AMIGO LOANS

ConcernedSoul

Hi, I understand this company are in wind down for 12 months. Can anyone explain what will happen to existing money owed to this company after the wind down process has finished

fatbelly

It's likely someone else will take over their debts. 

retiredbanker1

fatbelly said:

It's likely someone else will take over their debts. 

I think you mean their assets i.e.  outstanding loans being repaid.

sourcrates

You keep making your payments as agreed, until you hear otherwise.

It`s most likely that their loans book will be sold at some point, and whoever the new owner is will be in contact with you in due course, until then its business as usual.

ManyWays

Amigo will probably be selling its remaining loan book which should be much smaller after claims to the current Scheme of Arrangement have been settled. 
There will be a mixture of defaulted loans and non defaulted loans and some will have had the guarantor released when a complaint has been won. 

macman

The debt won't just evaporate, if that is what you are thinking. It'll just be sold on, though possibly at a fraction of it's original value.

TripleH

Although because its sold on at a lower value does not mean you can pay less each month.

If you are in a position to do so, when the loan is sold on, it might be worth trying to see if you can get an early settlement discount (paying a lump sum to settle balance of loan).

You might not get one but no harm in asking.