Amigo Payout Date : Who will be eligible and when?

Great news for Amigo creditors ! Following court approval in May 2022, Amigo is gearing up to start making scheme payments. Amigo Loan Pvt Ltd. is dedicated to compensating creditors by halting the lending process and ensuring payouts are made promptly.

Amigo Payout Date

At the end of January, Amigo assured that they would address all concerns. However, they encountered unexpected complexity in calculating claims, particularly for scheme claimants with outstanding loan balances. Currently, they have responded to 75% of the claims, striving to resolve issues efficiently and effectively.

Therefore, they are aiming to address all claims by March or mid-March 2024. In cases where claims are unmatched during review, they will be forwarded to the Scheme Adjudicator. The final responses for these claims are projected to be provided by the end of May 2024, ensuring thorough and timely resolution for all parties involved.

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Regarding the scheme payment date, Amigo has not specified an exact date yet. However, they have indicated that they anticipate the scheme payment to take place by the end of February. The second installment of the scheme will be handled later, depending on when the Amigo Liquidation timing is determined, expected to be in six or nine months.

Claimed Responses	Expected Timeline
Expect around March 24	March 24, 2024
Claims referred to Scheme Adjudicator	End of May 2024
Amigo Payout	End of February 2024

Will you get the entire cash redress in one payment?

In light of the present circumstances, Amigo has acknowledged that they lack the funds to make full scheme payments to creditors. Therefore, creditors will only receive a partial refund, known as a “penny in the pound” payment.Based on their calculations, Amigo anticipates that creditors will receive 17p for every £1 stated in their Total Cash Claim Value. For example, if a creditor’s Total Cash Claim Value is £1000, they can expect to receive £170 as the initial payment.

Eligibility for Refund of the Amigo Scheme

The cash redressal amount can fluctuate as it may change after the liquidation process or when all claims are reviewed. However, some creditors may be eligible for a full refund if they have repaid the amount they have borrowed under the Amigo Loan scheme. The exact amount will be determined based on the liquidation process and the review of all claims.

1. Complaint Before December 1, 2021: If you lodged a complaint on or before December 1, 2021, you’re eligible for a refund.
2. Complaint Between December 1, 2021, and May 26, 2022: Those who lodged complaints during this period are also eligible for a full refund.
3. Complaint on Scheme’s Effective Date (May 26, 2022): If your complaint was made on May 26, 2022, when the scheme came into effect, you’re entitled to a full refund.

For those who don’t meet the above criteria, there’s still hope:

Amigo has assured that voters will receive their refund details in the final response letter sent by the company. This letter will provide clear information about the refund process, ensuring transparency and clarity for all voters involved.

Calculation of the Amigo refund

1. Interest Deduction: Amigo deducts 8% taxable interest from refunds, essentially returning your own money. These payments, known as “set-off payments,” are fully refunded.
2. Refund Eligibility: You’re eligible for a refund when you’ve repaid more than the borrowed amount.
3. Exclusion of Contributions: Payments made by guarantors won’t count towards your refund calculation if they’ve paid the loan amounts.
4. Guarantor Payments: Guarantors can receive payments if their claims are confirmed for loan repayments.

1. End of February: Creditors can generally expect to receive their refunds by the end of February.
2. Full Payment Eligibility: Those entitled to a full refund may receive it upfront.
3. Partial Refunds: If not eligible for a full refund, creditors may receive a second installment after the company’s liquidation. Due to limited funds, this second installment could take more than 6 months.