Amigo Payout Date: Hey, there awesome Amigo creditors! Exciting news – after getting the green light from the court in May 2022, Amigo is gearing up to start making payments to you soon. They’re putting a pause on lending to focus on compensating you fully.
Amigo Payout Date
Let’s talk dates. Amigo initially aimed to sort everything out by the end of January, but it turns out it’s a bit trickier than expected, especially for those of you with outstanding loan balances. They’ve already responded to 75% of claims and hope to wrap up the rest by March or mid-March 2024. Any claims that don’t match up will be looked into by the Scheme Adjudicator, with final responses expected by the end of May 2024.
Now, about those payments
While Amigo hasn’t given a specific date, they’re aiming to get things rolling by the end of February. As for the second round of payments, that’ll happen later, depending on when Amigo’s liquidation happens, which could be in six or nine months.
Will you get the entire cash redress in one payment?
But here’s the big question: will you get all your money in one go? Unfortunately, Amigo doesn’t have all the funds to make full payments right now, so you’ll only get a portion of what you’re owed, like a partial refund. Based on their calculations, they’re expecting to pay out about 17p for every £1 you’re owed. So, if you’re owed £1000, you’ll likely get £170 in the first payment.
Now, who’s eligible for these refunds? Things might change after liquidation or when all claims are reviewed, but if you complained before December 1, 2021, or between December 1, 2021, and May 26, 2022, or on the Scheme’s Effective Date (May 26, 2022), you might be in line for a full refund. Others will receive cash based on the earlier mentioned partial refund system.
Since December 23, Amigo has advised some people to stop payments, so they could be in line for a full refund.
Amigo will let you know all the details about your refund in the final response letter they send you.
Now, let’s talk about how they calculate your refund. They’ll deduct taxable interest from the 8% interest, which means they’re giving you back money you’ve already paid. These payments, called “set-off payments,” are refunded in full. If you’ve paid back more than you borrowed, you’re eligible for a refund.
However, any payments made by your guarantor won’t count toward your refund. But if your guarantor has paid, they could be eligible for a refund themselves.
So, mark your calendars for the end of February for the first payment. If you’re due for a full refund, fingers crossed you’ll get it. Otherwise, brace yourself for the second installment, which might take a bit longer depending on the company’s financial situation.