Amigo Payout Date: Eligibility and Schedule Revealed

Expected Amigo Payment Date

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Latest Update: Following court approval in May 2022, Amigo is gearing up to initiate scheme payments, prioritizing compensating creditors and ceasing the lending process.

Anticipated Response Deadlines

Responses to 75% of claims have already been dispatched, with all claims expected to receive responses by March or mid-March 2024. Claims not matched during review will be referred to the Scheme Adjudicator, with final responses anticipated by the end of May 2024.

Scheme Payment Timeline

Amigo Payout Date

While Amigo hasn’t specified an exact date, it estimates that scheme payments will commence by the end of February. The second installment of the scheme will be processed once Amigo’s liquidation timing is determined.

Creditor Payments

Creditors are slated to receive only a fraction of their refund, known as a ‘penny in the pound’ payment. Amigo anticipates creditors receiving 17p for every £1 quoted in their Total Cash Claim Value.

Eligibility Criteria for Amigo Scheme Refund

Full refund eligibility extends to creditors who lodged a complaint on or before December 1, 2021, or on the Scheme’s Effective Date, May 26, 2022. Others will receive the aforementioned partial cash redress.

Calculation of Amigo Refund

Refunds will have interest deducted at a rate of 8%. Payments made by guarantors won’t be factored into a borrower’s refund or redress calculation.

Conclusion

Creditors can anticipate receiving their funds by the end of February. Stay informed and prepared.

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FAQs

Q: Will creditors receive their full cash redress in a single payment?

A: No, creditors will initially receive only a portion of their refund.

Q: What are the eligibility criteria for an Amigo scheme refund?

A: Creditors who filed a complaint by specific dates may qualify for a full refund, while others will receive a partial refund.

Q: How is the Amigo refund calculated?

A: The refund calculation is based on the Total Cash Claim Value and may entail deductions such as interest at an 8% rate.

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