Amigo’s future is in the hands of its customers as it launched a scheme designed to tackle complaints while staving off collapse.
The controversial lender has been paying out redress to borrowers who complained they were handed loans they could not afford.
On the brink: The controversial lender has been paying out redress to borrowers who complained they were handed loans they could not afford
But the business has now halted any payouts still pending, warning it faces going bust if it continues to compensate customers at the current rate.
Instead, it is asking customers to vote next year in favour of a ‘scheme of arrangement’ which will see them potentially have to accept a reduced payout.
If the borrowers do not accept the scheme, Amigo has warned it could soon become insolvent.
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