In reply to Kenneth.
If Amigo had gone bust in December 2020, then in an administration the rules say payments someone makes have to be refunded in full if they no longer owe that debt eg their loan is found to be unaffordable and they have repaid what they borrowed. If this had happened a LOT of people with current loans would have been much better off.
There was no provision for this in the first scheme Amigo introduced. Which was rejected by the court.
As a sop to help get the second scheme approved, Amigo introduced a provision saying that from December 2021 people who had complained would be able to get a full refund of payments if they had repaid more than they borrowed. Of course Amigo never told people clearly about this so many people didn’t complain….
