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Amigo Loans warns it will go bust unless it resumes lending
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The troubled sub-prime lender Amigo has said it will go bust unless it is allowed to resume lending and raise new equity under a proposed new rescue plan.
Amigo said that in the six months to the end of September it had set aside £344m for customers who complained they were mis-sold loans at interest rates that were so high they could not hope to repay them.
The sub-prime lender, which grew in popularity after the demise of its rival Wonga in 2018, was banned from lending in May by the Financial Conduct Authority.
Amigo has submitted a new rescue plan to the after the high court rejected the terms of its initial compensation scheme, which would have handed customers as little as 5% to 10% of any successful claim, and capped the pool at £35m
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