Subprime Lender Amigo Says Adios After Complaints Rise
Law360, London (January 28, 2020, 12:28 PM GMT) -- Subprime lender Amigo Holdings has put itself up for sale after its business model drew increasing scrutiny from regulators and customers submitted hundreds of complaints to the Financial Ombudsman Service.
Amigo is a British guarantor loan company, which requires a friend or family member to guarantees that they will pay up the cash if the borrower falls behind on their repayments. The company warned in a market update on Monday that it is under “increased pressure” and said it will begin a "formal sales process."
The Financial Conduct Authority is taking an increasing interest in the industry amid concerns that guarantors...
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