thecomplaintscentred around affordability and mis-selling concerns. Where a customer’s complaint is upheld, Amigo must refund the interest paid or update the outstanding balance. However, it cannot afford to pay all the compensation claims in full. The sub-prime lender is not offering loans at ...
Amigo says that if the plans aren’t adopted, it will become insolvent, meaning customers will receive even less or nothing at all for their claims. Previously, customers mis-sold loans have received as little as 3-4% of the redress they’re owed after their lender has fallen into administ...
James Benamor took an unconventional path to become one of the UK’s youngest billionaires. He dropped out of school at 15, turned to petty crime, then later founded Amigo Loans, Britain’s largest guarantor lender that at its peak was worth £1.5bn. Now he is staging the most unconvent...
Using the scheme would mean that customers who are owed money due to being mis-sold a guarantor loan would not be paid in full. The FCA says it has, through its continued engagement with Amigo and participation in the court hearing, sought to get a better, fairer deal for Amigo’s custo...