According to a decision from the Financial Conduct Authority (FCA) published last month, Amigo Loans "did not have appropriate processes in place to ensure it adequately assessed borrower and guarantor circumstances before approving a loan" between November 2018 and March 2020. We would like to express our sincere gratitude for your patience and understanding throughout the process of us reviewing your claim. DoNotPay can help you resolve complaints with several companies and service providers besides Amigo loans. We apologise for the delays in the claim process, which has been driven by both the unexpected volume of claims and the complexity of redress calculations. Amigo Loans has confirmed that it will not be appealing the recent Court judgment and is engaging with the Financial Conduct Authority (“FCA”) to identify an appropriate way forward – this could result in a revised scheme of arrangement being proposed, or to it entering into insolvency.

We know how scary it can be to face loan debt, but don’t worry; we’re here to help you understand your situation and find a way forward. We have issued over 94,000 outcomes (approximately 45%). We expect almost all of the rest will be issued by 31st December 2023. There may be a small number which are issued after this date because of their level of complexity (e.g. where due to the age of the loan it is difficult to retrieve data). Our intention is to issue all outcomes by the end of January 2024. Your bank may tell you to inform the lender that the direct debit is cancelled, but you have no obligation to do this.As a result of the time that it takes to calculate redress, claimants may notice a change in their credit file before receiving a claim outcome letter. In this situation, it is probable that the claim has been either fully or partially upheld, and the outcome letter will be sent shortly. The process to remove CCJs will continue into the first part of 2024. The liquidation means that those owed compensation by Amigo will receive less, while shareholders will be wiped out. Those owed compensation will receive an estimated 17p in the pound, according to PwC, which is supervising the process. Are you worried about your Amigo loan debt? Struggling to understand what it means for you? This is the right place for you. Every month, more than 170,000 people come to us for advice on their debt issues. MoneyNerd Limited is a free to use service, however we may receive a commission, at no cost to you, if you complete a loan, enter into a mortgage, remortgage or equity release agreement. If you’re wondering how we work with our partners and how we make money, you can read more about how MoneyNerd works.

Amigo Loans is no longer lending. They are winding down the business and paying off customers who are due a redress with their surplus assets. The deadline for making a claim has ended, and you can no longer make a claim to Amigo Loans. You should speak to a debt advisor if you have any questions. In the UK, alternative ways to raise and resolve customer complaints include ADR, ombudsman, and suing in a small claims court. Alternative Dispute Resolution (ADR) Customers can make an online loan application. You just need to state how much you need and how long you want to repay.

Hours

Fees may be payable depending on your final choice of financial product. This will depend on your circumstances and will be discussed at the earliest opportunity by the financial product provider. This means that even if we were to now start investigating complaints about Amigo again, we understand it wouldn’t pay any compensation we awarded. So we’re continuing to pause progressing complaints about Amigo, and we will not be taking on any new cases.

Amigo will then assess your credit file and reject or accept your application. You will have to agree to the loan and any interest and charges. This isn’t a full fact find, MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options. Who are Amigo Loans? When it comes to mis-selling allegations, most of these complaints are settled between debtors and their creditors, sometimes resulting in compensation. For this reason, we do not accurately know how widespread the problem is. If your Amigo loan was affordable, but you are not in a financial position to repay the money owed, there are still options available.Under both forms, an independent party either helps both parties to a mutual agreement or makes a binding decision on behalf of both parties. Generally, alternative dispute resolution aims to resolve conflict amicably without involving the court. Can the Ombudsman Resolve Your Complaints With Amigo Loans? If you have not yet received your claim outcome, rest assured that completion of all claims is our top priority. Please bear in mind some claims take longer than others, depending on their complexity. If you think this loan was accepted too easily, you could make a guarantor loan complaint (more to follow!). The law relates to interest and fee caps introduced by the FCA. These laws limit what you can be charged in relation to your Amigo loan, namely: Failing that, you should seek free debt advice from charities and look into the debt solutions available to you. There is also the chance you might be due compensation payouts… Will I Need the Help of a Claims Management Company?

The adjudication (claim dispute) process is working well and we expect that all adjudications will be completed by the end of March Or, you can write to us at: Amigo Complaints Department, 11a Avenue Centre, Commercial Road, Bournemouth, Dorset, BH2 5RP. Each Amigo Loans customer is likely to have varying complaints. Regardless, raising your complaint as soon as possible keeps you one step ahead. Get in Touch With Amigo Loans Customer Service Using DoNotPayAs a UK lending company, they offer several loan products, from debt consolidation loans to self-employed loans, wedding loans and even guarantor loans. They have been operating since 2005 and market their products to people without an excellent credit record. Sara Williams, who runs the Debt Camel blog, said: "Amigo's very poor lending has caused hardship and misery for hundreds of thousands of customers. It's also a sad day for creditors due redress who will now receive a lower level of cash compensation than they would had the new business conditions been satisfied."