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Amigo loans compensation scheme
hi could anyone please help me out on this... I'm completely confused. Many thanks Comments
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You got a refund from Amigo loans but as they collapsed, everyone gets pennies in the pound of refund
£6171.60 would be the refund if they were still solvent
£294.18 is what you will get as refund
If they deduct tax on any interest element of your refund you can claim it back from HMRC provided you are below the threshold e.g. £1000 for basic rate tax payers in most circumstancesSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Are you sure? The way I read it that £294 is the amount they could claim if Amigo were solvent - but they will only get pence in the pound of this £294Nasqueron said:You got a refund from Amigo loans but as they collapsed, everyone gets pennies in the pound of refund
£6171.60 would be the refund if they were still solvent
£294.18 is what you will get as refund
If they deduct tax on any interest element of your refund you can claim it back from HMRC provided you are below the threshold e.g. £1000 for basic rate tax payers in most circumstances4 -
Yeah quite possibly re-reading it, 17p in the pound I have just seen so just short of £51TrickyDicky101 said:
Are you sure? The way I read it that £294 is the amount they could claim if Amigo were solvent - but they will only get pence in the pound of this £294Nasqueron said:You got a refund from Amigo loans but as they collapsed, everyone gets pennies in the pound of refund
£6171.60 would be the refund if they were still solvent
£294.18 is what you will get as refund
If they deduct tax on any interest element of your refund you can claim it back from HMRC provided you are below the threshold e.g. £1000 for basic rate tax payers in most circumstancesSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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So many claimants reduces the amount available for redress, and as they are insolvent the final pay out will be pennies in the pound, its really not worth bothering for what you will get.
Soon as you see or hear the word "insolvency" forget any dreams of a payday.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
So basically they have just bumped people. I paid well over the amount I took out. Maybe I should decline it then0
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If I am reading that correctly, it says that almost all of your refund is being used to clear the balance you still owe Amigo. But you say you paid a lot more than the amount you borrowed. Both of those statements cant be correct.
Do you know how much you have paid to Amigo so far and what do you think the current balance is?
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To be fair, that is how any loan works - it's just the amount over what you borrowed that varies. Amigo and the like are upfront on their awful rates, they knew they only get people who can't get good rates and are desperate but still choose to use them.Jadey0885 said:So basically they have just bumped people. I paid well over the amount I took out. Maybe I should decline it then
Borrowing £4500 and repaying over £10k is shocking but as you'd expect for a loan at 50% APRSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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