Amigo Loans scheme to safeguard its survival approved by High Court
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Amigo loans investigation by Financial Conduct Authority extended
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Amigo shares slide after watchdog extends probe into troubled lender
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Amigo Loans has launched a last-ditch attempt to stay afloat following a wave of customer complaints.
The controversial guarantor lender, whose loans carry interest rates of up to 49.9 per cent, has launched a scheme of arrangement to deal with the problem, which will limit the amount of compensation it pays to customers.
Scores have been complaining to Amigo, founded by James Benamor, over the last year after they were given loans they said they could never have afforded to repay.
Scores have been complaining to Amigo, founded by James Benamor (pictured), over the last year after they were given loans they said they could never have afforded to repay