Amigo faces insolvency after UK court rejects compensation cap

Payday loans

Shares in the sub-prime lender slide on Tuesday after it confirms it will not appeal against verdict

The sub-prime lender Amigo faces potential collapse after confirming that it will not appeal against a high court decision that blocked a scheme to cap customer compensation.

Amigo, which charges 49.9% interest and requires borrowers to provide a friend or family member to act as a guarantor, said it would “consider all options” and was looking at an alternative scheme to manage the costs of a surge in customer compensation claims.

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