British subprime lender Amigo said today that progress on its new rescue plan was slower than it had expected, as talks critical to its future continue with the financial regulator.
Amigo has been scrambling for survival after a deluge of customer complaints, with a previous rescue plan for the business rejected earlier this year by London's High Court for short-changing compensation claimants.
Amigo said it had submitted a revised plan to the Financial Conduct Authority and a panel of customers this week.
"The company continues to operate within significant financial constraints," the guarantor lender said, which previously suspended new lending.
The company, however, said strong collections had continued and its cash position stood at £229m.