Amigo issues fresh warning over future despite profit rise Amigo issues fresh warning over future despite profit rise Embattled subprime lender Amigo has issued yet another warning over its future despite a fifteen-fold rise in profit this quarter. First quarter pre-tax profit at the firm jumped from £1.4m to £15m, it revealed this morning, a performance finance chief Mike Corcoran labelled “better than expected”. It comes days after Amigo revealed it had made a £283.6m [...]
Amigo shares jump after lender extends funding lifeline Amigo shares jump after lender extends funding lifeline Amigo today said it had secured three months of breathing space from its lender as the business tries to avoid collapse. The guarantor lender said the bank had extended the grace period, which was set to run out today, to 24 September. However, it has been cut to £100m from £250m. Amigo has been under [...]
Sub-prime lender Amigo warns of insolvency after court defeat Sub-prime lender Amigo warns of insolvency again after court defeat Amigo Loans has said it faces insolvency after it suffered a major blow last week when a High Court judge refused to approve a compensation scheme that capped payments for historic complaints. In an update this morning, the sub-prime lender said it would not be pursuing an appeal following the High Court judgment. As a [...]
FCA gives tentative go ahead on Amigo’s compensation scheme March 24, 2021 The Financial Conduct Authority (FCA) has said it has no current plans to take further regulatory action against a compensation scheme set up by loans lender Amigo – though it has reserved the right to change its mind. The scheme was set up by Amigo to address compensation for indebted clients who complained about its [...]