 23, 2023 · Amigo borrowers are crushed after the lender confirmed it will wind-down the business after failing to secure investor funds, meaning mis-sold customers will get back less of their money.
Dec 15, 2021 · Thousands of Amigo borrowers, who were mis-sold loans they couldn't afford, are expected to get back less than half of the interest and fees they were charged by the lender, it's been revealed. In a newly published report, Amigo has proposed two different redress schemes.
Mar 23, 2023 · Amigo specialised in subprime guarantor loans - where a borrower's friend or family promises to honour the loan if payments are not made. Such loans are mostly used by people who cannot...
Dec 21, 2020 · Personal finance correspondent. Borrowers who believe they have been mis-sold loans by sub-prime lender Amigo may see payouts capped under a new plan. Amigo wants anyone whose complaint is yet...
Jun 28, 2022 · Amigo Loans is planning to offer new products after the UK subprime-focused company was forced to pause lending following a deluge of complaints.
Jan 27, 2020 · Amigo lends money to people with a poor credit rating, but who can offer family and friends as a back-up to guarantee any missed repayments. The company controls at least 80% of...
