Amigo Payout Date – Who will get it and when?

God new Amigo creditors! After the court approval in May 2022, Amigo will soon initiate the scheme payments. The Amigo Loan Pvt Ltd. is focussing on compensating the creditors with their payout by completely stopping the lending process.

Amigo Payout Date

By the end of January Amigo said that they would respond to all the issues, however, they didn’t expect that the calculation of claims would be this complex, especially for scheme claimants who have outstanding loan balances. As of now, they have sent the responses to 75% of claims.

Hence, they anticipate giving a response to all the claims by March or mid-March 2024. When claims are not matched after reviewing, they are referred to the Scheme Adjudicator, and the final response on those claims will be expected to be delivered by the end of May 2024.

Now, about the scheme payment date, Amigo has not released a particular date. But Amigo has announced that they estimate the scheme payment will proceed by the end of February.

The second installment of the scheme will be processed later once the Amigo Liquidation timing is decided to be in six or nine months.

Claimed Responses	Expect around March 24
Claims referred to Scheme Adjudicator	Expect a response around the end of May 2024
Amigo Payout	Expect it by the end of February 2024.

Will you get the entire cash redress in one payment?

Seeing the current scenarios, Amigo stated that they don’t have the funds to pay the full scheme payment to its creditors. Hence, the creditors will only receive a certain portion of his refund, as some penny in the pound payment.

According to their current calculations, Amigo expects that the creditors will receive 17p for every £1 quoted in their Total Cash Claim Value. For instance, if the Total Cash Claim Value of the creditor is quoted as £1000, then as the first payment the creditor will receive £170 for sure.

Eligibility for Refund of the Amigo Scheme

The cash redressal can vary as they can change after the liquidation or when all the claims will be reviewed.

However, some creditors may be entitled to a full refund, if they have repaid the amount they have borrowed under the Amigo Loan scheme.

Let’s who meet the requirement of a full refund:

• If you made a complaint on December 1, 2021, or before this date, you will get a refund.
• If the creditors have made a complaint after December 1, 2021, and before May 26, 2022.
• If he had made the complaint on the Scheme’s Effective Date i.e. May 26, 2022.

If the creditor does not meet the above criteria he/she will receive cash redressal by the cash redressal mentioned earlier.

Since Dec 23, Amigo has told some people to stop paying, so they may get the full payment.

Amigo has stated that the voters will get their refund details in the final response letter they receive from the company.

Calculation of the Amigo refund

• According to Amigo’s refund norms, Amigo will deduct interest from 8% interest that is taxable, which means you are getting back your own money. These payments are named “set-off payments” which are refunded fully.
• Amigo has revealed the way they will be calculating the refund, any borrower will be eligible for the refund when he has repaid more than the borrowed amount.
• However, the contributed payments will not count toward a borrower’s refund/ redress calculation if your guarantor has paid the loan amounts.
• Guarantors can get the payment if their claim is confirmed towards the loan payments.

Overall, the creditors can expect to get their money back by the end of February. If they are entitled to have the full payment they may get the full refund, otherwise, the rest can expect the second installment after the liquidation of the company as the company doesn’t have that much funds. The second installment can take more than 6 months, so be ready.